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Are We Headed Toward Another Housing Crisis? What Hasn’t Changed Enough

dailysignal.com | November 8, 2015

By John Ligon

Fannie Mae and Freddie Mac, the two government-backed housing corporations bailed out seven years ago by federal taxpayers, may be headed for trouble again.

Despite post-financial crisis pressure to reform, neither Fannie nor Freddie has done much to mitigate the risk to the American taxpayer inherent in government backing for these institutions.

In fact, it appears that their equity (capital) cushion is dwindling even as portfolio obligations guaranteed by the federal taxpayer have increased in size totaling nearly $5 trillion.

Adding insult to injury, Fannie and Freddie continue to advance the same types of “affordable housing” programs that fueled the last housing crisis. They’ve also added a new Housing Trust Fund aimed at so-called “underserved” geographic regions.

The vital lesson that policy leaders need to learn is that these government-backed corporations are not making failures in the U.S. housing and housing finance system any less likely.

In fact, the systematic intervention of the federal government into the U.S. housing and financial system has had the opposite effect—increasing market risk.

The broad government intervention has undermined the U.S. financial system’s overall resiliency and ability to supply private capital without government guarantees, induced a dramatic increase in mortgage debt burdening homeowners, and cost federal taxpayers billions in financial bailouts.

It is crucial that we avoid today the same mistakes that led to the 2008 housing crisis.

Policy leaders can change the status quo by opting for a durable and equitable housing finance system built on conservative, free market principles.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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