Tag Archives: Freddie Mac

Democrats RIP OFF America through Fannie Mae and Freddie Mac

Bush and McCain Proposed Oversight of Fannie Mae and Freddie Mac.

Leave a comment

Filed under Uncategorized

What will happen to Fannie and Freddie? So you think Obama’s a socialist? (Update)(Update2)

Recently on The O’Reilly Factor:

The question is asked, “So you think Obama’s a socialist?”

Newt Gingrich says, “Sure.  Of course he is.”

Bill O’Reilly says, “I think he’s Lyndon Johnson on steriods.”

Listen to the whole exchange:

Here’s link to the interview:  http://www.youtube.com/watch?v=4ra6P6dG4v8

Bill O’Reilly starts out by making this statement:  “Socialist? – [does that mean that] if he could, he’d take your house because that’s what socialists do?”

My opinion, I think he would without a doubt take total control of everything, including your house.  Valerie Jarrett makes a telling comment while discussing how simple-minded the Tea Partiers are, how they are in need of a brochure or phamplet to explain health care to them in terms they can understand :), she said, referring to health care –

“If he (President Obama) could do it unilaterally, he would have done it a long time ago, I can assure you of that.” [At 2:24]

I heard the President make a similar statement himself recently.  And I am sure he would, but that pesky congress keeps getting in the way.  I think Obama wants to rule, not govern.  What was it President Bush said?  “Dictators are fine as long as I’m the dictator.”

But back to houses:

Barney Frank, the chairman of the House Financial Services Committee, called Friday for a new system for providing money for home loans and the elimination of Fannie Mae and Freddie Mac.

“I believe this committee [The House Financial Services Committee] will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance,” Mr. Frank said at a hearing on executive compensation issues. “That’s the approach, rather than the piecemeal one.”

While chief executives of Fannie and Freddie could be paid upwards of $6 million for 2009, the Obama administration has said they will cover UNLIMITED LOSSES through 2012.

I wonder why now suddenly Barney Frank wants to dismantle Fannie and Freddie.  Some believe they should be privitized and some think they should become full fledged government agencies.  The Obama administration is supposed to address their position when the budget is released next month.

“If he could, he’d take your house because that’s what socialists do.”  I think this was meant to demonstrate that since Obama was not taking any houses, then he could not be a socialist.

Freddie and Fannie already owns or guarantees about 31 million home loans, which is about half of all the mortgages in the United States.  Now, if Fannie and Freddie become federal agencies, then who would actually own these homes?

I would like to know why Mr. Fannie and Freddie, Barney Frank, is now advocating they be dismantled.

Something smells.

UPDATE:  Fannie Mae seeks ANOTHER  $15 billion from their UNLIMITED draw on the U. S. Treasury. (They’ve already gotten $60 billion since April.) Bloomberg.

UPDATE:  Here’s another article on Fannie and Freddie asking for more money. Friday Debt Dump/Newsbusters.

A comment left by Taqiyyotomist

on Gateway Pundit referencing this Friday Dump piece:

“”Jim, I don’t know if you’ve seen this:
“After the closing bell on Friday, just in time for everyone to stop paying close attention, mortgage behemoth and ward of the state Fannie Mae (“Fan”) released its fourth-quarter and full-year financial results. Its press release (PDF) informs us that its $74.4 billion loss in 2009 (inclusive of dividends paid to the government) followed a $58.8 billion loss in 2008. ”

Friday Debt Dump. These people who just lost, apparantly, four times as much money as Bernie Madoff embezzled, and three times as much money as Enron “lost”.

Madoff and Ken Lay are in JAIL. **

The people who did this are our president, Chris Dodd, Barney Frank, Franklin Raines, and a host of other looters who should also be sent to JAIL, and with a term length in proportion to those given to Madoff and Lay. If not more.

But no, they still pretend to run our country, while embezzling better than the best and most notorious embezzlers. Now Fannie and Freddie want another $15 billion.

And then there are the millions of people who took home loans that they lied about their income to get. Then there are the community organizers who convinced millions to do this. Then there is the entire social-service government sector whose employees, like ACORN employees, advise the poor on new and improved ways of lying on the forms, filling in all the proper fields with just the right lies.

This nation is due some serious justice. Justice is sorely lacking now. The embezzlers are in charge.””

**Note: [Well, Ken Lay was headed to jail but died before he could get there.]

 

See Previous Post

Also, Here and Here Sources.

H/T to KJ at You Have to Be This Tall Blog.

Posted: 02.24.10  Update:  02.26.10  Update2:  02.27.10

46 Comments

Filed under Barack Obama, Financial Crisis, Human Interest, politics, President Barack Obama, Uncategorized

Barney Frank named Porker of the Month

The “Porker of the Month” award could not have gone to a more deserving person than Barney Frank.  He is so much a part of the problem that he should be before his own committee answering questions instead of AIG executives.  Barney has no shame.

In September 2003, Frank told The New York Times that Fannie Mae and Freddie Mac “are not facing any kind of financial crisis.” Both Fannie and Freddie are now almost entirely owned by the government, and while Freddie Mac got $13.8 billion in bailout money last year, Fannie Mae is estimated to get $15.2 billion in 2009, according to the CAGW.” (Citizens Against Government Waste).

“Even in this global capital of hot air, bait-and-switch politics, and double-talk, Chairman Frank deserves singular recognition,” said CAGW President Tom Schatz. “It strains credulity to hear him rebuking anyone for rewarding failure after he helped create the disaster in the first place.”

