Meh, what's another $10B for Freddie Mac? (Congress, dollars, economy)

[summers73]

Freddie Mac requests $10.6 billion in federal aid - May. 5, 2010

[Rick Roma]

"These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis."


"The administration was more concerned about financial safety than about housing.

-Barney Frank

[scarabchuck]

The have to be helped... if not the word will spin off it's axis and life as we know it will be history...

[summers73]

Originally Posted by scarabchuck

The have to be helped... if not the word will spin off it's axis and life as we know it will be history...

Fannie and Freddie sure do have an exaggerated opinion of their role in the world. Well, I suppose it's good to feel confident, right?

[bluebelt1234]

Originally Posted by summers73

Freddie Mac requests $10.6 billion in federal aid - May. 5, 2010

Maybe they should stop making loans to people who can't afford to pay them back. Why should our taxpayer dollars help them make home loans to people who can't afford the house to begin with?

[HappyTexan]

That's just the next handout. The CBO estimates that by 2019 Fannie/Freddie will have taken over $380 billion from US Government handouts. Seems like they are on the "allowance" program with the Fed. And we'll never see a penny of it returned I'll wager.

http://www.istockanalyst.com/article...icleid/4093013

"The Congressional Budget Office estimated in January that the direct U.S. aid to Freddie Mac and its large rival Fannie Mae (NYSE:FNM) might total 389 billion dollars by 2019. "

[Wapasha]

Originally Posted by summers73

Freddie Mac requests $10.6 billion in federal aid - May. 5, 2010

Yup, who cares, its not as if they played any part in causing the mortgage bubble, or the financial collapse. /sarcasm

Both of those GSEs need to be told to cease all transactions, and then be dissolved.

[KevK]

Originally Posted by bluebelt1234

Maybe they should stop making loans to people who can't afford to pay them back. Why should our taxpayer dollars help them make home loans to people who can't afford the house to begin with?

Because that props up the housing market which then forces values up which then allows people to borrow against their equity and spend the money propping up the economy.
Housing is really the only "ace in the hole" the American economy has anymore. Is it all BS? Yes. But nobody will notice until it crashes again in 8 years or so.