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  • House and Senate in Deal on Financial System Reform (Say good-bye to American Banks)

    06/25/2010 3:27:13 AM PDT · by tobyhill · 21 replies
    ny times ^ | 6/25/2010 | edward wyatt
    Nearly two years after the American financial system teetered on the verge of collapse, congressional negotiators reached agreement early Friday morning to reconcile competing versions of the biggest overhaul of financial regulations since the Great Depression. A 20-hour marathon by members of a House-Senate conference committee to complete work on toughened financial regulations culminated at 5:39 a.m. Friday in agreements on the two most contentious portions of the financial regulatory overhaul and a host of other provisions. On a party-line vote, the House conferees voted 20-11 to approve the bill; the Senate conferees voted 7-5 to approve.
  • NBC's Williams Blames Obama's Plummeting Approval on Getting Dragged Into Gulf Oil Leak

    06/23/2010 10:28:37 PM PDT · by Justaham · 17 replies
    Newsbusters.org ^ | 6-23-10 | Brent Baker
    Unlike Katie Couric on Monday night, on Wednesday evening NBC's Brian Williams didn't hide the bad news for President Obama in the network's latest poll, but Williams and Savannah Guthrie sure seemed to lament the public mood's swing against Obama as Williams attributed it to how Obama “had to touch” the gulf oil leak, “he had to own it and now he's getting tagged with how he's reacting to it.” As if Obama had nothing to do with it, Guthrie agreed he's “had a barrage of bad headlines on some of these very issues of leadership, handling a crisis...” “If...
  • OBAMA REVEALS AGGRESSIVE GREEN ENERGY AGENDA TO SUPPORTERS

    06/23/2010 7:29:42 AM PDT · by Piranha · 20 replies
    Breitbart TV ^ | Unknown | Organizing for America
    Here is a video of Obama speaking to Organizing for America about the way that they plan to use the oil spill in the gulf to redo the American economy. Does anyone really believe that Obama is trying in good faith to stop the spill or mitigate the damage it is causing?
  • Fannie and Freddie: still bleeding your $$

    06/23/2010 3:14:43 AM PDT · by Scanian · 6 replies
    NY Post ^ | June 22, 2010 | SCOTT GARRETT
    Contrary to what the Obama administration would have you believe, the biggest recipients of taxpayer funds during the financial crisis have not been Wall Street banks -- but the toxic twins, mortgage behemoths Fannie Mae and Freddie Mac. And the House and Senate are now finalizing legislation to reform the financial sector -- yet the bill will leave the biggest bailout recipients untouched. In fact, Fannie and Freddie are guaranteed to continue siphoning money from American taxpayers. That's right: The Democratic majority in Congress has made no attempt to reform these two entities, which have already cost us $145 billion....
  • Cracks Show BP Battled Well Two Months Before Blast

    06/21/2010 10:01:45 PM PDT · by Kartographer · 63 replies
    BusinessWeek ^ | 6/17/10 | Alison Fitzgerald and Joe Carroll
    BP Plc was struggling to seal cracks in its Macondo well as far back as February, more than two months before an explosion killed 11 and spewed oil into the Gulf of Mexico. It took 10 days to plug the first cracks, according to reports BP filed with the Minerals Management Service that were later delivered to congressional investigators. Cracks in the surrounding rock continued to complicate the drilling operation during the ensuing weeks. Left unsealed, they can allow explosive natural gas to rush up the shaft. “Once they realized they had oil down there, all the decisions they made...
  • Guess who holds patent for carbon trading plan

    06/18/2010 10:35:41 AM PDT · by day21221 · 23 replies · 1,063+ views
    wnd.com/ ^ | June 18, 2010 | Jerome R. Corsi
    Guess who holds patent for carbon trading plan Disgraced Fannie Mae CEO set to cash in for millions Obama housing adviser Franklin Raines Former Clinton and Obama budget adviser Franklin Raines owns a key carbon-emissions patent he developed as CEO of the government-sponsored mortgage giant Fannie Mae, positioning him and his partners to make millions of dollars if it is used in any carbon-capping scheme implemented by the Obama administration. Raines and his associates led Fannie Mae and Congress to believe Fannie Mae owned the patent, despite public records to the contrary, a WND investigation has found. Raines and his...
  • Climate-energy bill cost for consumers: up to $146 a year (BS! It will be 10 times as much!)

