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Their deed has been done. The fed bought them out, with printed money that has no backing.
Yep. The obligations of Freddie/Fannie are added to the national debt and the doors will be closed to prevent them from trying to pay back the money they were FORCED TO ABSORB by the Obama Regime.
"The Obama administration will issue a proposal later this week recommending the gradual elimination of government-sponsored mortgage backers Fannie Mae and Freddie Mac, a White House official said Wednesday."
Funny.....I remember when Bush tried about a dozen time to get the congress to look into Fanni and Freddi and he was slammed for it by all sides.
maybe, but the other 20% ends up in foreclosure hell.
I still think its wrong that only 1 company makes the game Monopoly.
I believe the number is closer to 90%. The problem is, F&F cannot simply push these mortgages back onto those that wrote them. That would endanger a lot of Banks and other Financial Institutions, by saddling them with a large number of toxic assets. There are a lot of politicians that don't want that. What they have to do, apparently, since F&F are basically the continuation of Bank bailout that the taxpayer funds, slowly work these assets down, and eat(meaning we eat) the losses, until F&F can be dissolved.
I believe the number is closer to 90%. The problem is, F&F cannot simply push these mortgages back onto those that wrote them. That would endanger a lot of Banks and other Financial Institutions, by saddling them with a large number of toxic assets. There are a lot of politicians that don't want that. What they have to do, apparently, since F&F are basically the continuation of Bank bailout that the taxpayer funds, slowly work these assets down, and eat(meaning we eat) the losses, until F&F can be dissolved.
They are toxic because the front end banks that issued them LIED about them to Fannie/Freddie. The orgininating banks should be eating these not Fannie/Freddie.
They are toxic because the front end banks that issued them LIED about them to Fannie/Freddie. The orgininating banks should be eating these not Fannie/Freddie.
b-b-b-b-b-ut we the people like more fraud such as that recently discovered by ML. Politicians like them too. Otherwise, they wouldn't feel obligated by their constituents to add yet more regulations, allowing them to keep even more power as mom-and-pop mortgage companies and brokerages cannot comply.
I believe the number is closer to 90%. The problem is, F&F cannot simply push these mortgages back onto those that wrote them. That would endanger a lot of Banks and other Financial Institutions, by saddling them with a large number of toxic assets. There are a lot of politicians that don't want that. What they have to do, apparently, since F&F are basically the continuation of Bank bailout that the taxpayer funds, slowly work these assets down, and eat(meaning we eat) the losses, until F&F can be dissolved.
Well, it wouldn't be the biggest bank bailout loss we've ever endured. We ate a bigger chunk of bailout pie when Uncle Ronnie had to bail out the S&Ls in the '80s. After half of the then-existing S&Ls closed and the FSLIC that insured them became insolvent, and then we pumped money into the new RTC, it cost us over $200 BILLION to clean up that mess.
At the moment, they're only projecting (only -- ha ha, but by comparison. . .) Fannie and Freddie to run up to $154 Billion loss to taxpayers, without a second recession, which it looks like we're not going to have.
Can we stop calling Obama a Socialist now - or are extremists going to spin this one into propaganda?
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