fannie mae needs more money!

[HappyTexan]

Originally Posted by rlxin

What the hell is going on? They are on a slippery slope. There is no exit strategy, once they exit we will have a catastrophic collapse. I dont understand how everyone is walking around with a calm look on there face.

I don't understand either. It just amazes me that the MSM, in spite of all this, still touts "Recession is over".

I just keep wondering if this is what it was like back in 1929-1934.
In reading, the denial went on for years until they just couldn't deny it anymore. Why in 1930 the quotes referred to their "recession being over".

[LauraC]

Originally Posted by floridasandy

if our economy is getting better, why do we need to bail out fannie mae again, extend the homeowner credits, bail out GMAC again, extend unemployment for another 20 weeks, and turn homeowners into renters?

this is a snowball that is growing, which we will see on tax collection day.

Also, the federal government is going to get REALLY huge if Obamacare and Cap and Trade are passed and our taxes pay for that infrastructure, too, in the government appropriations bills every year. I think people don't look at that annual price tag once a bill is passed. They only look at the up front cost of setting up the new bureaucracy not the perpetuating cost realized in the appropriations (budget) bills for each government department.

Many of those homeowners should have been renters in the first place. I rent and I'm going to subsidize someone's home ownership with my tax dollars? That's ridiculous?

[Des-Lab]

Originally Posted by LauraC

I rent and I'm going to subsidize someone's home ownership with my tax dollars? That's ridiculous?

That is absolutely correct.

Because in all likelihood, many of those newly minted homeowners fall into a politically protected and/or preferred socioeconomic/ethnicity class.

You have it. They don't. They want it. You owe them. And yes. It will be your responsibility to do exactly what you said and subsidize them.

Get used to it.

Welcome to the 21st century in America.

There is another reason why we will continue to NOT provide any help or aid to those so-called "financially prudent" types. Not only do they likely NOT need it, but the truth of the matter is that there's very little profit motive in being conservative with money. Those people don't spend or spread money around.

On the other hand, the folks that get favored home loan terms (subsidized for example), loan modifications, outright debt forgiveness etcetera DO spend money, which helps business and the economy in general. They buy everything from shiny chrome rims for their new SUV's, buy designer clothes, LCD TV's, and so forth. Given their much lowered reluctance at parting with money, it only makes sense to move them further towards the front of the line.

[pghquest]

Originally Posted by LauraC

I rent and I'm going to subsidize someone's home ownership with my tax dollars? That's ridiculous?

You actually already do.

You rent and pay for your landlords expenses and profits while giving them a mortgage tax deduction, something you cant take advantage of as a tenant.

[floridasandy]

it's official:

Fannie Mae posted yet another stunning loss in the third quarter, $19.7 BILLION, (their 2nd quarter loss was 14.8 billion dollars so their losses are growing) and it now owns or guarantees close to $200 billion in nonperforming assets.

The steep loss resulted in the government-controlled GSE having a net worth deficit of $15 billion at the end of September. In tandem with the loss, its regulator has asked the Treasury Department for $15 billion to bring the GSE's net worth above zero. Over the past five quarters, the GSE has lost $85 billion. the GSE's are worth zero!

NO MORE MONEY! STOP THESE WASTED MONEY BAILOUTS.


taxpayers lost money on the chrysler, GM, bank bailouts, and CIT bailout. ENOUGH IS ENOUGH. we have an incompetent adminstration that has to stop! more money wasted is just fuel for the fire.