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  3. The question of what to do about Fannie Mae and Freddie Mac—the two government-created enterprises that have backed massive loan

The question of what to do about Fannie Mae and Freddie Mac—the two government-created enterprises that have backed massive loan

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问题     The question of what to do about Fannie Mae and Freddie Mac—the two government-created enterprises that have backed massive loans to the housing market—involves much more than finance or real estate. It marks the end of an era. The relentless promotion of homeownership as the embodiment of the American dream has outlived its usefulness.
    In some ways, owning a home contributes to neighborhood stability and encourages property improvement. Unfortunately, we let a sensible goal become a foolish fetish. Not everyone can become a homeowner. Some are too young and footloose; some are too old and dependent; some are too poor or irresponsible. Even with these gaps, homeownership is virtually universal among the middle-aged middle class.
    Government subsidizes homeownership in two ways: through tax and spending policies and through credit markets. Tax breaks for homeowners exceeded $120 billion in 2009. These benefits go heavily to higher-income borrowers, who are encouraged to buy bigger and more expensive homes that generate larger tax savings. This is both unfair and unnecessary. By contrast, government subsidies for lower-income renters are skimpier, totaling about 25 percent of the support for homeowners.
    The cheap credit subsidy operates mainly through Fannie Mae and Freddie Mac. These government-sponsored enterprises(GSEs)were economic mongrels: profit-making companies that were given goals of expanding homeownership among poorer buyers. The GSEs could borrow at interest rates barely above the U. S. Treasury’s, because investors regarded Fannie and Freddie bonds as backed by the government.
    It seemed a perfect marriage: The GSEs would earn profits and pass along the benefits of cheaper credit by financing or guaranteeing mortgage loans. Congress could promote homeownership outside budget constraints. But the marriage between private profit and public purpose failed. In September 2008, the Bush administration took over Fannie and Freddie, which faced huge losses from bad mortgages.
    In an ideal world, we would throw away failed policies. We would change or end the mortgage-interest tax cut. We would tighten the GSEs’ loans and guarantees. The trouble is that the ideal solution may be temporarily undesirable. The housing market, as everyone knows, has collapsed.
    Ironically, the GSEs have become more important than ever. Private lenders, which once regarded a mortgage secured by a home as a highly safe investment, now see it as highly risky. Few new mortgages are made without government guarantees.
    This means that sudden withdrawals of support might deepen housing’s depression. Some economists have made sensible proposals to scale back Fannie and Freddie. But done too quickly, they could backfire.
    The single-minded promotion of homeownership failed and, paradoxically, undermined the American dream. It contributed to the housing "bubble" and favors housing investment over new industries and technologies. But to end it, we need to make haste slowly.
The author’s attitude towards promotion of homeownership is
选项 A、positive.
B、objective.
C、negative.
D、sensitive.
答案C
解析 观点态度题。根据题干关键词homeownership分别定位至第一、二段和最后一段。根据第一段最后一句中的修饰promotion of homeownership的形容词relentless和最后一段第一句的形容词single-minded、动词failed等可以看出，作者对鼓吹拥有房子持否定的态度，因此选[C]。
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