See story here.

Posted:  03.26.09

1 Comment

Filed under Financial Crisis, politics, Uncategorized

Senator Obama got his AIG bonus, and so did Chris Dodd

Senator Barack Obama received a $101,332+ bonus from American International Group (AIG) in the form of political contributions according to Opensecrets.org.  The two biggest Congressional recipients of bonuses from the A.I.G. are – Senator Chris Dodd and Senator Barack Obama.

Redstate.com.

Is there any wonder they wanted to see AIG get their bonuses?  Bob Shrum, democratic blubbermouth,  is trying to cover for Chris Dodd.  It’s going to take a very large cover.

And Maxine Waters?  She has a lot of nerve.  She says President Obama has some “explaining to do.”  Of course he does, but then so does Mz. Waters!!  Review, Preview – watch her here praising Franklin Raines and Fannie Mae, zero down payments, so forth.

These people have sold our country out.  The AIG bonuses are just the tippy, tip, tip of the iceberg.

Boy, oh, boy, we sure do have the foxes in the hen house.  The guilty parties are in charge of the “recovery.”

All together now…..O-Ba-Ma, O-Ba-Ma.

Posted:  03.20.09

2 Comments

Filed under Barack Obama, Financial Crisis, Human Interest, politics, President Barack Obama, Uncategorized

Barney Frank, the banking queen – Hilarious (Video)

You can build, you can buy, any house your heart desires. Zero down financing,I am the banking queen…..

Friday night and your cash is low,I know a place where you can go/Get your house and use it,go ahead abuse it, you can do anything.Go out and have a fling,I am the banking queen,old and sweet,didn’t do a thing!Banking queen don’t complain or you’ll hear me scream Oh yeah….chorus

Told the bankers, Hey you guys! Make the loans or it’s your behind. My friends at Fanny sure need it, do it my way or beat it, while the stock’s crashing. That doesn’t mean a thing, I’m still the banking queen–no respect for a single thing. Banking queen don’t compwain or you’ll here me scream!

(Not exact, but close)  🙂

Posted:  03.07.09

Leave a comment

Filed under Financial Crisis, Human Interest, Humor, Media, politics

Fannie Mae wants more money

What’s new from Fannie Mae?  Well, guess what, they are now asking the U. S. Treasury for $15.2  billion more and this is (after the bailout).

The US government-controlled Fannie  Mae reported a loss of 25.2 billion dollars in the fourth quarter driven mainly by the effects of a prolonged housing slump and a global financial crisis.

It had a third-quarter loss of 29.0 billion dollars. For the full year of 2008, the company posted a loss of 58.7 billion dollars, almost 27 times higher than the 2007 loss of 2.1 billion dollars.

Fannie Mae said it submitted a request Wednesday for 15.2 billion dollars from the Treasury “in order to eliminate our net worth deficit as of December 31, 2008.”

“We expect the market conditions that contributed to our net loss for each quarter of 2008 to continue and possibly worsen in 2009, which is likely to cause further reductions in our net worth,” the company said in a statement.

For the rest of the story. (RIP Paul Harvey)

Now, watch the video below from late 2004 how the regulatory guy who was trying to put a stop to the lending practices and fraud in Fannie Mae – how he is being berated and attacked by these people who are supposed to be representing the people of America.  We have been had.  And had bad.

Note:  Mr. Arthur Davis shown on this video was a man and stepped up and said he was wrong in his comments at the time and for that he has my admiration.  I don’t know of any other person who is shown who has done that.

H/T:  Jammie Wearing Fool

Posted:  03.01.09

1 Comment

Filed under Barack Obama, Financial Crisis, Human Interest, politics, President Barack Obama, Uncategorized

What Caused Our Economic Crisis? Money For Nothing and Your Houses For Free (Repost)

This was first posted in September of 2008.

This video made it to the Mainstream Media.  New Media, the internet, and American citizens, are doing the legwork and investigative reporting so lacking in the Mainstream.

I’m not sure what version of the video this is, but what about this attempt to shut this video down?  More strong arm tactics?  That freedom of speech really does rub some people the wrong way.  And we sure don’t want them in the White House.  (Too late now)

ALERT 09/30 15:00 pm ET: YouTube has now taken down not only the first version of the Burning Down the House video produced by TheMouthPiece, but has also taken down versions 2 (9/27) and 3 (9/29).  The version directly below is now removed.

http://therealbarackobama.wordpress.com/2008/09/26/burning-down-the-house-what-caused-our-economic-crisis/

HERE’S THE NEW VERSION BELOW:

The current mess would never have occurred in the absence of ill-conceived federal policies. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly promised these institutions that it would make good on their debts, so Fannie and Freddie took on huge amounts of excessive risk.

Worse, beginning in 1977 and even more in the 1990s and the early part of this century, Congress pushed mortgage lenders and Fannie/Freddie to expand subprime lending. The industry was happy to oblige, given the implicit promise of federal backing, and subprime lending soared.

This subprime lending was more than a minor relaxation of existing credit guidelines. This lending was a wholesale abandonment of reasonable lending practices in which borrowers with poor credit characteristics got mortgages they ere ill-equipped to handle.

http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html?iref=mpstoryview

Reposted:  02.27.09

3 Comments

Filed under Barack Obama, Financial Crisis, Human Interest, life, Media, politics, President Barack Obama, Uncategorized