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Worst Hidden Homeowner Tax Ever

May 13, 2014 Bailouts, FHFA, GSE's 18 Comments
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Today we’re just appalled at what’s amounted to the worst homeowner tax ever.  Complete government irresponsibility.

Today’s show really is important so please tune in.  But before we get started, let’s get some house keeping items out of the way.  First of all, Khai McBrides webinar is tomorrow.  He’s hands down the most organized and systematic loan originator we’ve ever met.  He’s going to show you how to get stuff done in today’s market.  The webinar is free so be sure to make it.  CLICK HERE to register.  Also, our sign riders in Listing Booster are generating a ton of purchase leads for our members.  It’s so easy to do and so fruitful.  Imagine having 40 or 50 sign riders on listings in your area and every time someone texts the number on the sign (which the do a LOT) you get the lead.  Sound good?  We have 3 webinars this week – the banners are on the right – get in one of them.

Financial BetrayalNow on to the show.  Please understand why this is so important to the mortgage industry, the real estate industry and housing in the United States.  The government owns one of the most profitable businesses in the world with the GSE’s under the management of the FHFA.  Fannie Mae and Freddie Mac combined are one of the top three money making enterprises in the world today.  Yet, they are being grossly mismanaged.  Think about all of the regulations there are on the private banks right now with respect to making sure that they have adequate reserves in the event of another industry disaster.  Yet with the biggest lending organization in the world, not only are there no regulations to ensure they have adequate reserves, they’re NOT ALLOWED to build up reserves.

Are you hearing us?  The government is running one of the biggest companies in the world like a bunch of amateurs.  Who runs a business and takes 100% of the profits every month out of the business?  Answer – idiots.  So now there’s another G-Fee on the way.  A G-Fee is to guarantee the loan being made.  So if it goes into default there’s some money to work with.  Where do these G-Fee’s go?  Answer – The Treasury.  So if they go to the Treasury who’s guaranteeing the loans?  Answer – Apparently no one.  So what we’ve got here is a bunch of money going to the government at the expense of the homeowner.  It’s a tax.  And all this GSE crap is nothing more than a bunch of political grandstanding.  The governments handling of the GSE’s is the single most appalling betrayal to come out of the mortgage meltdown.  Again, tune in to learn more and please forward this along.  Enough is enough.

Have a great day!

Frank and Brian

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