This is shameful, this is sick, this is corrupt and this has to be stopped. Allowing the out-of-control and soon-to-fail Fannie and Freddie (via the American taxpayer who will end up bailing them out) to fund mortgages for rich people and California housing gamblers is sick, sick, sick.
But the NAR's and NAHB's army is well financed, our Congresspeople are prostitutes, and HousingPANIC and the bubble blogs are no match against this level of money and corruption. And for now, the MSM refuses to do their job (except for Diana Olick at CNBC).
HousingDoom noticed that Fannie has now changed their website's About Us page to reflect their new focus, and Diana reported the change on her blog. So here it is, in all its corrupt glory:
In 2005: “Our public mission, and our defining goal, is to help more families achieve the American Dream of homeownership. We do that by providing financial products and services that make it possible for low-, moderate-, and middle-income families to buy homes of their own.”
In 2008: “We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America.”