Comments on: Fannie Mae Blight Plagues America

By: M Miller

M Miller — Sun, 28 Feb 2010 18:30:55 +0000

You need to look past Frank, Dodd, et al. You need to see that on December 24, 2009 Congress granted ‘unlimited’ funds to FM and FM. This was done while Barney Frank introduced legislation to dismantle both agencies as they should be noted in the Federal Budget and are not. This adds two trillion more to the deficit…
Second and more importantly..look at the bank failures…The Wall Street Journal reports that a consortium of investors..bought Indy Mac..remember them? They were Countrywide and several others whose portfolios of mortgages-backed by the FDIC..were guaranteed by the US government Fannie Mae and Freddie Mac..HUNDREDS of BILLIONS of dollars worth of assetts from that failure..INDY MAC.. were purchased by George Soros and his consortium..for less than one hundred million dollars on paper. The bank is now called ONE WEST. Look it up!
They just did it again for a bank in Florida, Illinois and LaJolla..BILLIONS OF LOANS LISTED AS ASSETTS FOR NOTHING, ALL BACKED BY FANNIE MAE AND FREDDIE MAC..now owned by George Soros and his friends through their different consortiums..Look it up!
That’s why Frank wants to close them now..the trail leads to him and Dodd. How much more can this country absorb from Obama? He and Geitner are aware of this..

By: Larry Doyle

Larry Doyle — Sun, 28 Feb 2010 04:41:44 +0000

Thanks very much!! How did your son do on his paper? Hope his prof was inclined to read and understand the truth as opposed to wanting to promote his own ideology.

Thanks again.

By: MBC

MBC — Sun, 28 Feb 2010 04:12:07 +0000

Where do we save it? I fear even with careful diversification, the government will end up with it anyway. The mattress?

By: Anonymous

Anonymous — Sun, 28 Feb 2010 03:39:02 +0000

Larry – you are awesome – my son is majoring in business and wrote a paper last semester analyzing Freddie and Fannie and the “roots of rotten mortgages.” He read your article from July and went back to the Community Reinvestment Act in the 70′s when orgs like ACORN were mobilizing their forces in the local legislatures and the local financial institutions to force loans to unqualified persons. This has been 3 decades in the making and I fear that an economic tsunami of unemployment, more foreclosures and deflation is upon us. And who do we have in the lead, the same people that caused this mess decades ago – God help us, if you believe you better start praying and if not save every last penny you can, you’re going to need it.

By: No Longer Banned in Beantown

No Longer Banned in Beantown — Sat, 27 Feb 2010 23:57:59 +0000

Warren Buffets latest idea has my vote.

NEW YORK (Fortune) — Warren Buffett has an elegant solution for the thorny problem of too-big-to-fail banks: Put the bankers’ bank accounts on the line.

http://www.noquarterusa.net/blog/2010/02/27/fannie-mae-blight-plagues-america/#respond

By: Docelder

Docelder — Sat, 27 Feb 2010 21:09:56 +0000

They aren’t modifying loans, bcause we little people aren’t supposed to own homes in the end of this. We will all be renting from the holding companies of the banks which are too big to fail. They in turn can partner with government. Government won’t have to worry about us, they can just deal with the big boys. It is like marxism in teh effect but not for marxist reasons. I will call it corporatist fascism for the lack of a better term. Whatever it is, it isn’t freedom.

By: Docelder

Docelder — Sat, 27 Feb 2010 21:05:43 +0000

But if you actually want it to implode so that it can be rebuilt into some socialist Utopia, then it makes more sense. All this administration has given us has been crisis upon crises. It is absolute rule by way of fear.

By: Docelder

Docelder — Sat, 27 Feb 2010 21:02:17 +0000

Pretty much anything these “new democrats” say anymore are lies. Nobody in the media ever calls them on it, so they become emboldened to just lie bigger next time around. This is going to destroy democracy, because there is no basis for trust in government.

By: Tex-Mex Soup

Tex-Mex Soup — Sat, 27 Feb 2010 19:07:20 +0000

They wouldn’t be having these losses, if they would simply work with homeowners to modify their loans. Fannie Mae is not putting enough pressure on the banks who service their accounts to step up to the plate and get the loans modified.

By: Peggy Sue

Peggy Sue — Sat, 27 Feb 2010 18:44:26 +0000

Yup, yup and yup. The blame for this economic mess is equal opportunity. But when it comes to Fannie and Freddie, the Dems win the prize. Raines, I understand, walked off with 90 million dollars during the fiasco. And Barney Frank was touting the stability of the institutions 3 days before they imploded.

And no. This is no way to run country. Not if you want it to survive.

By: Tricia

Tricia — Sat, 27 Feb 2010 18:22:30 +0000

Such scary stuff, Larry D., but thank you for keeping us informed. I know we are all hurting, and it helps a little to understand why.

By: mortuus lark

mortuus lark — Sat, 27 Feb 2010 17:13:02 +0000

But the house that foreclosed very close to your home would still be holding for a buyer that would need to offer a sum close to what the selling realtor would call “market value.” Allowing you to believe that the market value of your home remains around 150 thousand or more – so that the property appraiser would have no trouble stabilizing values and the County Tax Collector (BELOVED OF ALL) would have no trouble collecting a good size millage rate of or around 1 thousand per household minimum – for good productive schools – of course – that aim are educating the professionals of the future.

Oh America is the dwelling place of happy people.

By: mortuus lark

mortuus lark — Sat, 27 Feb 2010 17:06:03 +0000

All very excellent points. I would only add “UNDER THE BEST SCENARIO.”

By: HARP

HARP — Sat, 27 Feb 2010 17:04:53 +0000

For those keeping score at home, Fan's three-year losses of $137 billion, as reported by the Associated Press's Alan Zibel yesterday evening, plus the roughly $80 billion lost in the same period at kissing cousin Freddie Mac ("Fred"), is over three times the highest-end estimate of $66 billion in total losses at household word Enron, and over four times the roughly $50 billion investors lost to household name Bernie Madoff. Enron and Madoff are history; Fan and Fred are just warming up, and a large portion of the public has no idea who they are. Oh, by the way, Fan also told us yesterday that it would need another $15.3 billion in cash by the end of March. That would bring the total of Uncle Sam's combined Fan-Fred cash infusions to $126 billion. http://newsbusters.org/

By: mortuus lark

mortuus lark — Sat, 27 Feb 2010 17:02:13 +0000

Did you say, Barack has only shown his inability to set priorities and utter lack of empathy for the suffering of millions of his felloiw Americans?

I thought you said that.

Did you said that?

I thought you said that.

Baaambiiino.