Forum Post: Freddie Mac and Fannie Mae
Posted 13 years ago on Nov. 16, 2011, 8:43 p.m. EST by WorkingMom2
(26)
from New York, NY
This content is user submitted and not an official statement
Why aren't these 2 companies being protested at thier headquarters in DC and VA? Both of these government backed firms were bailed out to the tune of $169 BILLION in 2008. Both of these corporations were major players in the bubble bursting on the housing market, yet their top exec's are recieving over 12 million bucks in bonuses and compensation. If folks are really so concerned about foreclosures, this is where you need to be. Wall Street is not the place for this issue.
There is no left or right in our government anymore. Only those that work for the people and those that work for lobbyists. Unfortunately the politicians that work for lobbyists are the 99% and the few that work for the people are the 1%.
There is a new HARP program supposedly designed to help home owners, who have underwater homes, to take advantage of the existing low interest rates to refinance their homes. Coincidentially people who have mortgages owned by Freddie Mac and Fannie Mae were left out. Why the uneven help? After knowing about the hidden deals of Freddie Mac against the people they were supposed to be helping to, I am starting to realize that this country is in the hands of a few who snap their fingers and things happen for their benefit. This is not a democracy; might look like one because of all the "bread and circus", but in reality, it is not.
I see the thought police are very active today. Almost all of my recent posts in response to the mass of idiocy have been deleted. Just trying to spread a little common sense, I can see why people are the way they are in this movement. BTW, under 25% approval as of this morn'. Good day to ya'!
Did you watch their testimony before congress?
Two Words
Kick Backs
A few more words
Time wasting posturing, pomp and circumstance with no intent on equitable remedy.
It makes those hard line appearing reps look good for voters, while many of them already laughed all the way to the banks.
It benefit$ the bi-party system to keep the system broken.
Sadness and tyranny results for the masses, lucrative rewards are heaped upon them as soon as they arrive.
Yet many are content to rage on relentlessly about dems this repubs that.
Vaudeville folks, with less than clever carnival side show antics thrown in to insult reasonable persons watching.
Fannie Mae Executive over the entire Fraud Division: "...the Banks would like people to think they tell us more than they do..."
11 Reasons Why Occupy Wall Street Protesters Are Hypocrites If They Do Not Call For Barack Obama To Resign http://endoftheamericandream.com/archives/11-reasons-why-occupy-wall-street-protesters-are-hypocrites-if-they-do-not-call-for-barack-obama-to-resign
and while your at it,
Securities & Investment: Money to Congress http://www.opensecrets.org/industries/summary.php?ind=F07&cycle=All&recipdetail=M&sortorder=U
Executive Branch - POLITICS Solyndra Case Reveals Gateway Between Administration Loans, Obama Allies Read more: http://www.foxnews.com/politics/2011/11/16/solyndra-case-reveals-gateway-between-administration-loans-obama-allies/#ixzz1dvsWW3jy
Obama administration pressured Solyndra to delay layoffs for political gain
http://www.freerepublic.com/focus/f-news/2807883/posts
Because Freddie's CEO is the White House Chief of Staff. The bankers own the White House Cabinet Posts. They buy them from both sides so they get them no matter who wins the election.
So that makes it all good in your book? To me.. it is right up there at the top of the list with the bailouts and the housing crash.
I would suggest you read the details. Did you know why Freddie and Fannie were forced to be bailed out? - Outside powers like China forced Mr Polson to take over these companies since China and others had a lot of stake in these companies. So really the tax payers money is being used to satisfy outside countries.
No I do not think it is good. Just pointing out that they can do what they like, and up to no no one has been able to stop them. How many people even pay attention to who holds which cabinet post and where they come from? The real rulers of our planet like it in the shade.
well, we all know the president appoints his pick so we can safely assume for This administration each cabinet member is a liberal, a democrat, and a crook.
Though I agree with your statement, this is not a left or right wing exclusive problem. Bush 1 and 2 and Reagan all had Bankers for Chief of Staff. Don't take my word for it. Look it up.
Yo, Einstein, Freddie Mac has been a private corporation since 1968.
Yo yourself. The government tells them what to do. Like make bad loans to people they knew couldn't repay them.
Please show me the legislation where banks were required to give loans to people who couldn't afford them. You can't because it doesn't exist.
The banks created the housing bubble through over-speculation (the result of Gramm Bliley Leach Act among others). When the housing market collapsed, they gave mortgages to anybody to bail themselves out by getting somebody else on the hook. Then they packaged the toxic loans, bribed the rating agencies to call rate them AAA and resold them for huge profits knowing full well they were going to explode.
This is fully documented, and anybody with even 1/8 of a brain knows it. The government doesn't tell corporations what to do, it is the other way around.
Near the end of his eight years in office, Clinton signed into law the Gramm-Leach-Bliley Financial Services Modernization Act of 1999, one of the most far-reaching banking reforms since the Great Depression. It swept aside parts of the Glass-Steagall Act of 1933 that had provided significant regulatory firewalls between commercial banks, insurance companies, securities firms, and investment banks.
See; Community Reinvestment Act.
When banks expressed concern about lowering lending standards, they were told their banking charters would be revoked if they did not comply. This began in the 90's under Clinton, was continued under Bush, and finally is exploding under Obama with the massive amount of foreclosures of people who shouldn't have been borrowing the amount of money that they did.
Try again. Community Reinvestment Act had nothing to do with subprime crisis
Fresh off the false and politicized attack on Fannie Mae and Freddie Mac, today we’re hearing the know-nothings blame the subprime crisis on the Community Reinvestment Act — a 30-year-old law that was actually weakened by the Bush administration just as the worst lending wave began. This is even more ridiculous than blaming Freddie and Fannie.