    06/17/2010 3:52:06 AM PDT · by tobyhill · 17 replies · 286+ views
    Christian Science Monitor ^ | 6/17/2010 | Mark Clayton
    A stalled climate-energy bill in the Senate got a boost Tuesday from federal regulators who reported it would not be too costly, then from President Obama. "The transition to clean energy has the potential to grow our economy and create millions of jobs – but only if we accelerate that transition," Mr. Obama said in his Oval Office speech. He touted a "strong and comprehensive energy and climate bill – a bill that finally makes clean energy the profitable kind of energy for America's businesses." That's been the billion-dollar question surrounding climate legislation: How much will it cost? The Environmental...
  • Fannie Mae, Freddie Mac to delist shares from NYSE (Breaking)

    06/16/2010 6:06:52 AM PDT · by SonOfDarkSkies · 95 replies · 3,660+ views
    WaPo/AP ^ | 6/16/2010
    <p>Government-sponsored mortgage purchasers Fannie Mae and Freddie Mac plan to delist their shares from the New York Stock Exchange.</p>
  • Obama still supports putting price on carbon

    06/15/2010 4:49:48 PM PDT · by Sub-Driver · 30 replies · 846+ views
    Obama still supports putting price on carbon 6:19pm EDT WASHINGTON (Reuters) - President Barack Obama still believes that putting a price on carbon emissions is the only way to make serious progress on climate change, a senior U.S. administration official said on Tuesday. Obama is to deliver a televised speech at 8 p.m. EDT (0000 GMT) in which he will aim to restore public confidence in his handling of BP Plc's Gulf of Mexico oil spill and drive forward his ambitious plans to cut U.S. dependence on fossil fuels.
  • Fannie-Freddie Fix- Taxpayers on Hook for Another $ 1 Trillion Bailout in Worst Case Scenario

    06/14/2010 12:53:21 PM PDT · by Qbert · 7 replies · 279+ views
    The Big Picture ^ | 6/14/2010 | Barry Ritholtz
    Post-receivership, the GSEs have become a government sanctioned back door bailout of regular banks. Any mortgage that cannot be refi’d or modified ends up on their books. This includes mortgages on the verge of default and foreclosure. How much is the worst case scenario for the ongoing bailout of the banking sector, plus Fannie’s and Freddie’s own screw ups? If everything goes precisely wrong, taxpayers are potentially on the hook for another $1 trillion bailout: The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will...
  • White House Attacks Bid to Overturn Greenhouse-Gas Rules

    06/08/2010 1:42:59 PM PDT · by Ernest_at_the_Beach · 25 replies · 70+ views
    Wall Street journal ^ | JUNE 8, 2010, 2:22 P.M. ET | By SIOBHAN HUGHES
    WASHINGTON—The Obama administration went on offense on Tuesday, saying it "strongly opposes" an effort by Senate Republicans to overturn new rules to curb greenhouse-gas emissions from power plants, oil refineries and other large emitters. The statement puts the White House on the record for the first time against an effort by Sen. Lisa Murkowski (R., Alaska) to overturn the Environmental Protection Agency regulations. The measure, known as a "disapproval resolution," comes up for a vote Thursday in the U.S. Senate. Last month the EPA finalized the rules, which, starting next year, would require new or upgraded facilities to hold permits...
  • EDITORIAL: Obama's financial Frankenstein [Fannie and Freddie]

