Re: U.S. to Lose $400 Billion on Fannie and Freddie

On 1/4/2010 3:28 PM, US_Army_Nutcase wrote:
> On Jan 4, 8:41 am, Beam Me Up Scotty dog.com> wrote:
>> On 1/3/2010 9:45 PM, Sid9 wrote:
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>>> “vict0r” wrote in message
>>> news:nrb0n.1374$er1.615 @&*$?%en-nntp-07.dc1.easynews.com…
>>>> U.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says
>>
>>>> Dec. 31, 2009
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>>>> Taxpayer losses from supporting Fannie Mae and Freddie Mac will top $400
>>>> billion, according to Peter Wallison, a former general counsel at the
>>>> Treasury who is now a fellow at the American Enterprise Institute.
>>
>>>> “The situation is they are losing gobs of money, up to $400 billion in
>>>> mortgages,” Wallison said in a Bloomberg Television interview. The
>>>> Treasury
>>>> Department recognized last week that losses will be more than $400
>>>> billion
>>>> when it raised its limit on federal support for the two
>>>> government-sponsored
>>>> enterprises, he said.
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>>>> http://www.bloomberg.com/apps/news?pid=20601087&sid=a2Z5GnTAPcuo
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>>>> —
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>>>> Fannie Mae Eases Credit To Aid Mortgage Lending
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>>>> September 30, 1999
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>>>> WASHINGTON, Sept. 29- In a move that could help increase home ownership
>>>> rates among minorities and low-income consumers, the Fannie Mae
>>>> Corporation
>>>> is easing the credit requirements on loans that it will purchase from
>>>> banks
>>>> and other lenders.
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>>>> The action, which will begin as a pilot program involving 24 banks in 15
>>>> markets — including the New York metropolitan region — will encourage
>>>> those banks to extend home mortgages to individuals whose credit is
>>>> generally not good enough to qualify for conventional loans. Fannie Mae
>>>> officials say they hope to make it a nationwide program by next spring.
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>>>> http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to…
>>
>>>> —
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>>>> Rahm Emanuel‘s profitable stint at mortgage giant
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>>>> Short Freddie Mac stay made him at least $320,000
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>>>> Before its portfolio of bad loans helped trigger the current housing
>>>> crisis,
>>>> mortgage giant Freddie Mac was the focus of a major accounting scandal
>>>> that
>>>> led to a management shake-up, huge fines and scalding condemnation of
>>>> passive directors by a top federal regulator.
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>>>> One of those allegedly asleep-at-the-switch board members was
>>>> Chicago’s Rahm
>>>> Emanuel-now chief of staff to President Barack Obama-who made at least
>>>> $320,000 for a 14-month stint at Freddie Mac that required little effort.
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>>>> http://www.chicagotribune.com/news/politics/obama/chi-rahm-emanuel-pr…
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>>> .
>>> .
>>> A trillion in Iraq in an unnecessary war.
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>> For all the Democrat Liberal Socialist Liars that say Bush attacked Iraq
>> and there were no terrorists in Iraq……
>>
>> http://www.youtube.com/watch?v=9JE48XHKG64
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>>> Had there been no Iraq war there might not have been the housing
>>> collapse….it all goes back to incompetent Republicans running our
>>> government
>>
>> Housing collapse was the private markets, they were coerced by
>> government to give out bad loans.
>>
>> Congress *is* the economic Problem.- Hide quoted text -
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>> – Show quoted text -
>
> Coerced? Apparently you have a comprehension problem. Oh, that’s
> right, comprehension, or lack thereof, is a common ailment of f&*$?%g
> retards. Fannie and Freddi eased credit requirements on loans they
> would BUY from lenders. In other words, ignorant buffoon, they made
> the lenders’ lives EASIER by buying the s&*$?%y assed loans those
> lenders made. Does that sound like “coercion” to you, silly little
> dipshit?

The above link tells you how they were coerced, Fanny and Freddy are
“GSE” Government Spcocered Entities and buy and sell over 50% of all
home loans in the USA…. Once fanny and Freddy were “asked” to ease
credit requirements then what did the Banks have to lose since they were
selling the loans to Fanny and Freddy(Government entities). So the banks
had two reasons to make bad loans. One reason was *they didn’t* *want*
*the Government suing them* , and they could unload those bad loans back
to the “government Fanny&Freddy” buyers and not take very much risk, so
they hoped.

The whole thing was created by our GOVERNMENT.