Remember when?

Remember when we had to bail out all the banks and Fannie Mae and Freddie Mac because they had been "encouraged" by the government to make mortgage loans to less-than-creditworthy individuals?

Guess what? Obama wants to do it all over again. He wants to replace Fannie Mae and Freddie Mac with a system that would put the private sector at risk for loans while at the same time getting a guarantee that the system "would still ensure wide homeowner access to popular 30-year mortgages at fixed rates." That means lend to anybody who walks in the door. And here's the catch to the making the private sector the risk-taker part: "The government would still be involved, both in oversight and as a last-resort loan guarantor." That means that once again, in a few years, you and I will be footing the bill for people to live in houses they can't afford.

The headline says that Obama calls for lending changes, but it sounds like more of the same old failed policies to me.

Disgusting, isn't it?

"Obama calls for lending changes." The Dallas Morning News; August 7, 2013; p. 1D.