Financial Answers "IN SIMPLE LANGUAGE"

For the last couple of days, I have been inundated with information about the passing of the “great” financial reform bill.  I am glad to see that congress is finally getting off their asses and following up on fixing the financial mess that you and I were thrown into.

On the surface this bill looks like it will prevent a lot of past financial problems from recurring.  I mean it is a step in the right direction…cleaning up the mess caused by the greedy dirtbags on Wall St.

What I don’t understand is why a large hole in the financial system-a glaring huge hole-is being left uncovered.  Does congress think that you and I are too dumb to notice?  Apparently so!

What am I talking about?  The two pseudo government mortgage giants called Fannie Mae and Freddie Mac that aren’t even being addressed in the new financial reform bill.  What is going on here?

Congress’s Black Hole

Once the great American dream, owning a home for many Americans may be a thing of the past.  This new financial reform bill must have a reason for not addressing the two mortgage giants, Fannie Mae and Freddie Mac.  It doesn’t make sense for them to be purposefully left out of this reform bill unless congress is looking at a new direction for the American homeowner.

Think about this.  The two pseudo government mortgage agencies either guarantee or own almost half of the home mortgages made in the United States.  That’s about 30 million home loans totaling somewhere in the neighborhood, pun intended, of approximately $6 trillion.  Yes I did say $6 trillion ($6,000,000,000,000.00)…trillion with a T.  That alone is a mind boggling number. Yet after pouring upwards of $150 billion into Fannie and Freddie, the financial reform bill doesn’t even address either one.

Do you think that maybe the United States government is thinking about getting out of the mortgage business?  What would be the implications of this?  Who would the average American seeking a mortgage loan now turn to?  Is the average American home seeker now going to deal exclusively with banks…the same banks that screwed everyone and had to be bailed out by you and me?  What’s going on here?

More questions than answers

Unfortunately I have raised many more questions than answers.  Maybe you need to call your congress person and ask them the above questions.  It seems to me that the American way of life, especially for the middle class, is slipping down another notch. 

Will the middle class now be forced into renting rather than owning?  Is this what congress is trying to tell us?  Does this mean you don’t have the right to own a home anymore unless you can “really” afford to pay for it?  What do you think is going on?  Let In Simple Language readers know what your thoughts are.

If you read this far there may be something about this post that you are relating to.  There may be some financial related pain In Simple Language is talking about.  Tell us your story.  We really do want to know.

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