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White House declares Fannie, Freddie model 'dead'
Financial Post ^ | 2/11/11 | Lorraine Woellert and Rebecca Christie

Posted on 02/11/2011 9:41:02 AM PST by EBH

The report delivered Friday by Geithner and Housing and Urban Development Secretary Shaun Donovan presents three approaches for a future housing finance system. It also calls the government to shrink “and ultimately wind down” Fannie Mae and Freddie Mac, the bailed-out government-sponsored enterprise companies that helped fuel the housing bubble before being felled by investments in subprime mortgages.

“This is a plan for fundamental reform -- to wind down the GSEs, strengthen consumer protection and preserve access to affordable housing for people who need it,” Geithner said in a statement accompanying the report. The report also pledges ongoing U.S. government support to make sure Fannie and Freddie can meet any debt or other financial obligations.

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


TOPICS: Business/Economy; Government; Unclassified
KEYWORDS: dodd; fannie; frank; freddie; hud; meltdown; mortgages; scam

1 posted on 02/11/2011 9:41:04 AM PST by EBH
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To: EBH

The Democrats created this mess and it is the direct cause of America’s failing at this moment and we may never get over it. Go on youtube and look at all the Democrat hype,coverup and see the true cause of America’s demise.


2 posted on 02/11/2011 9:44:12 AM PST by RocketRoland
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To: EBH

Ultimately wind down? Why do these things still exist?!?! What is the matter with government? End them now!

By the way, the matter with government in this case, no doubt, is that Fannie and Freddy are padding someone’s bank account, and that and that alone is why they still exist.


3 posted on 02/11/2011 9:44:23 AM PST by Tublecane
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To: Tublecane

“wind down” ...like the phone tax for the Spanish-American war?


4 posted on 02/11/2011 9:56:48 AM PST by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: EBH

Where will washed up Dem politicans go to get multi-million dollar bonuses?


5 posted on 02/11/2011 9:57:02 AM PST by NavVet ("You Lie!")
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To: NavVet

There’s still HUD and the EPA.


6 posted on 02/11/2011 9:59:04 AM PST by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: EBH
Now that the WH has acknowledge the non-vaibility thereof, the perpetrators and perpetuators of the frauds DEFENDING these criminal scams and their operators need to be called to account.

Unfortunately, that can't happen until Obama is removed, and a true kick-ass conservative President and Attorney General go after them. Like Barney Frank, and all the Clinton appointees...such as Rahm Emmanuel.. for example.

7 posted on 02/11/2011 10:00:10 AM PST by Paul Ross (Ronald Reagan-1987:"We are always willing to be trade partners but never trade patsies.")
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To: EBH

1) The democrats caused the financial mess.

2) Democrat support and protection of Fannie and Freddie has been continuous, overwhelming, and without question. Ever.

3) Any message from this administration that says “It’s time to pull the plug on F and F” is a lie.

It is a lie because it flies in face of both the legislative history and hiring practices of the democrat party and the Obama administration. It is a lie because it contradicts every public statement made by the democrat party with regards to fannie and Freddie. Finally, it is a lie because it is coming from the the lyingest bunch of liars in the history of American government, and that is really saying something.


8 posted on 02/11/2011 10:01:14 AM PST by snowrip (Liberal? You are a socialist idiot with no rational argument.)
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To: EBH
Wonder how many Rats will refi through Freddie and Fannie right before they fold them. Dodd is probably holding real estate seminars in his office right now.

“Irish cottage prices at an all time low - coupled with attractive Dem incentives from Freddie and Fannie and it's a real estate win-win, let ME show you how.”

9 posted on 02/11/2011 10:02:43 AM PST by liberalh8ter
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To: EBH

On the bright side, ending Fannie and Freddie will be the first useful step by the government since the Financial Crisis began over 2 Years ago.

Everything else they’ve done has been an unmitigated disaster.


10 posted on 02/11/2011 10:21:19 AM PST by Uncle Miltie ("And did you exchange a walk on part in a War, for a lead role in a cage?")
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To: EBH
The only reason Obama is saying this is to undercut the republican reform effort. The democrats know there is no way to defend keeping Fannie and Freddie and that they will look like fools if they try, so they are jumping on the bandwagon with gritted teeth to say they need to be dissolved. In other words, they did not want the fight to protect Fannie and Freddie and they did not want the GOP to get the credit for getting rid of them. It is a lot like Clinton when he jumped on the “welfare reform” bandwagon to undercut a winning issue for republicans.
11 posted on 02/11/2011 10:22:17 AM PST by HwyChile
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To: EBH

Way past time for the Government to get out of the mortgage business.