    05/27/2010 4:56:25 PM PDT · by jazusamo · 6 replies · 309+ views
    The Washington Times ^ | May 27, 2010 | Editorial
    The oil spill in the Gulf isn't the only calamity the administration is ignoring. As a result of the BP accident, anywhere from $400,000 to $7 million worth of crude oil is leaking into the ocean each day, threatening widespread environmental damage. A much larger leak - $232 million per day - has come from taxpayer vaults since Sept. 7, 2008, when mortgage giants Fannie Mae and Freddie Mac came seeking the first billion-dollar patch for their fiscal mismanagement. And there's no plug in sight for that gusher. The disaster caused by these so-called government-sponsored enterprises (GSEs) threatens even more...
  • Fannie and Freddie’s most excellent investment

    05/24/2010 10:14:55 AM PDT · by Starman417 · 8 replies · 347+ views
    Flopping Aces ^ | 05-24-10 | DrJohn
    There are good investments and there are bad investments. In what has to be one of the best investments of all time, Fannie Mae and Freddie Mac have donated over $126,000 to Barack Obama. And boy has it paid off. The Senate recently passed a financial reform act allegedly to rein in derivatives and eliminate "too big to fail" and unending bailouts. In pitching this reform, Barack Obama said "Never again will taxpayers be on the hook because a financial company is deemed 'too big to fail." And Obama added: "Every day we don't act, the same system that led...
  • Fannie and Freddie: Too Complicated To Address? (VIDEO)

    05/14/2010 1:15:44 PM PDT · by MichCapCon · 1 replies · 197+ views
    Capitol Confidential ^ | 5/14/2010 | MichCapCon
    Phenomenol video: Paul Kanjorski appears on CNBC and says that Fannie and Freddie are too complicated to address. The two mortgage giants have now cost taxpayers $145 billion (and counting) to bail them out. CNBC analyst Rick Santelli responds, "You think taxpayers that go to work to pay the money you are subsidizing, it will end up a half a trillion, do you think they think complicated is an excuse?"
  • Obama Energy Official Catherine Zoi: Green Profiteer?

    04/28/2010 1:00:47 AM PDT · by RogerFGay · 12 replies · 701+ views
    MensNewsDaily.com ^ | April 27, 2010 | Christopher Horner
    Surprising documents made available to this author reveal that Assistant Secretary of Energy Cathy Zoi has a huge financial stake in companies likely to profit from the Obama administration’s “green” policies.Zoi, who left her position as CEO of the Alliance for Climate Protection — founded by Al Gore — to serve as assistant secretary for energy efficiency and renewable energy, now manages billions in “green jobs” funding. But the disclosure documents show that Zoi not only is in a position to affect the fortunes of her previous employer, ex-Vice President Al Gore, but that she herself has large holdings...
  • Kerry, Graham, Lieberman to unveil climate bill (Please make the RINOs go away!)

    04/24/2010 4:42:19 AM PDT · by tobyhill · 38 replies · 698+ views
    Washington Post ^ | 4/24/2010 | Juliet Eilperin
    In their last and best shot at enacting a climate bill this year, Sens. John F. Kerry (D-Mass.), Lindsey O. Graham (R-S.C.) and Joseph I. Lieberman (I-Conn.) plan to unveil a draft Monday that will provide a streamlined system for capping greenhouse gas emissions from the utilities and transport sector but still aims to reduce the nation's carbon dioxide output by 17 percent in 10 years. The measure offers numerous concessions to businesses, including allowing manufacturing and energy-intensive industries four years before they would be subject to the carbon cap; provisions for offshore oil drilling; $10 billion for the coal...
  • Fannie & Freddie Reform Excluded from Finance Bill

