THANK YOU SIR MAY WE HAVE ANOTHER?!
Posted on 12/24/2009 8:10:32 PM PST by SeekAndFind
The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress.
The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current term.
But even as the administration was making this open-ended financial commitment, Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009.
The compensation packages, including up to $6 million each to Fannie Mae and Freddie Mac's chief executives, come amid an ongoing public debate about lavish payments to executives at banks and other financial firms that have received taxpayer aid. But while many firms on Wall Street have repaid the assistance, there is no prospect that Fannie Mae and Freddie Mac will do so.
The administration faced a congressionally mandated deadline of Dec. 31 to increase the amount of aid it could provide to Fannie Mae and Freddie Mac, which together have already received $111 billion in assistance.
Treasury said Thursday that its decision did not mean the firms would need $200 billion or more apiece, but that it instead was seeking to assure markets that the government would stand behind the companies. In a statement, Treasury said the move "should leave no uncertainty about the Treasury's commitment to support these firms as they continue to play a vital role in the housing market during this current crisis."
(Excerpt) Read more at washingtonpost.com ...
The affirmative action, exploit minorities, mortgage lending program is still in full swing.
And not a piece of the responsiblity for their central role in the recession has been assigned yet.
Its all the fault if those greedy bankers, not Chris Dodd, Barney Franks and his boy friend , former Fannie Mae CEO Franklin Raines.
Keep an eye out for a portion of the “unlimited financial assistance” to make its way back to the Democrat’s campaign funds.
I’m beginning to think Obama is clinically insane.
Don’t forget Rambo Emanuel. He used to be at Freddie Mac, I think.
Not necessarily insane, but I think he might be a puppet for Soros and the other socialists/communists out there. He was schooled by quite a few of them.
Between health care, Fannie Care and Freddie Care, and oh, say anywhere from $200-$500 billion to kick all the mortgage defaults in existence down the road...I think today would have to go down as the single biggest spending day in US history.
$2.5 trillion for health care
$1 trillion for FNM/FRE
Probably about $3.75 trillion was spent/committed today. Nice, huh?
Can you say “kickbacks for Obama’s friends”?
I knew you could.
Of course they promised this.
Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks are government sponsored agencies (GSE) so the government is responsible for them. No other choice really, unless they would dissolve them and remove them from existence.
Course out Congress never sunsets anything. Once created it stays forever and a day, never to be revisited by Congress. Unless to duplicate it or give it more power and money.
They more than ANYONE else are responsible for the real estate bubble which ruined our economy and put millions of Americans out of work. Those unemployed Americans deserve to know the truth.
One look at the Fannie/Freddie political donation lists and you will know the truth of it.
These are not private corporations, but government corporations, designed to fleece Americans of everything they own. I wouldn;t take part in one of their mortgage programs for any amount, and Americans know the same. The banks and Americans are avoiding them like the plague.
That's why OBAMA had his bank summit, to “encourage bank lending” translated as , “ Do business with Fannie.Freddie, OR ELSE!!!” ( The or else is stringent new regulatory oversight with a rule for proportionate capital investment of banks in social policy approved lending. In other words profit making is no longer the goal of banks, paying for social programs is also, in addition to all the taxes that Americans pay, the barks are expected to underwrite affirmative action lending. A pimpmobile in every driveway!
And if the borrowers can't pay? Too freeken bad.Banks will have to eat it.
Its in effect a huge bank social policy new tax boondoggle, by appropriation of bank independence and requiring lending money to those unqualified to borrow. De facto nationalization.
That's why I do not own ANY US bank stock.
Yup.
http://www.freerepublic.com/focus/f-news/2414750/posts
parsy, who just ate one of Santa’s cokies
Good, bad, indifferent. In the scheme of things it's chump change. We are getting into trillions, $42 million is of note primarily for demagoguery.
I’m really sick of this socialist gasbag trampling the Constitution as a means of advancing his goals...the destruction of America, its legacy, its promise and its economy.
The 0bamaroids have done more damage to the US in less than a year than the entire Soviet Union managed to do in over 30 years of the cold war.
Now, with his plan to control healthcare, legalize all illegal aliens, and crap-an-tax, he’s about to hit the hat trick.
It’s time to take back the country.
Bailout-weary Congress? Bailout-weary Congress! WHAT ABOUT BAIL-OUT WEARY TAX PAYERS???
“Keep an eye out for a portion of the “unlimited financial assistance” to make its way back to the Democrat’s campaign funds.”
Precisely.
THANK YOU SIR MAY WE HAVE ANOTHER?!
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