12 posted on 02/11/2011 10:22:30 AM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: EBH
TRANSLATION FROM GOVERNMENT DOUBLE-SPEAK:

"The sheeple have finally wised up to this government wealth redistribution scheme.

We have milked it all we can.

It's time to create a new scam."


13 posted on 02/11/2011 10:27:00 AM PST by Iron Munro ("Our country's founders cherished liberty, not democracy." -- Ron Paul)
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To: EBH

I’m sure whatever Obama replaces them with will be so much better and not cost the taxpayers a dime. After all, Oprah says he has a good heart.


14 posted on 02/11/2011 10:30:07 AM PST by AmusedBystander (Republicans may have helped drive the economy into the ditch, but Obama is driving it off the cliff.)
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To: AmusedBystander

Or if they fold F&F will this drop these forclosure homes into the banking market again? Not sure how this actually works out...do the people who had mortgages just ‘win’ their free home? Or will the original mortgage lenders go after them thereby creating another circus?


15 posted on 02/11/2011 10:34:33 AM PST by EBH ( Whether you eat your bread or see it vanish into a looter's stomach, is an absolute.)
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To: EBH

I will believe it when Dodd and Frank are on national TV in orange jump suits and leg irons doing the perp walk.


16 posted on 02/11/2011 10:36:18 AM PST by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
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To: SVTCobra03

Well this will be interesting if anything...

Fannie and Freddie Dead

IMF looking to drop the dollar as a world currency

Egypt falls

I don’t have enough hands, feet, fingers, or toes to keep up at this point. Things are moving very fast and lots of stuff slipping under the radar due to Egypt.


17 posted on 02/11/2011 10:42:11 AM PST by EBH ( Whether you eat your bread or see it vanish into a looter's stomach, is an absolute.)
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To: NavVet

That’s my understanding of it. They’ve milked it dry, now it’s time to move on.


18 posted on 02/11/2011 10:49:19 AM PST by IrishCatholic (No local Communist or Socialist Party Chapter? Join the Democrats, it's the same thing!)
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To: EBH

Oh PLEASE!! They will be asking for BILLIONS MORE for Fannie and Freddie!! The REGIME says BOTH SIDES of EVERY ISSUE!!


19 posted on 02/11/2011 11:00:29 AM PST by Ann Archy (Abortion is the Human Sacrifice to the god of Convenience.)
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To: Georgia Girl 2

Why keep FM and FM when the Fed government will effectively control formally private banks with regulations that demand they throw fiduciary responsibilities aside to fund directly what FM and FM only bought to take off the banks’ books. The slide into totalitarianism has just gotten steeper.


20 posted on 02/11/2011 11:02:20 AM PST by pacpam (action=consequence and applies in all cases - friend of victory)
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To: EBH

Haven’t the house republicans moved to stop funding/bailouts for Fannie and Freddie...


21 posted on 02/11/2011 11:05:52 AM PST by shield (A wise man's heart is at his RIGHT hand;but a fool's heart at his LEFT. Ecc 10:2)
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To: EBH

While we are at it let’s close up tight the Department of Education. How much money $$$$$$$ are we paying via salaries and perks that could go directly to educating the students.
The eduation cirruculium needs to be decided locally. Imagine the Jewish schools of NY wanting to have their education cirruculum decided by the LDS of UT. Let’s get it back to local and let them spend the money appropriately.


22 posted on 02/11/2011 11:26:41 AM PST by conservativesister
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To: EBH

Fannie and Freddie were fine until the CRA and Barney Frank got involved. I’d be fine with just going back to that.

Oh, and privatizing what’s left of those two organizations.

I have another idea too but I just posted it on another thread.


23 posted on 02/11/2011 11:49:30 AM PST by RockinRight (if the choice is between Crazy and Commie, I choose Crazy.)
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To: EBH

The problem I have with this is that since Obama is supporting it, I shudder to think what he plans to replace them with.

Perhaps a “Housing Redistribution Agency” or something...


24 posted on 02/11/2011 11:52:02 AM PST by RockinRight (if the choice is between Crazy and Commie, I choose Crazy.)
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