by

Mortgage Officer

Author website

Dearly Beloved:

We gather here to commemorate the dearly departed who’s passing we mourn today. I’d like us to take a few moments to dwell on the lives that were lived, the good that was done, and the ways we can learn from their excesses.

Fannie lived a good long life. She came to this earth during the Depression and spent many many years doing good and helping many many people live the American Dream and buy a house of their own and benefit from long term fixed and affordable mortgages.

Later in life, Fannie’s younger brother came on the scene. Freddie, beset with a case of sibling rivalry, attempted to outdo his older sister. First Freddie attempted to do the same thing that Fannie did and all was well. Competition was good, it kept the siblings honest and many people benefited.

But as Fannie grew older, she began to resent her younger sibling. He was younger, less experienced, but kept up with his older sibling quite well. As the sibling rivalry grew, more risks were taken. In their attempts to outdo each other, greed and corruption took over. Risks were taken and increasingly risky behavior was considered acceptable.

Over the years, the markets responded very well to Fannie and Freddie’s increasingly competitive and risky behaviors. More and more people were able to live the American Dream until the American Dream became too expensive. Suddenly, the risky behaviors that Fannie and Freddie were engaging in weren’t paying off quite as well.

Initially, Fannie and Freddie seemed fine, but later it was determined that the risky behaviors had caused significant internal damage. Many efforts were made to revive them and bring them back to full health. The medical bills have been staggering and the efforts were heroic. But, alas, it was too late.

Rest in peace, dear brother and sister. Know that you’ve done well and helped many over the years. Know that the lessons that we’ve all learned from you will echo throughout the years: Know your limits, be responsible, don’t let greed run rampant.

In Memory of our Dearly Departed, I ask that you join me in singing the great old hymn, “He Has Never Failed Me Yet…..”