U.S. to Lose $400 Billion on Fannie, Freddie because of Barney Fwank, Franklin Raines, Maxine Waters, Gregory Meeks, Oboobuh, Bi'dumb & Dodd
CB
By Betty Liu and Matthew Leising
http://www.businessweek.com/news/2009-12-31/u-s-to-lose-400-billion-on-fannie-freddie-wallison-says.html
Dec. 31 (Bloomberg) -- Taxpayer losses from supporting Fannie Mae and
Freddie Mac will top $400 billion, according to Peter Wallison, a former
general counsel at the Treasury who is now a fellow at the American
Enterprise Institute.
"The situation is they are losing gobs of money, up to $400 billion in
mortgages," Wallison said in a Bloomberg Television interview. The Treasury
Department recognized last week that losses will be more than $400 billion
when it raised its limit on federal support for the two government-sponsored
enterprises, he said.
The U.S. seized the two mortgage financiers in 2008 as the government
struggled to prevent a meltdown of the financial system. The debt of Fannie
Mae, Freddie Mac and the Federal Home Loan Banks grew an average of $184
billion annually from 1998 to 2008, helping fuel a bubble that drove home
prices up by 107 percent between 2000 and mid-2006, according to the
S&P/Case- Shiller home-price index.
The Treasury said on Dec. 24 it would provide an unlimited amount of
assistance to the companies as needed for the next three years to alleviate
market concern that the government lifeline for Fannie Mae and Freddie Mac,
the largest source of money for U.S. home loans, could lapse or be
exhausted.
Lax regulation of Fannie Mae and Freddie Mac led to the mortgage companies
taking on too many risky loans, Wallison said.
"It turns out it was impossible to regulate them," he said. "They were too
powerful." He said no one knows how much will be needed to keep the
companies solvent.
From 1990 to 1999, Wallison served on the board of directors of MGIC
Investment Corp., the largest U.S. mortgage insurer, including a stint on
the audit committee, according to Bloomberg data and company filings.
The continued government support of Fannie Mae and Freddie Mac makes buying
their debt a good investment, Wallison said.
"It was always safe to buy these notes," he said. The U.S. government was
always going to stand behind them. They're as good as Treasury notes."
To contact the reporter on this story: Matthew Leising in New York at
mlei...@bloomberg.net.
CB
Reckless Democratic Social Agenda With Fannie and Freddy
http://www.youtube.com/watch?v=f8mIHBB0m34
Shocking Video Unearthed Democrats in their own words Covering up the Fannie
Mae, Freddie Mac Scam that caused our Economic Crisis
http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related
Dom
> U.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says
>
> Dec. 31 (Bloomberg) -- Taxpayer losses from supporting Fannie Mae and
> Freddie Mac will top $400 billion, according to Peter Wallison, a former
> general counsel at the Treasury who is now a fellow at the American
> Enterprise Institute.
>
> "The situation is they are losing gobs of money, up to $400 billion in
> mortgages," Wallison said in a Bloomberg Television interview. The Treasury
> Department recognized last week that losses will be more than $400 billion
> when it raised its limit on federal support for the two government-sponsored
> enterprises, he said.
The workings of the Free Plunder System are truly amazing and
efficient.
zzpat
CB wrote:
> U.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says
> By Betty Liu and Matthew Leising
> http://www.businessweek.com/news/2009-12-31/u-s-to-lose-400-billion-on-fannie-freddie-wallison-says.html
>
> Dec. 31 (Bloomberg) -- Taxpayer losses from supporting Fannie Mae and
> Freddie Mac will top $400 billion, according to Peter Wallison, a former
> general counsel at the Treasury who is now a fellow at the American
> Enterprise Institute.
>
$400 billion is a drop in the bucket when one considers what happened
to the global economy. In the latter part of 2008 over $20 trillion of
stock holder wealth was wiped off the face of the earth after the
Great Recession hit the banking system.
But thanks to the genius of FDR, our way of life was preserved for
awhile longer (until the GOP gets into power again and tries to undo
everything that works to prove government doesn't work).
