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  • Comment Detail

  • Date: 05/13/24
    First Name: Bruce
    Last Name: Forshee
    Organization: N/A
    City: Menlo Park
    State: N/A
    Attachment: N/A
    Number: 2024-N-5

  • Comment

    Allowing Freddie Mac the ability to offer second mortgage is a foolish idea. Second mortgages are the banks business and bailiwick. Why are the banks not offering second mortgage, because they know the American consumer is in trouble! The banks have tighten their lending standards. Our obtuse government is in 34 trillion dollars in debt, the American consumer credit card debt has passed one trillion dollars, American savings balance is 3% (if adjusted for inflation it would mark 1%), credit card defaults are skyrocketing, auto loan defaults are skyrocketing and Freddie Mac wants to give the low and middle classes an opportunity to go farther in debt. Didn't anyone learn the lesson from the Global Financial Crisis? Oh wait, Freddie Mac want to allow these loans to be approved for creditors with a Credit Score in the 600's. Genius!!! Oh and guess what, the Federal government will back these loans. When they default who will foot the bill? The Federal government? The Federal government doesn't have any money. The Federal government doesn't produce anything. The Federal government only taxes it's citizens to pay for the idiotic mistakes it produces. What our citizenry as well as our government should learn is how to live within it's means, not be be throw another debt lifeline to go further into debt fatigue.