Review Mortgage Lenders

American National Mortgage

National Mortgage Settlement

Attorney General Rob McKennna discusses the national mortgage settlement. For more information go to www.nationalmortgagesettlement .com.

Opinion Continuing GSE conservatorship is a bad deal for taxpayers

It's been 10 years since the Wall Street financial crisis launched the Great Recession and the government took over Fannie Mae and Freddie Mac. But while the economy has recovered and is experiencing rejuvenated growth, and Fannie and Freddie have put back into government coffers nearly $100 billion more than they received in assistance, their conservatorship continues. To promote stability in the housing market and reduce the risk of additional taxpayer bailouts, we must end the federal takeover of these stockholder-owned enterprises.

The conservatorship of Fannie and Freddie was never supposed to be permanent. The U.S. housing market, accounting for nearly 20% of the gross domestic product, was imploding 10 years ago as prices plunged by more than 50% in some areas and homeowners defaulted on their loans in record numbers. To help stem the tide and calm the fears of global investors, the Treasury Department and newly created Federal Housing Finance Agency took control of the government-sponsored enterprises. As then-Treasury Secretary Henry Paulson put it, "policymakers must view this next period as a 'time out' where we have stabilized the GSEs while we decide their future role and structure.

The Financial Crisis 10 Years Later: Fannie and Freddie Fueled the Subprime Mortgage Bubble

If anything symbolizes the American dream, it is homeownership—an asset that is viewed as part of a route from poverty and exclusion to independence and responsibility. However, as detailed in Part I , for over a century, state and federal governments worked to racially segregate American neighborhoods, promoting homeownership for whites while denying it for African-Americans. The result is that decades after discriminatory treatment in housing was outlawed, the homeownership gap between minorities and whites remains large.

Such a shameful condition motivated many well-meaning activists to pressure government housing authorities to expand homeownership opportunities to minority and low-income residents. The left saw this as a way to reduce discrimination and marginalization, solving for the problems of past racism. The right saw it as a way to build an “ownership society” and give low-income earners a stake in the American dream, an anti-communist tactic first envisioned by Woodrow Wilson.

Historically, what has been the average length of home ownership &/or mortgage?

I have contacted to two trade associations with this question: the american mortgage assoc and the national assoc of realtors. They did not respond to my query. Again, how long do homeowners reside in the home before moving???

Historically, between 8 and 12 years for holding one's primary residence.

Between 4 and 7 years for holding the mortgage.