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Fannie Mae reports $8.69 billion loss for Q1 (and wants $8.5B more in federal aid)
AP ^ | May 6, 2011 | Staff

Posted on 05/06/2011 2:59:47 PM PDT by library user

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To: library user; Just A Nobody

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform (during the Bush Administration)
http://georgewbush-whitehouse.archives.gov/news/releases/2008/10/20081009-10.html

Hat tip to Just A Nobody for that link.


41 posted on 05/07/2011 3:09:07 AM PDT by FreedomPoster (Islam delenda est)
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To: blam; TigerLikesRooster

ping


42 posted on 05/07/2011 3:24:21 AM PDT by FreedomPoster (Islam delenda est)
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To: nkycincinnatikid

I miss hydroshock....


43 posted on 05/07/2011 6:30:59 AM PDT by Roccus
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To: library user

Republicans missed the opportunity to fix this when they had the chance and majorities in Congress because GWB wanted to expand home ownership using the legislation passed during the Carter administration and bolstered during the Clinton administration to achieve their goal of buying votes.


44 posted on 05/07/2011 7:20:42 AM PDT by cashless (Unlike Obama and his supporters, I'd rather be a TEA BAGGER than a TEA BAGGEE.)
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To: Roccus

>>I miss hydroshock....

Yep.

Bubble?  What Bubble?

45 posted on 05/07/2011 7:25:57 AM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: library user

They should have never started that particular gravy train towards the banks.


46 posted on 05/07/2011 10:26:45 AM PDT by Del Rapier
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To: bopdowah

Because the GOP don’t have the balls to let it fail or to privatize it.


47 posted on 05/07/2011 11:30:16 AM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: library user

Where in hell did this come from, abandoning your home when its market value becomes less than the balance due on your mortgage? WTF???? This is housing welfare. For the hundreds of thousands of low-income minorities who “qualified” for $550,000 homes on loan applications known as “ninja’s”—no income and no job verification required. These applications bypassed normal underwriting standards and were generated by a computer program known as Desktop Underwriter or “DU”. DU was programmed by the politicians to basically give mortgages away to a certain demographic sector. So yes these people would just “walk away” from their homes because the homes never cost them one stinking dime. And don’t even try to look at the neighborhoods these homes have birthed. A $550,000 home would have fifteen family members living in it just to make the monthly interest -only mortgage payment. Forget about principal, taxes, and insurance! They only qualified for interest-only with a big fat balloon payment due at the end of five or seven year term loans. It’s the huge balloon payment coming due that most likely triggered the walk-aways and the foreclosures. During the initial terms of these loans these homes would be the scourge of the neighborhood. Now Chinese and Russian investors are buying up these abandoned properties at deep discounts from the banks. And the U.S. taxpayer assholes have to make good to the same banks on the FANNIE/FREDDIE guarantees to the tune of $269 billion. As a taxpayer who has always played by the rules, and who had to actually pay for your own home, are you even just a tiny bit f***ing angry yet?


48 posted on 05/07/2011 1:21:53 PM PDT by 4Runner
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To: library user

Obama can print that much money while he’s putting on his golf shoes. /sarc


49 posted on 05/07/2011 1:27:32 PM PDT by OrioleFan (Republicans believe every day is the 4th of July, democrats believe every day is April 15.)
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To: 4Runner
Correcting myself: It's not only housing welfare, it's banking welfare. $259 billion going to the banks from the taxpayers who now have to pay not only for their own home but also for Jose's and Maria's. And the politicians who designed this tremendous fraudulent criminal wealth exchange for minority votes are still in power. What a country.
50 posted on 05/07/2011 1:29:11 PM PDT by 4Runner
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To: Nachum

Any solution to this problem? Maybe Fanny should be defunct.


51 posted on 05/08/2011 3:44:04 AM PDT by dalebert
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To: library user

Prosperity is right around the corner. Prosperity is right around the corner. Some hooligans with baseball bats just went around the corner. Prosperity is right around the corner, where you hear the sounds of bones breaking and piercing shrieks of pain. Prosperity is right around the corner.


52 posted on 05/08/2011 6:46:15 AM PDT by Eleutheria5 (End the occupation. Annex today.)
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To: library user

FAIL! Why is this entity still around? Oppps, I forgot, because they hold 3/4s plus of the mortgages in this country! =.=


53 posted on 05/08/2011 8:02:13 AM PDT by cranked
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To: GalaxieFiveHundred

LOL

I think Jed come to think of it could do a much better job than any of the cronies now in charge.


54 posted on 05/08/2011 1:05:31 PM PDT by Soothesayer9
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To: Soothesayer9

Bailouts are REEEALLY startin to feel like OVERT THEFT & GUTTING OF PRESENT AND FUTURE SAVINGS ACCOUNTS, at this point...

WHERE’S CONGRESS??

WE
ARE
BROKE,
OUT
HERE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


55 posted on 05/08/2011 7:25:11 PM PDT by 4Liberty (88% of Americans are NON-UNION. We value honest, peaceful Free trade-NOT protectionist CARTELS)
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To: library user
Most likely it is robbery with the Obama one worlders siphoning billions of ours into their own accounts.

Isaiah 10:14 And my hand hath found as a nest the riches of the people: and as one gathereth eggs [that are] left, have I gathered all the earth; and there was none that moved the wing, or opened the mouth, or peeped.

56 posted on 05/08/2011 9:28:15 PM PDT by Bellflower (Isa 32:5 The vile person shall be no more called liberal, nor the churl said [to be] bountiful.)
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To: library user

I believe Fannie Mae is delibertly keeping from clearing properties so tehy can keep getting money. I attempted to pruchase a Fannie Mae property in Kingman, AZ for a winter home, and after 2 months of not hearing whether they would consider my offer, I gave up and purchased another property.


57 posted on 05/09/2011 7:33:29 AM PDT by midwyf (Wyoming Native. Environmentalism is a religion too.)
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To: library user

Of course they have a loss. This administration rewards them for losses.


58 posted on 05/10/2011 7:01:15 AM PDT by keats5 (Not all of us are hypnotized.)
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To: library user

So, how has this worked?

I’m picturing a really bad case scenario in my mind, where Bank A sets a mortgage for $250K, which after 30 years costs the homeowner $400K. So, expecting a $400K return, do they sell the mortgage to Fannie for $400K (less payments to that point)? Or do they sell it for $250K? Or does Fannie only come into play when there is a default, at which time they back the remaining portion of the mortgage to the original $250K, or to the total principal and interest of $400K?

Obviously, the media has failed on its job to fully inform me about important issues affecting my life and my country.


59 posted on 05/10/2011 10:07:10 AM PDT by gnickgnack2 (QUESTION obama's AUTHORITY)
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To: library user

60 posted on 05/11/2011 5:18:31 PM PDT by rhema ("Break the conventions; keep the commandments." -- G. K. Chesterton)
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