Lobbyists killWhite House kills plan to save homebuyers thousands of dollarsCongress threatened to stop the program: “ The biggest objection came from New York Republican Congressman Andrew Garbarino, who said the program would “end up hurting consumers.”
After that, Fannie didn’t take long to abandon the program.”
Authorization comes from Congress. No matter how useful a program is, Congress still has to fund it.
One of the industry’s largest trade groups penned a letter to the Federal Housing Finance Agency (FHFA)—the entity overseeing Fannie Mae—warning that the program would have negative consequences.
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The trade group received support from both sides of the political aisle, with Democrats and Republicans criticizing the project. The biggest objection came from New York Republican Congressman Andrew Garbarino, who said the program would “end up hurting consumers.”
After that, Fannie didn’t take long to abandon the program.This sounds like FHFA’s fault for listening, lobbyists gonna lobby