Bert Hyman
news:fedc793c-562d-46a2...@k23g2000yqa.googlegroups.com
zzpat <zzpa...@gmail.com> wrote:
>
> CB wrote:
>> U.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says
>> By Betty Liu and Matthew Leising
>> http://www.businessweek.com/news/2009-12-31/u-s-to-lose-400-billion-on
>> -fannie-freddie-wallison-says.html
>>
>> Dec. 31 (Bloomberg) -- Taxpayer losses from supporting Fannie Mae and
>> Freddie Mac will top $400 billion, according to Peter Wallison, a
>> former general counsel at the Treasury who is now a fellow at the
>> American Enterprise Institute.
>>
>
> $400 billion is a drop in the bucket when one considers what happened
> to the global economy.
Then you'll be looking to the "global economy" to come up with that $400
billion to pay those crooks off? Where does the "global economy" keep
its cash reserve?
> In the latter part of 2008 over $20 trillion of stock holder wealth
> was wiped off the face of the earth after the Great Recession hit the
> banking system.
Of course, none of that was real "wealth."
--
Bert Hyman St. Paul, MN be...@iphouse.com
zzpat
You're too uninformed to have an opinion. I'm serious.
The major governments of the world spent trillions to stop a
Depression. People who opposed spending this money were mostly
Americans and mostly republicans. The same people who fell for Bush's
WMD nonsense and Reagan's tax cuts.
In other word, the dumbest people on earth are republicans and
conservatives. The collapse of Fannie took place under Bush, yet you
blame the Democrats. Fannie didn't make one bad loan. Not one. Yet
you blame Fannie for our ills.
What did Bush do? Nothing. Do you care he did nothing? Of course
not. He did nothing before 911 and you cheered him on so why would
you change now?
Did you cheer when he took us to war, a war that costs us trillions?
Sure you did. Did you care the entire war was based on lies? Of course
not...you supported the war long after the WMDs lies were exposed.
Now tell me why anyone cares what you think.
Bert Hyman
zzpat <zzpa...@gmail.com> wrote:
> You're too uninformed to have an opinion.
Well, that's one way to avoid a discussion.
> I'm serious.
I'm sure you are.
Good luck.
zzpat
Bert Hyman wrote:
> In news:23f2c94a-2999-440e...@35g2000yqa.googlegroups.com
> zzpat <zzpa...@gmail.com> wrote:
>
> > You're too uninformed to have an opinion.
>
What is there to discuss? Our economy nearly collapsed and we had to
do whatever was necessary to salvage what was left. Spending $400
billion was nothing.
We spent $3000 a second in Iraq...did you complain?
Bert Hyman
news:acbce6c1-847e-4187...@k19g2000yqc.googlegroups.com
zzpat <zzpa...@gmail.com> wrote:
> Bert Hyman wrote:
>> In
>> news:23f2c94a-2999-440e...@35g2000yqa.googlegroups.com
>> zzpat <zzpa...@gmail.com> wrote:
>>
>> > You're too uninformed to have an opinion.
>>
>
> What is there to discuss?
And you call me "uninformed?"
Bob LeChevalier
Neither is the $400 billion supposedly lost by Fannie and Freddie.
You should support a major tax increase to balance the budget and pay
off the national debt. After all, none of it is real wealth anyway.
lojbab
---
Bob LeChevalier - artificial linguist; genealogist
loj...@lojban.org Lojban language www.lojban.org
CB
"Bob LeChevalier" <loj...@lojban.org> wrote in message
news:k2vuj554drre38lhm...@4ax.com...
> Bert Hyman <be...@iphouse.com> wrote:
>>In
>>news:fedc793c-562d-46a2...@k23g2000yqa.googlegroups.com
>>zzpat <zzpa...@gmail.com> wrote:
>>
>>>
>>> CB wrote:
>>>> U.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says
>>>> By Betty Liu and Matthew Leising
>>>> http://www.businessweek.com/news/2009-12-31/u-s-to-lose-400-billion-on
>>>> -fannie-freddie-wallison-says.html
>>>>
>>>> Dec. 31 (Bloomberg) -- Taxpayer losses from supporting Fannie Mae and
>>>> Freddie Mac will top $400 billion, according to Peter Wallison, a
>>>> former general counsel at the Treasury who is now a fellow at the
>>>> American Enterprise Institute.
>>>>
>>>
>>> $400 billion is a drop in the bucket when one considers what happened
>>> to the global economy.
>>
>>Then you'll be looking to the "global economy" to come up with that $400
>>billion to pay those crooks off? Where does the "global economy" keep
>>its cash reserve?
