[lbo-talk] "Fannie Mae and Freddie Mac are to blame!"

[Nathan S.]

On 10/18/2011 08:53 PM, Rick wrote:
> the FM's pushed the notion that everyone needs to be a homeowner into 
> America's cultural/political discourse, and through various 
> ideological, political and economic means encouraged people to buy 
> homes they couldn't afford and encouraged banks to offer mortgages 
> that on their own they wouldn't have offered.  She sees both home 
> buyers and banks as victims of Fannie and Freddie's policies.

To start the notion that everyone needs to be a homeowner dates to 
before the birth of either institution, and had proponents on both the 
progressive and reactionary sides of the political spectrum. There's two 
politicians in particular, I want to say pre-WWII, but memory is 
faltering right now. That suggests strongly that Fannie and Freddie 
hardly began the discourse.

And hidden beneath that is the reality that homemoanership is the only 
way to achieve full citizenship in most of America since the rise of 
consumer credit.

-- 
Nathan