Fannie and Freddie Mac-gross failures of socialism

[Breakage]

I realize how little press coverage this is getting outside the financial pages and that is a joke.


THese institutions are solely responsible for over $20billion dollars in real estate write downs,
that is more than any 4 private mortage companies combined.

their balance sheets are horrendous, they are basically teetering on the brink of survival,

and oh right of course they dragging every man woman and child in the country down with them.

Bill Gross of PIMCO, the single largest bond buyer/seller in the world, you know guy basically responsible for placing all of America's debt-refused to continue trading last week until the gov't insured him they would not let these places fail.

Which of course your liberal scumbags in Washington basically did with massive handouts and federal guarantees-oh they did that with BEar Stearns too? YEa for abt 1/4 as much and limited the liability for a year. Here they doing 4X as much and guaranteeing the liability for infinity. At BEar Stearns there was mass exodus of people who were responsible for the failure and were let go as a result.

At Fannie and Freddie the gov't administraters thought they were Bill Gross,
lavished themselves with huge pay packages, big time fringe benefits like 2% loans for them and everyone they know et al,
you can bank on no one being terminated there.
Although a gov't entity for the most part, the brass thought they were in charge of their own private hedge fund, with administrative costs on loans costing 6 times as much as in the private sector.


They accountable to no one, they are irresponsible beyond all belief,
but they backed by the federal government so expect gross inefficiency and corruption to continue ad infinitum.

[alysheba88]

Republican presidential hopeful John McCain backed a government takeover of two mortgage giants Saturday while his Democratic rival warned that taxpayers should not bail out their shareholders.

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Asked whether Freddie Mac and Fanny Mae -- which underwrite millions of US mortgages -- should be placed in a conservatorship, McCain said "I think it has to be done."

"We've got to keep people in their homes," McCain told Face the Nation in an interview set to be broadcast Sunday.

But McCain said the temporary takeover should not be a blank check to the executives who were paid massive salaries while they mismanaged the mortgage giants.

"There's got to be restructuring, there's got to be reorganization, and there's got to be some confidence that we've stopped this downward spiral," McCain said.

"This is the kind of cronyism, corruption, that's made people so justifiably angry."

Fannie Mae and Freddie Mac are government-chartered, shareholder-owned firms which own or guarantee nearly half of the nation's mortgages totaling more than five trillion dollars.

They buy mortgages from smaller institutions, repackage them and resell them as securities: a critical function in keeping liquidity in the housing market.

They have been whipsawed by the financial meltdown and foreclosure crisis of the past year, losing some 90 percent of their value on fears of losses from mortgage defaults.

A law enacted in July gave the US government the authority to buy shares or offer liquidity to the companies to keep them afloat in order to avert what some fear could be a major shock to an already fragile global financial system.

A conservatorship would mean the value of the company's common stock would be diminished but not liquidated while the holdings of other securities, including company debt and preferred shares, would be protected by the government.

Democratic White House hopeful Barack Obama called the situation "extremely serious" but said "any action we take must be focused not on the whims of lobbyists and special interests worried about their bonuses and hourly fees, but on whether it will strengthen our economy and help struggling homeowners."

"We must not allow government intervention to protect investors and speculators who relied on the government to reap massive profits," Obama said in a statement.

"We must protect taxpayers, not bail out the shareholders and management of Fannie Mae and Freddie Mac."

McCain said taxpayers would be repaid through rising housing prices once the market stabilized.

McCain's running mate hinted at the type of reform McCain would implement if he wins the November 4 election.

"They're too big and too expensive to the tax payers," Palin said at a rally in Colorado.

"A McCain-Palin administration will make them smaller and smarter and more effective for homeowners who need help."

[alysheba88]

Imagine, McCain supporting takeover and liberal scumbag opposing.

Next response in caps I am sure

[cre8flow]

in guatemala towns the criminals sometimes get stoned to death

atleast i heard this was true and read one article about it and saw the photos

i asked my spanish teacher why they stoned the criminals

he responded-

because if they report the crime to the police the criminals will bribe the police and escape

[Afleet]

my hard earned money going into Social Security coffers seems like speculation, but with no chance to profit

[Breakage]

It helps to have the most basic concept of wtf you are posting abt befoe you actually post.

Forget to post which whackjob source provided you with that idiotic misrepresentation?

Your liberal scumbags are 100% in charge of Freddie and Fannie,
hilarious! Why did they leave out gov't chartered and OPERATED?




The US government is the single largest mortgage lender in the world.

Please explain how the gov't can possibly take over something they already control?

They mean takeover from the corrupt POS liberal scumbag beaurocrats already in charge.
McCain wants to make the public shareholders of this gov't run and obviously mis run entity whole.
These are mostly state pension funds, insurance companies and others who until this regime took over considered Fannie and Freddie amongst the safe harbor investments, afterall the US gov't is behind the place.

See the thread title? Socialism failure, take private funds and have 100% gov't control.


The idiotic post as if they are going to take this over from the private sector is hilarious,
how about they want to make investors whole from the incredible malfeasance of your liberal scumbags in charge?


Pretty stupid-Bill Gross stopped trading on US bonds because he wants the gov't to take over a private enterprise? Try actually putting 2 and 2 together before hitting that google search funtion. How abt he knew the incredible gov't corruption there and wanted someone to be accountable?

But McCain said the temporary takeover should not be a blank check to the executives who were paid massive salaries while they mismanaged the mortgage giants.

These are your liberal scumbag beaurocrats. referenced here.

At Fannie and Freddie the gov't administraters thought they were Bill Gross,
lavished themselves with huge pay packages, big time fringe benefits like 2% loans for them and everyone they know et al,
you can bank on no one being terminated there.
Although a gov't entity for the most part, the brass thought they were in charge of their own private hedge fund, with administrative costs on loans costing 6 times as much as in the private sector.

[Breakage]

This is GREAT!

They buy mortgages from smaller institutions, repackage them and resell them as securities: a critical function in keeping liquidity in the housing market.

YEa smaller institutions like the liberal scumbags at the FHA and VA,
why did they leave out that 90% of their portfolio comes from other liberal scumbag agencies?


This is yet another misrepresentation-they ORIGINATE probably close to half their own paper.
No way Break! Of course they do, the FHA and VA do not have their own lending people,
they use Freddie and Fannie-

such a fukkin joke,


sure Aly-Obama is for free market accountability and McCain is for bailing out the liberal scumbags at Fannie Mae and Freddie Mac. Fukkin hilarious!