The Community Reinvestment Act, passed in 1977, requires banks to lend in the low-income neighborhoods where they take deposits. Just the idea that a lending crisis created from 2004 to 2007 was caused by a 1977 law is silly. But it’s even more ridiculous when you consider that most subprime loans were made by firms that aren’t subject to the CRA. University of Michigan law professor Michael Barr testified back in February before the House Committee on Financial Services that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations.
Read more if you're not afraid of shattering your unfounded belief system.
http://www.businessweek.com/investing/insights/blog/archives/2008/09/community_reinv.html
So are you really saying that Barney Frank and those in the democrat party that you worship had NOTHING to do with the collapse? Are you saying that starting with the Clinton administration through Obama they had no requirements/ pressure on fanny/Freddie to make bad loans? Really? Are you that brainwashed by your masters?
Please show me the legislation. Go look for it now. I've got plenty of time.
Your belief system is not a valid or even marginally convincing argument. To the contrary ...
Gramm-Leach-Bliley Financial Services Modernization Act of 1999 ?
I think I may have found the Goebbels of the Democrat Party. Keep up with the lie. Sooner or later most of the sheep in this country will believe it.
Dude, nucleus is right. Most mortgages still are not made by institutions subject to the CRA. And the time frame does not make sense either. We would have had this bust far closer to 1977 than 2007 if the act had in fact been a contributing factor.
Whenever you have some documented information to bring to the discussion, we will be here to debate it.
Read the Business Week article cited above and let's engage in discussion.
Your unsupported opinion cannot be debated.
yes but it got Clinton re-elected didn't it? THAT was the most important thing.
not really whether the loans could be payed back.
HELL, Everyone Knew by the time that bubble POPed a republican would be in office to take the blame.
The Dems walked away with Millions in campaign contributions And big banker Allies for the Party.
[Removed]
well for One an Ex President is tied into that scandal who happens to have plenty of support (Clinton)
AND the democrats are so deep in bed with Freddie Mac and Fannie Mae they don't even remember who is who.
Abolish the GSE's: FNMA, FMAC et al...
11 Reasons Why Occupy Wall Street Protesters Are Hypocrites If They Do Not Call For Barack Obama To Resign
http://endoftheamericandream.com/archives/11-reasons-why-occupy-wall-street-protesters-are-hypocrites-if-they-do-not-call-for-barack-obama-to-resign
Guess you don't watch any political or business news . They were bailed out with taxpayer money. They both have been under government control for the past 3 years.
The government handed these bankers big wads of money and you think the government controls them? Well, hookers hand lots of money to pimps, I guess the hookers are in charge.
They sure weren't giving answers to the hard questions and refused be be nailed down to any methods used to determine how these bonuses were actually calculated. Arbitrarily was the obvious conclusion, and the most went to those greasing others who made it all possible.
interesting concept, However if the Government doesn't control them after bailing them out, how did Obama fire the CEO of GM after he BOUGHT it with our tax money?
Did he fire the CEO of the FED or Freddie Mac? No, Freddie Mac CEO is the Chief of Staff.
oh he wouldn't fire Freddie Macs anything. that's a Big time democrat campaign donor
Sad but true.
Yes, that's the epitome of what OWS is against. Using bailout money for bonuses. The sickest of the sick.
gather and form a website, you will find the support you are looking for....
It is sick, yet I have read nothing on these boards to suggest protesting them. The both have lovely big " campuses" to occupy and the message will be heard by all those in DC who approved these bailouts.
Workingmom, You should look into the TEA Party and get away from this OWS crap.
I'm with you in the 53% bracket. I had hoped this movement would really be about standing up for so much of the wrongdoing in our great country. I have always been about action and having my voice heard, but alas this seems to be a one way street. And yes this is a great country despite the problems so many are suffering from. But the constant fighting within and the " me me me" attitude has turned me off, along with countless others. I say lets occupy happy hour.. was a long day at work !
Ma'am, this is no longer a great country. The so called Tea Party will change nothing nor will these Marxist assholes in OWS.
I have to disagree with you on that.. but that is a part of the greatness.. we can differ in opinions and not be persecuted.. While those of us who live in the US still have the right to do and say what we wish.. it is great to me. The politics will always be screwed up.. no matter what party.
Don't assume it will always stay that way. Political Correctness, the Fairness Doctrine the left wants so badly, Affirmative Action, and many other concepts put in to action stifle individual freedom. And many that disagree with the republicrat oligarchy are suppressed.
Ya know what.. when I can get up in the morning and go where I please and worship where I choose and spend my money how I like..and voice my opinion freely, then it is a great country to me. Nothing is perfect, but this country sure beats most of the alternatives. I can't live in that fear riddled world of " what ifs". But again, that is the beauty of this country.. we can both be " right" in what we believe.
I agree but promise me one thing: when all those start slipping away you'll take a look around you with open eyes. And don't assume that will be the country your children will inherit. Because they are already in massive debt and that wonderful government that protects us all will continue to suck up resources.
You have my vote on that! Cheers.
OWS will NEVER protest Freddie Mac and Fannie Mae because both are the darlings and bastard children of the Democrats.
OWS NEVER protests anything favorable to the Democrat Party.
Rico , I totally agree.. as sad as it is. But truly it is the only place to be right now. They both hold alot of power in thier hands and they are being overlooked. They are miles above most of the corps on Wall Street when it comes to being a disgrace.
I agree with you 100%.
However, OWS will NEVER protest anything that the Democrat Party likes.
That is a sad fact, but it is true. It's a leftist movement and they NEVER protest anything favored by leftists.