http://www.cbsnews.com/8301-250_162-57597105/obama-to-propose-eliminating-fannie-mae-freddie-mac/
"I'm also acting on my own to cut red tape for responsible families
who want to get a mortgage but the bank is saying no," Mr. Obama said
last month at Knox College in Galesburg, Ill.,
in the first of a series of speeches in which he's laid out his vision
for long-term economic growth. "We'll work with both parties to turn the
page on Fannie Mae and Freddie Mac, and build a housing finance system
that's rock-solid for future generations."
The setting
for Tuesday's speech will also give the president a chance to defend his
earlier policies -- Mr. Obama did, after all, speak in Phoenix the day
after signing the $787 billion stimulus into law in 2009 -- and make the
case for the path forward.
"A home of your own has
always been the clearest expression of middle-class security," the
president said in Galesburg. "For most families, that's your biggest
asset. For most families, that's where your life's work has been
invested."
The collapse of the housing industry destroyed $7
trillion in homeowner equity, but the market is slowly turning around.
Sales are up, prices are up, and fewer Americans are underwater on their
mortgages. The administration is taking partial credit for the positive
developments in the housing market so far.
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