    04/23/2010 10:08:15 AM PDT · by Nachum · 14 replies · 707+ views
    human events ^ | 4/23/10 | Connie Hair
    On Thursday afternoon, Senate Majority Leader Harry Reid (D-Nev.) filed cloture on the motion to proceed to S. 3217, the financial regulation bill. This is the Democrats’ partisan bill that was reported out of the Senate Banking Committee on April 15 by a vote of 13-10 (no Republicans supported the bill in committee). The cloture vote is set for Monday, April 26, at 5:00 pm. It is doubtful that Democrats have the votes to end debate at this point on the massive 1,400-page bill. The president tried to sell the notion in a New York speech yesterday that this partisan...
  • Barbara Hollingsworth: Fannie Mae owns patent on residential 'cap and trade' exchange

    04/21/2010 9:10:40 PM PDT · by givemELL · 58 replies · 1,539+ views
    The Examiner ^ | April 20, 2010 | Barbara Hollingsworth
    Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in the "green" movement were inventing a patented system to trade residential carbon credits. Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 -- the day after Democrats took control of Congress. Former Sen. John Sununu, R-N.H., criticized the award at the time, pointing out that it had "nothing to do with Fannie Mae's charter, nothing to do with making mortgages more affordable." "It wasn't about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed it...
  • Jason Mattera Confronts Barney Frank on Fannie Mae and Freddie Mac (Video)

    04/14/2010 8:44:43 AM PDT · by Talkradio03 · 6 replies · 575+ views
    Mattera to Frank: "With the bad economy and all, do you think you can give me advise on how to start my own brothel? Mattera blasts him on Fannie Mae and Freddie Mac (Video)
  • Fannie Mae posts loss, seeks more government funds

    02/26/2010 3:31:23 PM PST · by OldDeckHand · 45 replies · 1,529+ views
    Reuters ^ | 02/27/10 | Staff
    WASHINGTON (Reuters) - Fannie Mae, the largest provider of residential mortgage funds, on Friday reported a loss of $16.3 billion for the fourth quarter of last year and said it requested $15.3 billion from the Treasury to keep its net worth in positive territory. The government-controlled company said it would need additional taxpayer funds in the future to continue operations. Fannie Mae said the quarterly loss came as rising defaults kept credit-related expenses elevated at $11.9 billion, though expenses were almost half the third quarter level of $22.0 billion. Fannie Mae's quarterly loss was $15.2 billion before a $1.2 billion...
  • Toxic Exploding Freddie Mortgage Factory To Close

    02/26/2010 4:18:31 PM PST · by Lorianne · 6 replies · 380+ views
    Market Ticker ^ | 26 February 2010 | Karl Denninger
    Gee, what took you so long? McLean, VA – Freddie Mac (NYSE: FRE) announced today that on or about September 1, 2010, the company will cease purchasing and securitizing interest only mortgages, including Freddie Mac Initial InterestSM fixed-rate and adjustable-rate mortgages. Additional information will be provided to Freddie Mac Seller/Servicers in an upcoming Single-Family Seller/Servicer Guide bulletin.Interest only mortgages, including Freddie Mac Initial Interest mortgages, provide for interest-only payments for a specified period of time beginning with the first monthly payment after the note date, and principal and interest payments on a fully amortizing basis for the remainder of the...
  • New Agency Proposed to Oversee Freddie Mac and Fannie Mae [2003]

    01/19/2010 4:24:53 AM PST · by smartyaz · 16 replies · 1,083+ views
    New York Times ^ | 9-11-2003 | New York Times
    WASHINGTON, Sept. 10, 2003— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. .. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing. ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people...
  • Fannie, Freddie CEOs denied exit bonuses: report

    09/20/2008 11:47:17 PM PDT · by STARWISE · 33 replies · 314+ views
    Reuters ^ | 9-14-08
    U.S. regulators will not allow mortgage giants Fannie Mae and Freddie Mac to pay their departing chief executives multimillion-dollar severance packages outlined in their contracts, The Washington Post reported on Sunday. *snip* Mudd and Syron were entitled to combined pay and bonus packages worth about $24 million as part of the government's plan to restructure the troubled companies, which own or guarantee about half of the $11 trillion outstanding home mortgages in the United States.