Saturday, April 08, 2006

Expanding Markets for Freddie Mac

What a coincidence. Just when the home-buying spree seems to be calming down, Freddie Mac starts to feel charitable -- or whatever you want to call it. Seems they have teamed up with a big bank (BB&T) and the Virginia Cooperative Extension (a government bureaucracy) in order to help "working families meet their housing needs" through something they're calling the HOME PREP initiative.

Right. Well just allow me to send this message to Freddie, Virginia and BB:

Watch yourselves. Watch what products you try to foment upon some poor unsuspecting victims. The mortgage market is already stretched to the hilt. We don't want any casualties of overzealousness, like those Dust Bowl souls from the past century.


[Thanks to theroadwanderer.com for the photo.]

According to your own statement:

" 'Our objective is to help more families overcome the key barriers to homeownership such as impaired credit and lack of information about the homebuying process,' said Craig Nickerson, vice president of Expanding Markets for Freddie Mac. 'We look forward to working with BB&T and the Prince William County Office of Virginia Cooperative Extension to help more people become homeowners.' "

Right. Well, just be careful. We watchdog bloggers are looking on with great interest.

Read the whole article.

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