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Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion
CNBC ^ | 6/29/10 | Steve Liesman

Posted on 06/29/2010 9:31:15 AM PDT by NormsRevenge

For American taxpayers, now on the hook for some $145 billion in housing losses connected to Fannie Mae and Freddie Mac loans, that amount could be just the tip of the iceberg.

According to the Congressional Budget Office, the losses could balloon to $400 billion. And if housing prices fall further, some experts caution, the cost to the taxpayer could hit as much as $1 trillion.

Two things are clear: Taxpayers don’t want to foot the bill, and Fannie and Freddie, taken over by the government in 2008 to stanch the financial bloodletting, need a major overhaul.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government
KEYWORDS: bailout; captaxpatent; carboncreditpatent; cbo; cra; davidgregoryswife; dodd; fannie; frank; freddie; nbccoverup; raines; taxpayers; trillion
Current Financial "Reform" legislation does nothing to address Fannie or Freddie and their leaking like a sieve operations.
1 posted on 06/29/2010 9:31:17 AM PDT by NormsRevenge
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a trillion here, a trillion there, pretty soon, you’re talking some series jing.. the beat goes on,, DC marches the nation to the edge of a precipice as the media pushes the herd into a frenzy.


2 posted on 06/29/2010 9:33:48 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard)
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To: NormsRevenge

And to think, to the two biggest Fannie-Freddie idiots are the same ones working on reining in the financial markets with their Dodd-Frank bill...............how frakin quaint.....NOT!


3 posted on 06/29/2010 9:34:39 AM PDT by cranked
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To: NormsRevenge

A trillion here, a trillion there. After awhile, you’re talking real money.


4 posted on 06/29/2010 9:35:02 AM PDT by RKBA Democrat (Victors study demographics.)
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To: NormsRevenge

5 posted on 06/29/2010 9:35:54 AM PDT by dubie (The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.)
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To: NormsRevenge
mortgagate"
Arrest these two and send them to jail."

6 posted on 06/29/2010 9:36:27 AM PDT by FrankR (Standing against tyranny must start somewhere, or the future belongs to the tyrants.)
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To: NormsRevenge

Anybody wanna take any bets..that by the time its all said and done its really TWO billion. The media elite are WAY under-publicizing, as they did with the cost of ObamaCare, the true costs of this governing malpractice by our professional politicians.


7 posted on 06/29/2010 9:37:46 AM PDT by mo
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To: NormsRevenge

Anybody wanna take any bets..that by the time its all said and done its really TWO trillion. The media elite are WAY under-publicizing, as they did with the cost of ObamaCare, the true costs of this governing malpractice by our professional politicians.


8 posted on 06/29/2010 9:38:04 AM PDT by mo
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To: NormsRevenge

We haven’t had a single major bankruptcy in this mess. Not one. Let them go. Let some of the investors that bought into these companies that made bad decisions . . . lose money . . . rather than every taxpayer bail them out.


9 posted on 06/29/2010 9:38:42 AM PDT by Mere Survival (Mere Survival: The new American Dream)
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To: NormsRevenge

When the hell is the GOP going to dump this fiasco in Clinton- Franks -Dodd -Black Caucus laps


10 posted on 06/29/2010 9:38:45 AM PDT by uncbob
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To: NormsRevenge

Good Times for Fannie and Freddie!

http://www.theamericansentinel.com/twp/2009/4/5/good-times-for-fannie-and-freddie.html


11 posted on 06/29/2010 9:38:51 AM PDT by WOBBLY BOB (drain the swamp! ( then napalm it and pave it over ))
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To: NormsRevenge

Expect it to be much more than $1 Trillion. Both Freddy and Fanny will be going belly up in the near future as Congress will not continue to fund this. That means that mortgage rates are going to go through the roof which also means good luck getting a home loan. Cash will be king and the price of a house will be 1-1.5x yearly income. That also means that new houses are going back to 1950’s in size (think 1000 to 1200 sq-ft). The days of McMansions for all is done and only the rich will be able to afford the big house on the hill.


12 posted on 06/29/2010 9:41:50 AM PDT by trapped_in_LA
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To: uncbob

“When the hell is the GOP going to dump this fiasco in Clinton- Franks -Dodd -Black Caucus laps”

They’re not! The majority of the gop is just as dirty as the pos dems!


13 posted on 06/29/2010 9:42:54 AM PDT by rj45mis
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To: NormsRevenge

Our Congresscritters don’t care.

This will also have an adverse effect on the mortgage market, again.

Just what the Dem/Libs want.


