Posted on 03/02/2009 8:37:51 AM PST by SolidWood
Edited on 03/02/2009 8:39:49 AM PST by Admin Moderator. [history]
NEW YORK (CNNMoney.com)
(Excerpt) Read more at politicalticker.blogs.cnn.com ...
And how many millions is he going to take with him when he leaves.
BTW, I borrowed your “Letter” on your Page, did a little wordsmithing and sent it out to some friends. Very amusing and, given the Ponzi schemes officially sponsored by our Gov’t (Where we actually lend ourselves money!) it is all too close to the truth.
thx
The guy must know anyone that keeps that job is going to fail and he is getting out while he still has a good name.
That was fast. Whatever he sees directly ahead must be pretty bad that he’s bailing out so soon.
President and Chief Executive Officer of Fannie Mae Herbert Allison, Jr. right, and Freddie Mac Chief Executive Officer David Moffett take a break from their testimony during a hearing on the Fannie Mae and Freddie Mac takeover at the House Financial Services Committee Thursday, Sept. 25, 2008 on Capitol Hill in Washington.
“And how many millions is he going to take with him when he leaves.”
The guy is not going to take millions, that’s very doubtful. What’s more likely is that he was a solid guy, well respected and he did it to provide aid and leadership.
We won’t know the real/full story for a bit yet. But some folks seem to have the right line of thought. He probably couldn’t stomach the “medicine” being dolled out from the feds who are telling him what he “must” do.
That’s my best guess.
The resignation announcement also hinted that Freddie may need "an additional amount of approximately $30 billion to $35 billion" to keep going. Freddie, under the direction of the Federal Housing Finance Agency, has already received some $14 billion in emergency aid.
Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.
Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis. McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.
Hoe DARE you post inconvenient things like FACTS!!!
Don’t you understand that EVERYTHING is “Bush’s FAULT!”(tm), even if he had nothing to do with it???
Micromanagement of economies and societies has consequences.
If they are smart enough to plant the seeds of the destruction of the global capital system by forcing mortgages on those who can't pay (here and in Eastern Europe), are we too dumb to understand this was intentional? Al Quaida should have had such access! They were stuck using planes. All who hate America are involved in this. And... wanna bet that as we are flat on our faces right now, Al Quaida is planning another spectacular to crush our morale? Watch for the double whammy (I don't have any information, just a hunch).
In that picture - at least they have their hands in their own pockets...
THE FEDERAL GOVERNMENT CAUSED THE MORTGAGE LOAN MELTDOWN. NOW OBAMA AND CONGRESS SAY IT TAKES MORE GOVERNMENT TO FIX THE PROBLEM. THEY MUST THINK ALL VOTERS ARE STUPID .... MAYBE THEY ARE RIGHT.
Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.
Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis. McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.
Is Barney Frank resigning too?????
Some are wondering what caused the Dow to tank 300 points today?
Let's not forget that Freddie and Fannie already got a $200B bailout.
Now, The Obammunist wants all those renters who bought houses to have their principal to be reduced and the mortgage interest rates reduced. Well!! Who owns those mortgages?
Fannie should let the squatters rent to own until she can sell the property or the mortgage.
yitbos
A good man will resign when, in good conscience, he cannot carry out dictates of his employer.
Wonder what the socialists wanted him to do?
yitbos
you’re preaching to the choir.
there were videos here of the republican congressmen questioning this practice.
but maxine waters, barney frank insinuated that the republicans were racists if they didn’t allow the practice to continue.
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