>>
>>> In the latter part of 2008 over $20 trillion of stock holder wealth
>>> was wiped off the face of the earth after the Great Recession hit the
>>> banking system.
>>
>>Of course, none of that was real "wealth."
>
> Neither is the $400 billion supposedly lost by Fannie and Freddie.
Spoken by one who values nothing but his selfish wants, screw anyone else
who does by paying mortgage payments faithfully, even paying a little bit
more each month to aromatize the principle in order to pay off the loan
sooner as well as keeping their credit score high.
It's only the governments money, what's a few $billion to Fannie Mae/Freddy
Mac, Franklin Raignes, Barney Fwank or his butt buddy at Fannie Mae?
> You should support a major tax increase to balance the budget and pay
> off the national debt. After all, none of it is real wealth anyway.
Why must the tax payer burden the yoke over mismanagement/corruption by the
Dims that brought down FM/FM and Wall Street?
Lowering taxes lowers the cost of living and forces gubment to sacrifice and
all who benefit duh from Socialist yoke.
Butt we can't hab dat when Barney has to support male prostitutes in DC
apartments
--
CB
What ever feel good Libs touch it's corrupted...
http://img43.imageshack.us/img43/7923/090819broke.jpg
RichTravsky
So, you could have paid for that generator without going to the government
teat.
> It's only the governments money, what's a few $billion to Fannie Mae/Freddy
> Mac, Franklin Raignes, Barney Fwank or his butt buddy at Fannie Mae?
Why didn't Duhbya veto the aid? Hmmm hmmm hmmm?
> > You should support a major tax increase to balance the budget and pay
> > off the national debt. After all, none of it is real wealth anyway.
>
> Why must the tax payer burden the yoke over mismanagement/corruption by the
> Dims that brought down FM/FM and Wall Street?
>
> Lowering taxes lowers the cost of living and forces gubment to sacrifice and
> all who benefit duh from Socialist yoke.
Like that generator, hypocrite?
Bob LeChevalier
>"Bob LeChevalier" <loj...@lojban.org> wrote in message
>news:k2vuj554drre38lhm...@4ax.com...
>> Bert Hyman <be...@iphouse.com> wrote:
>>>In
>>>news:fedc793c-562d-46a2...@k23g2000yqa.googlegroups.com
>>>zzpat <zzpa...@gmail.com> wrote:
>>>> $400 billion is a drop in the bucket when one considers what happened
>>>> to the global economy.
>>>
>>>Then you'll be looking to the "global economy" to come up with that $400
>>>billion to pay those crooks off? Where does the "global economy" keep
>>>its cash reserve?
>>>
>>>> In the latter part of 2008 over $20 trillion of stock holder wealth
>>>> was wiped off the face of the earth after the Great Recession hit the
>>>> banking system.
>>>
>>>Of course, none of that was real "wealth."
>>
>> Neither is the $400 billion supposedly lost by Fannie and Freddie.
>
>Spoken by one who values nothing but his selfish wants, screw anyone else
>who does by paying mortgage payments faithfully, even paying a little bit
>more each month to aromatize the principle in order to pay off the loan
>sooner as well as keeping their credit score high.
How would you get that from anything I said? I merely said that if
the $20 trillion of stock holder worth wasn't real, then neither was
the $400 billion lost by Fannie and Freddie.
Neither of the two has anything to do with whether someone pays their
mortgage payments, nor credit scores, nor "aromatizing" any mortgage
(whatever that is).
>It's only the governments money, what's a few $billion to Fannie Mae/Freddy
>Mac, Franklin Raignes, Barney Fwank or his butt buddy at Fannie Mae?
It's only the investors' money, what's $20 trillion to the
stockholders of the world?
>> You should support a major tax increase to balance the budget and pay
>> off the national debt. After all, none of it is real wealth anyway.
>
>Why must the tax payer burden the yoke over mismanagement/corruption by the
>Dims that brought down FM/FM and Wall Street?
You forget that the bulk of the deficit was incurred by Junior and
Daddy and Ronnie makes three.
>Lowering taxes lowers the cost of living
Not if the national debt sucks up excess wealth.
>and forces gubment to sacrifice
That is what you have wrong. Government doesn't sacrifice. It either
gets the money from taxes or from deficit spending, and either one
hurts you and me equally.
>and all who benefit duh from Socialist yoke.
Ain't any yokes around here, neither socialist nor capitalist. And
certainly no funny yokes.