be upset with this. i know. i know. people are going to be upset and they have a right to be upset. i mean, the federal government has created a mess, a, by getting into the housing business. in 1938 which was then fannie was started and in 1970, under richard nixon which was when freddie was started, and then entering agreements with the officers of these corporations which once were wholly owned by the government and then were traded on the public stock exchanges, then are back wholly owned by the government entering into agreements that we will indemnify you, we will pay your legal defenses and any judgment against you. that s over $100 million so far. and there s no budget there. that money will just keep flowing to the lawyers representing these guys. why do you why the taxpayers the only option to bail out? is that why everyone feels helpless about hthis? there was a time that the taxpayers guaranteed fannie and freddie. fannie and freddie just lost $183 billion with a
to make loans and make the kind of mortgage provisions that would make it easier for people to buy homes. i also want to tell you, i m not going back to the years of yesteryear where fannie mae and freddie mac were handing out mortgage guarantees to people who couldn t possibly pay them and low down payment in some cases no down payment and interest only mortgages that got us in trouble. we re going to have to get the housing market back going, doing the one thing that america cries for, get the economy going again. if we have jobs back in this country with 9.9% unemployment in south carolina, people here are suffering and can t buy homes. we ve got to get back to you to work so they can afford homes and then our regulatory system to encourage our private sector, our banks, to start making loans again and providing mortgages, my view, i do not want to see us go back to the days of cheap mortgages guaranteed by government which gets prices completely out of line. i want to get the gover
be able to make the loans and mortgage provisions that would make it easy for people to buy a home. i also want to tell you i am not going to go back to the years of yetter year whe yester year wy were handing out where they could not possibly repay them in some cases no down payment interest only mortgages that got us into real trouble. what we are going to have to do to get the housing market back going is what america does right now is get the economy beigoing again. if we have jobs south carolina can t buy a home we have to get back to work then we have to get our regulatory system. my view is i don t want to see us go back to cheap mortgages guaranteeed by the government which gets prices out of line i want to get the government out of housing business let the
be able to make the loans and mortgage provisions that would make it easy for people to buy a home. i also want to tell you i am not going to go back to the years of yetter year whe yester year wy were handing out where they could not possibly repay them in some cases no down payment interest only mortgages that got us into real trouble. what we are going to have to do to get the housing market back going is what america does right now is get the economy beigoing again. if we have jobs south carolina can t buy a home we have to get back to work then we have to get our regulatory system. my view is i don t want to see us go back to cheap mortgages guaranteeed by the government which gets prices out of line i want to get the government out of housing business let the
mortgage provisions that would make it easy for people to buy a home. i also want to tell you i am not going to go back to the years of yetter year whe yester year wy were handing out where they could not possibly repay them in some cases no down payment interest only mortgages that got us into real trouble. what we are going to have to do to get the housing market back going is what america does right now is get the economy beigoing again. if we have jobs south carolina can t buy a home we have to get back to work then we have to get our regulatory system. my view is i don t want to see us go back to cheap mortgages guaranteeed by the government which gets prices out of line i want to get the government out of housing business let the market work.