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August 26, 2013

Home Briefs: Aug. 26, 2013

Ticonderoga Tour of Homes coming up

TICONDEROGA — The Ticonderoga Festival Guild will stage its 10th biennial Tour of Homes from 2 to 5 p.m. Sunday, Sept. 8.

The event, entitled “The Flavor of Ticonderoga,” will include six homes in the Ticonderoga area. Each letter stands for a particular home: Fabulous view, Lakehouse, Adirondack house, Victorian home, Original “mill” house and Rustic cabin. The event concludes with a reception under the trees at the Ticonderoga Heritage Museum. Maps to the homes may be picked up at 1:45 p.m. on the day of the tour. Actual locations are not released in advance.

A donation to the guild for the event is $20. Tickets can be purchased by calling 585-7015.

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Scrap Fannie Mae, Freddie could hurt

WASHINGTON (AP) — Homebuyers could feel the pinch if Congress follows through on plans to shut down Fannie Mae and Freddie Mac, the government-controlled mortgage guarantee giants that were rescued by a $187 billion taxpayer bailout during the financial crisis.

Borrowers would probably end up paying slightly higher mortgage rates under House and Senate bills that would phase out Fannie and Freddie over five years and shrink the government’s huge role in guaranteeing mortgage securities. Fannie and Freddie teetered under a crush of massive losses on risky mortgages before being bailed out.

The House Republican bill would virtually privatize the mortgage market. The Senate’s bipartisan plan envisions a continued but more limited government role in insuring mortgage securities. Supporters say that would keep mortgages available and affordable.

Congressional efforts to overhaul the nation’s mortgage finance system got a boost Tuesday from President Barack Obama’s call for changes that are generally in line with the Senate’s bipartisan plan.

“For too long these companies were allowed to make huge profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag, and it was wrong,” Obama said.

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