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Fannie Mae wants more taxpayer money - 11/8/2011 11:10:36 PM

Nosathro

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Fannie Mae who received the largest amount of tax payer money in the bail out, some $169 Billion, wants more money, some $7.8 Billion more. This to cover some $7.6 billion they claim is recent losses due to refinancing lower mortage and defaults on loans. Fannie Mae is currently under investigation for paying outside law firms to file false documents to get foreclosures. They, Fannie Mae and Freddy Mas are spending some $170 million in lobbying and getting specail treatment in Congress. They even set up front companies so their names would not associated with a succussful attempt to defeat legislation they did not want passed because it would effect the operations.

http://news.yahoo.com/fannie-mae-loss-widens-asks-taxpayers-7-8b-221752510.
htmlhttp://www.bankruptcyhelp4u.com/blog/2011/10/illegal-foreclosures-fannie-mae-knew-all-along-but-did-nothing.shtml
http://www.usatoday.com/money/companies/2008-07-17-fannie-freddie-lobbying_N.htm

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RE: Fannie Mae wants more taxpayer money - 11/8/2011 11:12:08 PM

SternSkipper

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quote:

Fannie Mae who received the largest amount of tax payer money in the bail out, some $169 Billion, wants more money, some $7.8 Billion more.

You get it will ya? I paid last time

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RE: Fannie Mae wants more taxpayer money - 11/8/2011 11:15:17 PM

tj444

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and that is just for a few months.. July to sept wasnt it? so the next quarter will be a repeat and the quarter after that, and so on..

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RE: Fannie Mae wants more taxpayer money - 11/8/2011 11:28:49 PM

MrRodgers

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If one is really interested in assessing the sociological implications of this phenomenon, one need look no further than the civic culture... profit and greed.

Fannie and Freddie represent the first time this has happened...a GSE (govt. sponsored enterprise) actually speculating on mortgages outside their normal qualifying ratios and taking on debt to feed it...that it didn't need.

You see, the 'bonus culture' had taken over where Haines et al, were awarded $millions despite the fact they cooked the books and for the first time...drove the 'company' into a loss.

What would any reasonable person expect otherwise when you put capitalists in charge of a govt. (taxpayer) guaranteed company in play to insure the investments of...other capitalists ? Billions ne...trillions in losses.

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RE: Fannie Mae wants more taxpayer money - 11/9/2011 3:31:21 AM

Edwynn

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~FR~

All of you DO realize that the Federal National Mortgage Association and the Federal Home Loan Mortgage Association were overrun by the bankers more than twenty years ago, right? (except for the OP; obviously the poor twit thinks he's bitching about "government," when the distinction between corporate and government operations was nullified long ago thanks to the great efforts of Reagan).

Anyone who thinks that either of the GSEs or even both of them together got anywhere near what Goldman Sachs got (bailout to AIG went directly to Goldman via credit default swaps, on top of their own take), actually deserves to lose his home AND job, such as all people who were and still are blabbering about deregulation deserve. You've cost the rest of the country and the world enough as it is.

Was it Fannie and Freddie who lobbied Congress to pass the Banking Modernization Act, or was it Citibank? Not much lobbying expense needed on that one, since Greenspan allowed the Citi-Travelers merger more than a year ahead of Congressional approval. Was it Fannie or Freddie that pestered Congress to exclude vast categories of derivatives from any oversight whatsoever, or was it in fact Phil Gramm who shoved that provision into his own Commodity Futures Trading Modernization act, that little item snaked in while Congress was out of town? Fannie and Freddie didn't invent the CDOs that came out of that, Goldman did.

There is a reason that Paul Volker is calling for the dismantling of FNMA and FHLMC, but I can assure you it's not because he's anti-government.

< Message edited by Edwynn -- 11/9/2011 3:58:10 AM >

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RE: Fannie Mae wants more taxpayer money - 11/9/2011 4:24:11 AM

Edwynn

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PS

The International Commodities Exchange (ICE, based here in my own hometown) came into being immediately after Phil Gramm's Commodity Futures Modernization Act, the provision preventing any government oversight of many classes of derivatives a direct and well anticipated "governmental IPO," as it were, to the founding of the 'SEC not allowed' operations of that exchange.

It's funny; I did a search on ICE, one of the hits is titled "ICE: A History of Transparent Markets," this from an exchange who attracts traders by guaranteed anonymity, but while doing a search within Wikepedia, the message 'The page "International commodities exchange" does not exist.' is all I get.

Wow.

Talk about some power, there. Congratulations on their transparency.

How's that oil price thing doin' for ya, folks? We got the government off their backs, how's that working out for us?

< Message edited by Edwynn -- 11/9/2011 4:58:37 AM >

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RE: Fannie Mae wants more taxpayer money - 11/9/2011 12:16:24 PM

popeye1250

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NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!

Hey SternSkipper,any comment from Massachusetts Congressman Barney Fwank up there in Boston?
Six or nine months ago he gave a press conferance to tell us what a great job he did! lol!

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RE: Fannie Mae wants more taxpayer money - 11/9/2011 12:32:12 PM

willbeurdaddy

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quote:

ORIGINAL: popeye1250

NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!

Hey SternSkipper,any comment from Massachusetts Congressman Barney Fwank up there in Boston?
Six or nine months ago he gave a press conferance to tell us what a great job he did! lol!

He has no comment. His mommy taught him not to talk when his mouth is full.

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RE: Fannie Mae wants more taxpayer money - 11/10/2011 4:10:10 PM

tj444

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quote:

ORIGINAL: MrRodgers

If one is really interested in assessing the sociological implications of this phenomenon, one need look no further than the civic culture... profit and greed.

Fannie and Freddie represent the first time this has happened...a GSE (govt. sponsored enterprise) actually speculating on mortgages outside their normal qualifying ratios and taking on debt to feed it...that it didn't need.

You see, the 'bonus culture' had taken over where Haines et al, were awarded $millions despite the fact they cooked the books and for the first time...drove the 'company' into a loss.

What would any reasonable person expect otherwise when you put capitalists in charge of a govt. (taxpayer) guaranteed company in play to insure the investments of...other capitalists ? Billions ne...trillions in losses.

I disagree with you on that... while there are certain minor differences, imo, this is pretty much a repeat of Resolution Trust..

http://en.wikipedia.org/wiki/Resolution_Trust_Corporation

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