In the propaganda below, you will find the core progressive message:

“Their functions would be transferred to a modern, streamlined agency, which would be modeled after the Federal Deposit Insurance Corporation and would provide effective oversight of mortgages backed by the new agency.”

Queue scene from Vampire Movie …

Repeat after Kay …

“More Government, government gooood!”

Hagan Proposes Pragmatic Roadmap to Fix the Broken

Housing Finance System

Nearly five years have passed since taxpayers bailed out Fannie Mae and Freddie Mac, the entities at the heart of our nation’s broken housing finance system.  Despite broad bipartisan agreement that the system needs to be fixed, Congress has yet to act.

As I’ve traveled across our state in the wake of the financial crisis, I’ve talked to too many middle-class families who have struggled to stay in their homes and keep their heads above water.

I’ve talked to too many mothers and fathers who have had to choose between a roof to sleep under and a meal on the table for their kids.  I’ve talked to too many men and women who’ve picked up second or third jobs just to keep a foreclosure notice off their front door.

Hardworking North Carolinians shouldn’t have to make these impossible decisions. We can do better. We must do everything we can to prevent a repeat of the 2008 crisis that devastated our country, and a plan to fix the broken housing finance system would be a step in the right direction.

To that end, I’ve introduced bipartisan legislation with ten colleagues on the Senate Banking Committee—five Republicans and five Democrats—that offers a pragmatic roadmap to strengthen the housing finance system, protect taxpayers from another bailout and ensure homeownership remains within reach for qualified families.

Click here to read more about my proposal to wind down Fannie Mae and Freddie Mac

Under the bill, Fannie and Freddie would be dissolved within five years. Their assets would be sold. Their functions would be transferred to a modern, streamlined agency, which would be modeled after the Federal Deposit Insurance Corporation and would provide effective oversight of mortgages backed by the new agency.

Not only would this legislation strengthen the system by winding down Fannie and Freddie, but it would also protect taxpayers against future bailouts.

Our pragmatic proposal, which has been praised by independent experts, provides a solid starting point to fix the broken housing system, protect North Carolina taxpayers from another bailout and keep homeownership within reach for qualified borrowers.

I will continue to seek input from North Carolinians and work with my colleagues to advance bipartisan legislation that transforms the status quo and charts a new, stable future for the housing finance system.

Sincerely,

P.S. To keep up with my work in the Senate and around North Carolina, follow me on Twitter, Facebook and on Instagram.

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