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

On 1/3/2010 9:45 PM, Sid9 wrote:
>
> “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
>>
>> 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.
>>
>> http://www.bloomberg.com/apps/news?pid=20601087&sid=a2Z5GnTAPcuo
>>
>> —
>>
>> Fannie Mae Eases Credit To Aid Mortgage Lending
>>
>> September 30, 1999
>>
>> 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.
>>
>> 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.
>>
>> http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html?sec=&spon=&pagewanted=2
>>
>>
>> —
>>
>> Rahm Emanuel‘s profitable stint at mortgage giant
>>
>> Short Freddie Mac stay made him at least $320,000
>>
>> 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.
>>
>> 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.
>>
>> http://www.chicagotribune.com/news/politics/obama/chi-rahm-emanuel-profit-26-mar26,0,5682373.story
>>
>>
> .
> .
> A trillion in Iraq in an unnecessary war.

For all the Democrat Liberal Socialist Liars that say Bush attacked Iraq
and there were no terrorists in Iraq……

> 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.