nobody can sell mortgage backed bonds at current interest rates without a govt guarantee. Obama knows this. His proposals to change FNMA and not issue a govt guarantee are lame because nobody would be interested unless interest rates are much higher.
bottom line is the FMIC will have to be made and instead of backing banks, it should back the mbs market run by fannie and freddie. there would be no helping banks from getting rich off taxpayers with any other plan. thieves and Liars are not who I vote for. do you ??