Schumer retools bill to lift caps on Fannie Mae/Freddie Mac, wh not happy

[babylonsister]

Where did these names come from?

Schumer retools bill to lift caps on GSEs
By Jessica Holzer
October 11, 2007


Sen. Charles Schumer (D-N.Y.) on Thursday unveiled legislation for the second time to lift temporarily the portfolio caps on Fannie Mae and Freddie Mac, and House Financial Services Chairman Barney Frank (D-Mass.) said he would soon follow suit in the House.

Schumer and Frank have called several times to loosen the caps on Fannie and Freddie, arguing that the measure would allow the mortgage giants to help borrowers trapped in mortgages they can’t afford.

The White House has repeatedly rejected the idea, saying that Congress must act first to beef up Fannie and Freddie’s regulator.

more...

http://thehill.com/business--lobby/schumer-retools-bill-to-lift-caps-on-gses-2007-10-11.html

[slackmaster]

1. $417,000 is not a realistic cap for California

It should be raised a bit.

[soothsayer]

2. there may be 7m subprime foreclosures in the next 6 mos