14 posted on 06/29/2010 9:43:59 AM PDT by K-oneTexas (I'm not a judge and there ain't enough of me to be a jury. (Zell Miller, A National Party No More))
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To: NormsRevenge

we could have paid off all the mortgages with what we have already spent .....why throw good money after bad..


15 posted on 06/29/2010 9:48:02 AM PDT by dalebert
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To: NormsRevenge

But government-run heathcare is going to be awesome..........................


16 posted on 06/29/2010 9:48:27 AM PDT by Psycho_Bunny (Hail To The Fail-In-Chief)
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To: dubie

And those clowns at FNMA and FMAC are STILL buying minimal down payment mortgages.

Bureaucrats NEVER learn...


17 posted on 06/29/2010 9:52:11 AM PDT by pfony1
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To: NormsRevenge

Fannie and Freddie, financiers of Democrat schemes, have already cost us a trillion or more dollars.


18 posted on 06/29/2010 9:52:18 AM PDT by pallis
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To: NormsRevenge
Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion

I'm starting to notice a pattern here - a trillion here and a trillion there and pretty soon you're talking about a bankrupt country!!



Oh, wait!! We're already there!!!

19 posted on 06/29/2010 9:57:15 AM PDT by DustyMoment
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To: NormsRevenge
And the heads of these corporations are still getting bonuses! Where is the liberal outcry on bonuses for failing corporations when they're run by liberals? Lousy liberal hypocrites...but I'm being redundant.
20 posted on 06/29/2010 9:58:26 AM PDT by highlander_UW (Education is too important to leave in the hands of the government.)
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To: NormsRevenge

Democrats were WARNED of Financial crisis and did NOTHING

http://www.youtube.com/watch?v=LPSDnGMzIdo


21 posted on 06/29/2010 10:03:44 AM PDT by BenLurkin
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To: DustyMoment
pretty soon you're talking about a bankrupt country!!


22 posted on 06/29/2010 10:08:46 AM PDT by BenLurkin
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To: NormsRevenge

Democrats think that crippling the American economy and costing $1 Trillion is a small price to pay in the name of affordable housing.

Of course like all liberal ideals they’re poorly thought out. Crashing the economy and massive debt have fewer poor people owning homes then if they’d not forced banks to make home loans to folks who couldn’t afford them.

It’s the good intentions that count!


23 posted on 06/29/2010 10:10:09 AM PDT by RJL
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Who is being bailed out here, really?

Not the homeowners who got in over their heads - they go into default on their loans and are losing houses at record rates.

As the article explains: Banks, Foreign Governments and Bondholders.

So, we will be taxed to the hilt, pretty much forever, to ensure profits for Banks, Foreign Government and Bondholders: because they bought junk paper.

For some reason Obama has decided to make them whole. WHAT A LOAD OF BS!

No matter what claims Obama makes to be a Progressive it is all another LIE. His actions are: taking from the middle class and giving to his friends on Wall Street, the Cayman Islands and China.

I am looking forward to default and collapse. The idea that we would really pay all this debt off is sickening. Who? My kids? Obama is the anti-Lincoln. Lincoln freed the slaves, Obama is enslaving the free: enslaving all American tax-payers into permanant debt bondage.

What if they passed a law saying that every 18 year old girl needed to go work as a sex intern for a year for the local Democratic Party. Would you send your kid?

Why are we even sitting here obeying laws that are stealing our kids money and giving it to the whore mongers in New York?

It sickens me, it really does.


24 posted on 06/29/2010 10:48:07 AM PDT by Jack Black ( Whatever is left of American patriotism is now identical with counter-revolution.)
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To: NormsRevenge

I just had a relative who stopped paying her mortage because the condo is underwater big time. She is employed and could pay it if she had to. If she is doing it, I bet LOTS of other people are too. Government will just blame the “GREEDY LENDERS” instead of putting the blame on those who got in over their heads. I think all we’ve seen so far is a warmup for the BIG EVENT.


25 posted on 06/29/2010 10:56:35 AM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: DustyMoment

Hey.. No Problemo! 13 Trillion in debt ain’t nothing..

Make it 14.. 15 .. Obama has a shot at 20 by the end of his reign of terror. one scary dude.


26 posted on 06/29/2010 11:18:16 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard)
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To: NormsRevenge

0 has already cost us $13 Trillion!


27 posted on 06/29/2010 12:16:03 PM PDT by GailA (obamacare paid for by cuts & taxes on most vulnerable Veterans, retired Military, disabled & Seniors)
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To: rj45mis

Not from what I saw on YOU TUBE


28 posted on 06/29/2010 1:08:16 PM PDT by uncbob
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