Posted on 12/29/2010 6:00:06 AM PST by rabscuttle385
Republicans Say Quickly Privatizing Mortgage Giants Would Squeeze Access to Home Loans and Depress Sales, Prices.
BY ALAN ZIBEL
Earlier this year, leading House Republicans proposed to privatize mortgage giants Fannie Mae and Freddie Mac or place them in receivership starting in two years.
Now, as Republicans prepare to assume control of the House next week, they aren't in as big a rush, cautioning that withdrawing government support in the housing market should be gradual.
"We recognize that some things can be done overnight and other things can't be," said Rep. Scott Garrett (R., N.J.), incoming chairman of the House Financial Services subcommittee, which oversees Fannie and Freddie. "You have to recognize what the impact would be on the fragile housing market as it stands right now."
(Excerpt) Read more at online.wsj.com ...
Wow, looks like the Repubs want to keep Obama as President. I mean, the lame duck session was an unbelievable collapse of conservative principles. They let Obama, Reid, and Pelosi get everything they wanted. The unemployment extension and START Treaty....not to mention the health care debacle, government takeover of banks and cars. If you’re a liberal, ya gotta be happy with the socialism that has taken place, not to mention the wimpy repubs in congress.
$6.3 TRILLION in toxic crap off loaded unto the taxpayers already are they just dimwits !!!
Well then I hope they sue the crap out of the Banks who supported Obama so we don’t have to eat it all!
Regulator for Fannie Set to Get Litigious
http://online.wsj.com/article/SB10001424052702304011604575564631414300418.html
Fannie, Freddie Kept Off Budget, Dividends Counted (Update2)
“President Barack Obama’s budget blueprint for the next fiscal year excludes the $6.3 trillion in liabilities of government-controlled Fannie Mae and Freddie Mac and delays for a second time a decision on restructuring the mortgage-finance companies that were seized 17 months ago.”
“Rep. Scott Garrett (R., N.J.), incoming chairman of the House Financial Services subcommittee, which oversees Fannie and Freddie.”
Thank Goodness!!!!! He’s my Congressman and he’s a good guy! A strong conservative!
The Republicans should deal with the liberal, progressive, socialist Democrats for what they are; the enemies of free market private sector capitalism and America as America was founded.
The socialist Democrats must not be dealt with as honored brokers concerning America’s future, they must be completely politically defeated. A political party that cares about America’s future will take their place.
NO COMPROMISING WITH THIS NATIONS INTENDED DESTRUCTORS!
ON ANYTHING! It gives them credibility, it’s supports the myth that socialists Democrats care about America’s future as an economic and military super power which is the only thing that keeps us all safe and free.
A hasty end to the government’s support of Fannie and Freddie would mean fewer Americans could get home loans, causing home sales and prices to drop even further and pushing taxpayers’ cost for rescuing the mortgage giants even higher, said Rep. Randy Neugebauer (R., Texas), a former banker and housing developer who serves on the House Financial Services Committee. “You’d cause Freddie and Fannie to have even larger losses than they’d already have,” Mr. Neugebauer said.
Cry me a river!!!!!!!!!!!!!
It is the toxic crap that is at issue I believe, and perhaps, would generate another housing crisis, but you better start somewhere. Keeping the government as the housing loan guarantor is not IMHO the way to run a company.
The 2012 tea party targets.
We no longer want promises. There has to be a measurable time schedule for the reductions. Each reduction has to be verified until all toxic assets are moved into the private sector. Republicans, we are watching. We want control of our government back! There is no compromise on that!
ping
As predicted- GOP fools lied to get the backing if the TEA-party types and other conservatives- and have gone right back to what got them thrown out of control of congress last time.
Democrat definition of bipartisan compromise- cram their agenda down the throats of America, bribing enough useful idiot RINOs to get it passed (sometimes inky needing one of the opposing party).
Republican definition of bipartisan compromise- lie and pretend to be conservative to get elected, then give away the platform, morals, and principals to bend over and take the liberal’s agenda, even if it isn’t what America wants, your constituents want, and what is the right thing to do.
Brought to you by the broken two-party system. I am so sick of this game. What is the point of voting any more? Vote for a Democrat- you directly support thus crap. Vote for a Republican.. Would that be “plausible deniability”? You can then feel all self righteous for voting for the guy who SAID he would vote for what’s best for this nation, but we know they are really just going to continue the same game...
Wimpy with a capital W...
The whole purpose of having the Federal government guarantee these mortgages is to help the U.S. banking system survive a period of instability without bringing the whole system crashing down. Once you understand some of the underlying foundations of a banking system you realize how critical it is for any economy to maintain solvent banks and other financial institutions in order for anything to function properly.
The republican Party is nothing but a group socialists.
Guess who owns a trillion in Fanny/Freddy toxic MBS. The Federal Reserve does. They took custody of it thus allowing Fanny/Freddy to start with a blank slate. To gin up more minority mortgage mischief.
Other kinds of mortgage mischief too.
TRANSLATION: Business as usual.
Trent Lott and the K street scum have usurped the voice of the electorate.
They were not hired to back down, they were hired to win.
Congress of Wusses.
The ONLY way to do that is to FORCE principle reductions and FORCE the banks to take the losses.
The republicans have made it clear they will not allow that in any circumstance thanks to k street leashes.
In fact K street pretty much wrote the bankruptcy reform law of 2005.
I put this article in my “stupid republicans” file, along with others I have saved.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.