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You're still confused. And those 'mandates' you keep referring to are goals.
Which resulted in the GSEs buying a LOT of bad mortgages. Had such not been the case, the Federal Reserve wouldn't have had to buy trillions of dollars worth of GSE MBS exposing taxpayers to a two dollars for every one dollar debt for those high-risk mortgages mandated by the government.
Which resulted in the GSEs buying a LOT of bad mortgages. Had such not been the case, the Federal Reserve wouldn't have had to buy trillions of dollars worth of GSE MBS exposing taxpayers to a two dollars for every one dollar debt for those high-risk mortgages mandated by the government.
• $239 billion paid in dividends
• $187 billion received in bailout
Over 60%. That's how we know Fannie and Freddie, and their government-mandated lower lending standards were the biggest part of the problem and the primary causative factor of the mortgage meltdown and subsequent financial crisis.
As of 2010, over 60% of the loans backing the trillions of dollars worth of GSE MBS the Federal Reserve bought are in default and foreclosure.
And about those trillions of dollars worth of GSE MBS of which over 60% are in default? THIS is what has been done to the American taxpayers because of unsound GSE MBS:
Quote:
Every dollar of bad mortgage debt that should have been written off is now enshrined as two dollars of government-backed debt. One dollar as the original debt, which will now be made whole, and one dollar of new Treasury securities, which must be issued to make that original debt whole. Accordingly, the holders of both securities will have claims against our national assets and future wealth.
Apparently, you DIDN'T read it. Citibank agreed to a consent decree, admitting no fault, but agreeing to the sorts of compensatory and remedial actions as would have proceeded from a verdict of guilty. They did this in order to minimize damage after discovery had revealed hundreds of examples of white borrowers similarly situated being granted credit while blacks were consistently denied credit. Buycks-Roberson herself had applied to refinance an existing home loan. Her annual income was 108% of the amount of both the old and new loans. She was still turned down. You didn't read about any of that though, DID YOU???
How "similarly situated" were they? Did they have the exact same credit scores, or very close to it? And this woman who was turned down to refinance a loan, what else do you know about her? Lenders take more than income into account.
And about those trillions of dollars worth of GSE MBS of which over 60% are in default? THIS is what has been done to the American taxpayers because of unsound GSE MBS:
Those are 2 investor newsletters from John Hussman.
So cite how many of those trillions of dollars of Fed owned GSE MBS have defaulted by now.
Quote:
Those are 2 investor newsletters from John Hussman.
Exactly. Which investors seek to lose money? Oh, yeah... none.
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