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Obama wants new model for Fannie, Freddie
Reuters via Yahoo Finance ^ | 8/17/2010 | Kevin Drawbaugh & David Lawder

Posted on 08/17/2010 8:39:08 AM PDT by Qbert

WASHINGTON (Reuters) - The Obama administration called for "fundamental change" at Fannie Mae and Freddie Mac, but a long, politically explosive debate lies ahead on the future of the bailed-out mortgage finance giants and U.S. housing policy.

U.S. Treasury Secretary Timothy Geithner on Tuesday raised basic questions with housing industry leaders about the U.S. government's long-standing role in subsidizing and supporting the $10.7 trillion housing market.

"It is not tenable to leave in place the system we have today," Geithner said at a conference hosted by the Treasury Department almost two years after the government seized Fannie Mae and Freddie Mac to save them from collapse.

Since then, the two firms have received nearly $150 billion in taxpayer bailout money and have been placed in conservatorship, sharply restricting their past activities.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: bailouts; carboncredits; davidgregoryswife; dncconspiracy; dodd; fanniemae; frank; mortgages; obama; patent6904336; spending
"...Geithner said there is a strong case for a carefully designed government guarantee for mortgages, and that a key question will be whether the private sector can provide a form of insurance or guarantee on its own."
1 posted on 08/17/2010 8:39:09 AM PDT by Qbert
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To: Qbert

” Obama wants new model for Fannie, Freddie “

Depending on who the model is, that might be a good trade....


2 posted on 08/17/2010 8:41:52 AM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: Qbert

Why should private industry provide guarantees? The way the government guarantee is viewed is its free even though we know thats not so. It will cost and cost plenty if private industry does it. Of course then they will be accused of profiting on the backs of the poor.


3 posted on 08/17/2010 8:42:56 AM PDT by wiggen (The teacher card. When the racism card just won't work.)
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To: Qbert

Gee, two years on they finally have a thought?


4 posted on 08/17/2010 8:43:18 AM PDT by Uncle Miltie (Why are 100% of Rape / Assaults in Oslo, Norway, committed by Muslims?)
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To: Qbert

Look out Barney.....the government is taking over - government guarantee means a guaranteed crash........government only weakens and ruins not make stronger and viable.....


5 posted on 08/17/2010 8:43:54 AM PDT by yoe ("N" is for NO for Progressives in government.)
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To: Qbert
Obama wants new model for Fannie,...


6 posted on 08/17/2010 8:45:00 AM PDT by maggief
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To: Qbert

Guess that Barney Frank, Cris Dodd and Jamie Gorelick did not steal enough of taxpayer dollars the first time around.


7 posted on 08/17/2010 8:46:39 AM PDT by rod1
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To: Qbert

The Government runs the Post Office & it wants to change Fannie & Freddie?
No way.


8 posted on 08/17/2010 8:48:12 AM PDT by bill1952 (Choice is an illusion created between those with power - and those without)
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To: Qbert

The U.S. has 19 Million vacant homes. Housing is artificially propped up, and will remain so for quite some time, but keeping it propped up via Fannie Mae will sap money into housing, away from more productive uses of capital.


9 posted on 08/17/2010 8:48:27 AM PDT by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: Qbert

Hey, here is a new model ... get government out of the housing market. No money, no rules, no social policies, in other words, NO FREDDIE OR FANNIE.


10 posted on 08/17/2010 8:51:15 AM PDT by taxcontrol
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To: maggief
Tee-hee!

Caption to that photo:

Baloon over Barry's head: I need some quality time with Reggie Love in the Lincoln bedroom to help me get this image out of my mind.

11 posted on 08/17/2010 8:53:16 AM PDT by Pigsley
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping


12 posted on 08/17/2010 8:55:00 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Uncle Ike
Here he is...with his sore fannie.


13 posted on 08/17/2010 9:01:06 AM PDT by WOBBLY BOB (drain the swamp! ( then napalm it and pave it over ))
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To: Qbert
Barry wants a new model for Fannie Mae? Let me make a suggestion:
 

14 posted on 08/17/2010 9:01:36 AM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
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To: Qbert

The new corporations will be known as...

Faniqua & Fredorian


15 posted on 08/17/2010 9:02:36 AM PDT by Vinnie (You're Nobody 'Til Somebody Jihads You)
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To: Qbert

The new corporations will be known as...

Faniqua & Fredorian


16 posted on 08/17/2010 9:02:36 AM PDT by Vinnie (You're Nobody 'Til Somebody Jihads You)
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To: Qbert
WHAT? He didn't get a large enough payback?

Obama is a BUZLUM.
Bosom-Buddy-Muzlum-Sympathizing-Pond-Scum.
17 posted on 08/17/2010 9:04:09 AM PDT by HighlyOpinionated (IMPEACH Barry Dunham Soetoro aka Barack Hussein Muhammad Obama!)
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To: Nachum

Hasn’t this been tried before?


18 posted on 08/17/2010 9:07:49 AM PDT by sarasota
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To: Vendome

That would never interest Barney Frank..

Me on the other hand !!!


19 posted on 08/17/2010 9:08:26 AM PDT by maddog55 (OBAMA, Why stupid people shouldn't vote.)
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To: Qbert
What about the old "models"...the ones who caused all the mess...do they get to just "skate" on this one?

CELLMATES


20 posted on 08/17/2010 9:09:29 AM PDT by FrankR (It doesn't matter what they call us, only what we answer to....)
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To: Qbert
A new Sharia model? Probably will be called 'Fatima & Farhad'.

The way things are going...

21 posted on 08/17/2010 9:16:26 AM PDT by BigFinn (Isa 32:8 But the liberal deviseth liberal things; and by liberal things sh,ll he stand.)
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To: maggief

that is just wrong


22 posted on 08/17/2010 9:32:31 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Vendome

He wouldnt want her.


23 posted on 08/17/2010 9:33:24 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Qbert

Since these guys have a track record established for destroying anything economically related, to me, the November elections can’t come soon enough.

The obvious answer is to break Fannie and Freddie into numerous smaller companies, each then specializing in certain types of products (yes...including loans for even some higher risk borrowers), which would preclude any misrepresentation of what the loan is on the secondary market.


24 posted on 08/17/2010 9:38:00 AM PDT by Rational Thought
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To: Qbert

I Was A Fannie Mae Executive

WSJ Opinion Journal: 8/16/2010 12:49:41 PM

Former Chief Credit Officer Edward Pinto explains how it all went wrong.

Link to video:

http://online.wsj.com/video/opinion-journal-i-was-a-fannie-mae-executive/DA0FB70F-B034-467C-8F99-2583455711C1.html?mod=WSJ_Article_Videocarousel_1


25 posted on 08/17/2010 9:48:57 AM PDT by Painesright
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To: driftdiver

Great! More for me.


26 posted on 08/17/2010 12:00:13 PM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
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To: Qbert

Apparently Canada has practically no government involvement in the housing market, and they have a higher rate of homeownership than we do, and no bubbles.


27 posted on 08/17/2010 12:07:10 PM PDT by Trailerpark Badass (I'd rather take my chances with someone misusing freedom than someone misusing power.)
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