Dollar Bank Hour: Federally Chartered Mortgage Companies
PITTSBURGH (NewsRadio 1020 KDKA) — On this week’s edition of the Dollar Bank Hour, Mike Henry of Dollar Bank joined KDKA’s Robert Mangino, to discuss President Obama’s recent announcement to “wind down” Fannie Mae and Freddie Mac.
The plan to wind down these federally chartered mortgage finance companies may not have an immediate impact on the mortgage market.
“It’s not having any major impact on the mortgage market right now. It’s something that has kind’ve been anticipated and talked about”, said Henry.
FHA (HUD), USDA, and VA housing loans will not be affected. President Obama plans to keep those particular loans in tack, to ensure affordable house lending is available.
“There’s fear that if you eliminate Freddie Mac and Fannie Mae that could be the end of a 30-year fixed rate mortgage”, said Henry.
There are no specific details as to how President Obama plans to wind down Fannie Mae and Freddie Mac, but there are plans in the making.
Listen to the Dollar Bank Hour every Wednesday at 7 p.m. on NewsRadio 1020 KDKA