Do you think 30-year mortgage market will survive without gov’t?
Could 30-year mortgage survive without gov’t?
- Fannie Mae and Freddie Mac, created by the government and spun off as shareholder-owned corporations, for years have been the foundation of the housing market and have backed the 30-year mortgage.
- Two of President Trump’s Cabinet picks, along with Republican lawmakers, have been speaking publicly about curbing government backing for the kind of loan that the majority of Americans rely on to buy a house: the 30-year fixed-rate mortgage.
- Current discussions Getting the private market to take on more mortgage credit risk is a goal of many Republicans, even if it comes with higher mortgage rates, lower homeownership or even the death of the 30-year mortgage.
- In 2005 and 2006, the private market took on well over half of mortgages without any sort of government backstop, according to the Urban Institute Housing Finance Policy Center.
- Ben Carson, Trump’s nominee to be secretary of the Department of Housing and Urban Development, told senators Thursday that the 30-year mortgage could survive without a government guarantee.
- During the housing boom in the 2000s, the private market was often willing to make mortgages on more generous terms than Fannie, Freddie or the FHA.
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Source: Florida Realtors