Red, White, & Boo: We thought Freddy Kruger was scary, but he didn't have jack on Freddie Mac!

This is what we can find on Freddie Mac's website. It speaks for itself, but let me get my eagle on and break it down for you...

Freddie Mac's Actual Website
Currently, on Freddie Mac's corporate website, please find their

NEWS & INFORMATION PAGE

Here they present a report on why people who can't afford homes should be put in them and supported with voucher and assistance programs. This was created BEFORE any of this talk about bailing them out!! See this mission statement below, present by Rick Davis.

Its purpose:

Homeownership has been a cornerstone of the country’s economic strength throughout the past decade. “State and local governments nationwide must expand their efforts to ensure that every family in America has the opportunity to own a home,” said Davis. “The more Americans we have owning homes, the stronger our economy and the greater the benefit.”

Report From Homeownership Alliance (HA) President Rick Davis.
(and here it is...)

HA Highlights Best Practices for Increasing Housing Affordability
A report released by The HA, a coalition of almost 20 organizations of which Freddie Mac is a charter member. The report identifies existing practices for increasing homeownership opportunities. “We hope this report will spark a much-needed dialogue on affordable housing programs.” said HA President Rick Davis. The best practices in the study fall into five categories and represent both demand-side efforts (e.g. homeownership tax credits, housing cost assistance programs and voucher assistance programs) and supply-side efforts (e.g. agency development initiatives and developer incentives).

Types of practices included:

Homeownership Tax Credits: Homeownership tax credits have helped tens of thousands of families become first-time homeowners.
Housing Cost Assistance Programs: Housing agencies in cities across the country, including Baltimore; Seattle; Riverside, Calif.; Phoenix; New York and Washington, provide funds for participants to use toward the costs of owning a home – i.e. down payments, closing costs and mortgage payments.

Voucher Assistance Programs: In recent years, locations including Pittsburgh and Philadelphia, have begun making federally funded Section 8 vouchers applicable to mortgage payments. With more than half of its residents living in Section 8 housing throughout the city, HACP has implemented a program allowing public housing residents and Section 8 renters to use their HA Payments toward monthly mortgage payments and expenses.

Agency Development Initiatives: In cities including Minneapolis, Minn.; Riverside, Calif.; Atlanta and Philadelphia, agencies are investing directly in increasing the supply of local affordable housing by rezoning or annexing land specifically for the purpose of affordable housing development, investing in the development of affordable housing or funding the rehabilitation of existing unoccupied housing properties. To date, the Philadelphia HA has invested in building four major developments located in communities close to schools, stores and parks and are affordable to eligible families, with mortgage rates as low as $700.

Developer Incentives: Chicago, Atlanta and Phoenix increased the supply of affordable housing. In the last two years, Chicago has created 466 affordable units because residential developers receiving discounted city land or using city financial assistance must set units aside for affordable housing. The program will help the city create 700 affordable units in the next three years.

And in closing, he ads...

Homeownership has been a cornerstone of the country’s economic strength throughout the past decade. “State and local governments nationwide must expand their efforts to ensure that every family in America has the opportunity to own a home,” said Davis. “The more Americans we have owning homes, the stronger our economy and the greater the benefit.”

Deep Breath. I'm trying not to yell. So, who's fault is this again? And why is Rick Davis still McCain's campaign manager? And lastly, and this one just spins me around, how is it that McCain is gonna 'clean up' Freddie Mac?

Feeling Impailed