Get the Mortgage Industry out of Taxpayers' Pockets | Cato Institute

Get the Mortgage Industry out of Taxpayers' Pockets | Cato Institute: "If we simply let Fannie and Freddie disappear, we will still lead the world in mortgage subsidies."

"By 1969, the national home ownership rate reached 64.3 percent. At this time, the percent of mortgages securitized was in the low single-digits and the secondary market was irrelevant. Since the growth of Fannie and Freddie, the long run home ownership rate has been unchanged. The cost of the 30-year mortgage relative to Treasuries has actually increased as their market presence grew."

"Ultimately, Fannie and Freddie are vehicles for banks to dump their bad bets onto to the taxpayer."