Only a complete and utter moron would continue to believe putting more money into this situation, will help it.
Posted on 10/21/2010 12:00:17 PM PDT by Red in Blue PA
NEW YORK (Reuters) - Fannie Mae (OTC BB:FNMA.OB - News) and Freddie Mac (OTC BB:FMCC.OB - News) may need as much as $215 billion in additional capital from the Treasury through 2013 to offset losses and maintain a positive net worth, their federal regulator said on Thursday.
Fannie Mae and Freddie Mac, whose programs fund the lion's share of all new home loans, are at the center of debate as Congress sets to overhaul a U.S. mortgage finance system that contributed to the worst housing crisis since the 1930s.
The cumulative capital needs of the two housing finance giants, which were seized by the government in late 2008, will likely fall between $221 billion and $363 billion through 2013, the Federal Housing Finance Agency estimated.
(Excerpt) Read more at finance.yahoo.com ...
say...anybody know where all that money is going?
Fannie and Freddie need to be removed from the Federal budget.
This alone should get all of these Dems fired shortly.
Not until there is a FULL AUDIT.
And they get off the Gov. tit.
http://www.washingtonpost.com/wp-dyn/content/article/2009/12/24/AR2009122401588.html
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VIDEO OF ANDREW CUOMO STARTING THE HOUSING MELT DOWN!
Hot Air ^ | 10/12/2008 | HotAir
CUOMO: To take a greater risk on these mortgages, yes. To give families mortgages that they would not have given otherwise, yes. Q: [unintellible] … that they would not have given the loans at all? CUOMO: They would not have qualified but for this affirmative action on the part of the bank, yes. Q: Are minorities represented in that low and moderate income group? CUOMO: It is by income, and is it also by minorities? Yes. CUOMO: With the 2.1 billion, lending that amount in mortgages — which will be a higher risk, and I’m sure there will be a higher default rate on those mortgages than on the rest of the portfolio …
To the banks all except the bonus’s and expenses those criminals at fannie/freddie get the rest goes to the banks they unload all those crap mortgages on fannie/freddie public entities and when the people default we the taxpayers pick up the tab. That tab by the way was $6.3 trillion already last February when obama left it out of the budget it has surely grown by now. We could quite literally be on the hook for trillions!
http://www.zerohedge.com/article/revised-fhfa-forecast-taxpayers-fund-363-billion-gse-losses-2013
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aqifb.wX_npo
And fannie/freddie they are also involved in the foreclosure fraud mess
http://www.propublica.org/blog/item/whos-who-in-the-foreclosure-scandal-a-primer-on-the-players
I’m just wondering how all that money might be affecting the midterm elections.
Well it will probably keep the banks donations to obama rolling in knowing they can shovel all that toxic waste on to the backs of taxpayers must be a big relief and well worth the investments they’ve made in him.
And to think that on top of this they mortgages they hold may be worthless for any number of reasons. The latest being that they may not hold the notes to many of them. The taxpayer is paying for an empty box.
Fannie And Freddie HAVE NO NOTES EITHER?
http://market-ticker.org/akcs-www?post=169840
FHFA: Foreclosuregate And Scams: It’s (Maybe) 1/2 Over
http://market-ticker.org/akcs-www?post=169867
“I’m just wondering how all that money might be affecting the midterm elections.”
It will not due much to the election because the media whores are not touching this...
Is that like the tree never falling because nobody heard it?
Sure, why not.
I only need 1 billion so pay me first.
“Is that like the tree never falling because nobody heard it?”
Haha..that’s a good one!
Oh h*$( NOOOOOO - someone put some handcuffs on Fannie and Freddie and throw their overstuffed money as$#s in jail. ENOUGH ALREADY.
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