Government backed loans, such as Fannie Mae and Freddie Mac, have helped bankrupt the U.S. over the past 25 years, giving loans to those that the banks will not lend to due to a poor credit record. These loans are government backed loans meaning that the owners can not file for bankruptcy, and can only default, returning the home back to the Department Of Housing And Urban Development. HUD then resale's the home at 1/3 of the initial homes price, and then the interest on the loan in default. The homes average cost was around $250,000 dollars, over twenty years ago, and then the re-sell price after default went for a mere $50,000 dollars.
The federal government continued to make these loans decades after the facts were in, which stated that 85% of these loans default with in the first five years!
This is yet another reason to vote out the Democrats, to stop the big blank-check of outrageous spending by big government, that is pushing more and more endless socialism, and bring back the small un-intrusive government our founding fathers envisioned, and wrote into law.
Carrie Geren Scoggins,
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