Feeling Betrayed By Fannie Mae

Here’s one of the constant problems with government run businesses — they have many conflicting aims.

For the ordinary business, it has one primary aim — to make profits.

For government run businesses, they have conflicting aims such as profits, hiring certain demographic groups, promoting clean energy, reducing social upheaval and the like.

Here’s a complaint from Detroit:

Fannie Mae has been contradicting the Obama administration’s policies and its own stated intentions by pushing people into foreclosure, sometimes even as the homeowners were negotiating with banks to restructure their mortgages and keep a roof over their heads.

It’s the kind of story that confirms all the frustrations since the housing crisis began. Banks screw up and get piles of federal money. Homeowners — many of whom admittedly got in deeper than they should have on mortgages — try to set things right, but get the boot anyway.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
This entry was posted in Banks, fannie mae, Foreclosure, mortgage, Politics and tagged , , , , , . Bookmark the permalink.