Foxes, chickens and Fannie-Freddie dilemma

Re: 'Fannie, Freddie plan targets jumbo limits' (Feb. 11)

Dear Editor:

The rush to kill Freddie Mac and Fannie Mae amazes me. They did not produce the toxic loans! They were set up to help people buy homes. Take a look at home sales before they were set up. They were TERRIBLE! Most people would never be able to buy a home under the conditions that prevailed prior to Freddie Mac and Fannie Mae.

There is also a misconception with many people who seem to think that these terrible monoliths are lending taxpayers money to make loans. They don't realize the loan is still made by a commercial bank/lender.

I dread having to rely on the four major banks. There will be almost no competition. They have already ruined the market once. It's ironic that people now want to put all the lending back with the very companies that caused the problems and had to be bailed out with taxpayers' money!

The foxes will own the chicken coop.

Glyn Scourfield-Thomas
Sterling Real Estate Group Inc.
Lakewood, Colo.

                                         

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