Greenspan appears to have a new take on the government’s often-repeated citizen’s meme: homeonwership is “The American Dream.” Might it soon become The American Nightmare?
Greenspan urges govt cut Fannie, Freddie portfolio
By Mark Felsenthal
WASHINGTON, Feb 17 (Reuters) – Federal Reserve Chairman Alan Greenspan urged Congress on Thursday to significantly cut the mortgage portfolios of home loan funders Fannie Mae and Freddie Mac to avoid “almost inevitable” problems for the U.S. financial system.”
Housing prices will fall, Greenspan urges government to sell mortgage portfolios to minimize financial exposure.
Does he really believe there’s as much as 10 years before the fall?