Posts Tagged ‘homeless’

Homeless Shelter Woes At 13th & K

The possibility that a large homeless shelter may be closed will go before City Council amid accusations by opponents that the homeless are being forced out to make way for developers and the big business that people are used to seeing on K Street.

Watch the Fox5 report here.

Homeless Shelter At 13th & K Streets

Today’s Blatant Opinion Piece: Fannie Mae’s Impact On DC

To the public, major mortgage companies like Fannie Mae and Freddie Mac had mixed records. On one hand, the past few months have been marred with reports that reckless lending to unqualified borrowers has left the company in shambles, with all borrowers and investors affected.

And on the other hand, Washington, DC knows first hand that the mortgagors were involved in a great deal of charity work, perhaps despite their inability to afford it in the last couple months. According to an NBC 4 story, the women’s homeless shelter N Street Village is now worried that their donations could end now that their biggest supporter, Fannie Mae, is controlled by the federal government.

Their concerns are legitimate. The federal government has already said that the investors are out of luck, that dividends will no longer be paid, so where is room for charity? Maybe the Feds will feel bad and put N Street Village on “welfare.” But it is a real shame that the government did not let events with Fannie Mae play out.

Without a government takeover of Fannie Mae, the company would have been forced to make some really difficult decisions- they would have had no choice but to slash their mortgage load to disinclude unqualified borrowers. They would have had no choice but to tell the world that borrowing does not make you rich enough to buy a McMansion, it makes you poorer.

If unable to fix their horrendous business mistakes, they would have gone out of business, and new entrepreneurs would have filled their gap in the market, likely with a better game plan, and the need to reach out to the community with charity like Fannie Mae.

But instead, look what has happened. Our federal government has grown by leaps and bounds, with mortgaging soon to be as poorly run as DMV. Instead, every charity that Fannie Mae supported may be out of luck. And instead, all the taxpayers and not the businessmen at Fannie Mae and Freddie Mac, will be financially responsible for almost $5 trillion in faulty mortgages.

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