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(Reuters)   Congress seeks to abolish Fannie Mae and Freddie Mac oversight on US lenders by creating a new US lender-owned issuer of government-backed loans. It's like Congress is taking crazy pills   (reuters.com ) divider line
    More: Fail, Freddie Mac, Fannie Mae, United States House Committee on Financial Services, congresses, Mike Crapo, house plan, accounting software, loans  
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409 clicks; posted to Politics » on 27 Mar 2014 at 10:16 AM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



20 Comments     (+0 »)
 
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2014-03-27 10:20:40 AM  
Fanny Mae and Freddie Mac are the reasons for the financial meltdown in 2008.  Fanny Mae Freddie Mac along with Barney Frank.
 
2014-03-27 10:26:13 AM  
A lender agreed to pay $9.5 billion dollars to Freddie Mac and Fannie Mae today for its role in the financial meltdown.

So Congress wants to put these lenders in charge of writing government-backed loans.

I wonder how much bribe money that member of Congress took from lenders to introduce legislation written by the lenders.
 
2014-03-27 10:26:52 AM  

Muta: Fanny Mae and Freddie Mac are the reasons for the financial meltdown in 2008. Fanny Mae Freddie Mac along with Barney Frank.


I heard it was because Frank was a queer and was running around Washington in his nancy pants.
 
2014-03-27 10:50:23 AM  

TheShavingofOccam123: I wonder how much bribe money free speech that member of Congress took from lenders to introduce legislation written by the lenders.


Fixed it.
 
2014-03-27 11:01:29 AM  

Muta: TheShavingofOccam123: I wonder how much bribe money free speech that member of Congress took from lenders to introduce legislation written by the lenders.

Fixed it.


You are fine example of an upright and decent corporation. I applaud you, Sirs or Madams.
 
2014-03-27 11:10:16 AM  
This is a bad idea.  Fannie Mae and Freddy Mac performed just as they should have in the financial meltdown.  Could there be improvement, sure better gaurentee's for homeowners, but all that money that poured out of them is coming right back to them in the form of repayments.

That's why the republicans want to get rid of them, any government program that works has to go, because reasons and jesus and big government is bad even when it's good.
 
2014-03-27 11:11:23 AM  

Muta: Fanny Mae and Freddie Mac are the reasons for the financial meltdown in 2008.  Fanny Mae Freddie Mac along with Barney Frank.


Dad? is that you?  I thought you passed away last year, I'm so glad to hear from you.  Your grand daughter is doing really well.  She's 16 months now and is a pistol.  You would love her.
 
2014-03-27 11:13:22 AM  
Screw you we're starting our own loan backing organization...with black jack and hookers!
 
2014-03-27 12:10:32 PM  

Muta: Fanny Mae and Freddie Mac are the reasons for the financial meltdown in 2008.  Fanny Mae Freddie Mac along with Barney Frank.


That kool-aid is mighty tasty, isn't it? Unscrupulous lenders, using government direction as cover to make bad loans, made the bad loans, packaged them in opaque, misleading securities deals, and then bet against them in the marketplace.

Sure, they blamed Congress telling them they had to lend fairly, make loans available to more than just the "I could pay cash, but why?" crowd. It was intentional misunderstanding, abuse with malice from the CEOs of the banks themselves. And if you really cared about preventing it again, you'd call for the re-instatement of Glass-Steagall and the division of "too big to fail" banks into smaller regional outfits.

Would CEO pay get cut as the job gets split into a variety of offices? Absolutely. But fark those assholes for the intentional damage they did in the biggest moneygrab/scam our generation has seen outside of no-bid military contracts.
 
2014-03-27 12:22:49 PM  
This actually seems to return Fannie and Freddie back to their pre-Johnson spin off incarnation but with the added bonus of having the rest of the banking sector partially responsible for its financing.  I realize Maxine Waters is normally a punchline, but I fail to see why this is a bad idea.
 
2014-03-27 12:52:51 PM  
How about they just abolish all government backing of loans, and make it a capital crime to ask Congress for a bailout?
 
2014-03-27 12:52:51 PM  

Muta: Fanny Mae and Freddie Mac are the reasons for the financial meltdown in 2008.  Fanny Mae Freddie Mac along with Barney Frank.


So the answer is obviously to let the banks commandeer them.
 
2014-03-27 01:51:35 PM  

Muta: Fanny Mae and Freddie Mac are the reasons for the financial meltdown in 2008.  Fanny Mae Freddie Mac along with Barney Frank.


How much were you paid for that lie?

Private lenders took over, with subprime loans before the housing crisis.
Their loans are what failed spectacularly, not Fan and Freds.

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2014-03-27 02:40:05 PM  
ftfa:
Fannie Mae and Freddie Mac, the two leading sources of U.S. mortgage funds, were seized by the government during the financial crisis in 2008 and propped up with $187.5 billion in taxpayer funds to keep them solvent.
By the end of March the companies will have sent the Treasury $202.9 billion in dividends.


Explain to me what the farking problem is again because I'm just not seeing it.
 
2014-03-27 02:57:12 PM  

illogic: ftfa:
Fannie Mae and Freddie Mac, the two leading sources of U.S. mortgage funds, were seized by the government during the financial crisis in 2008 and propped up with $187.5 billion in taxpayer funds to keep them solvent.
By the end of March the companies will have sent the Treasury $202.9 billion in dividends.

Explain to me what the farking problem is again because I'm just not seeing it.


The problem is that Republicans were wrong and they can't allow that to be known.
 
2014-03-27 03:00:27 PM  

JolobinSmokin: This is a bad idea.  Fannie Mae and Freddy Mac performed just as they should have in the financial meltdown.  Could there be improvement, sure better gaurentee's for homeowners, but all that money that poured out of them is coming right back to them in the form of repayments.

That's why the republicans

Democrats want to get rid of them, any government program that works has to go, because reasons and jesus and big government is bad even when it's good.

Try reading TFA next time.
 
2014-03-27 03:10:53 PM  

pdee: JolobinSmokin: This is a bad idea.  Fannie Mae and Freddy Mac performed just as they should have in the financial meltdown.  Could there be improvement, sure better gaurentee's for homeowners, but all that money that poured out of them is coming right back to them in the form of repayments.

That's why the republicans Democrats want to get rid of them, any government program that works has to go, because reasons and jesus and big government is bad even when it's good.

Try reading TFA next time.


The Republicans want to get rid of F&F. It's even in their platform

This is one Democrat offering to abolish F&F and replace with F&F. Probably with the hope Republicans are too stupid to notice.
 
2014-03-27 03:37:23 PM  
The weird thing about these threads is how many career Farkers don't recognize each other, even after all this time.
 
2014-03-27 07:47:33 PM  
How about Congress just sells off Freddie and Fanny and get the hell out of the mortgage business all together since they really have no idea what the hell they're doing anyways?  That would make significantly more sense.
 
2014-03-27 09:34:02 PM  

bobothemagnificent: How about Congress just sells off Freddie and Fanny and get the hell out of the mortgage business all together since they really have no idea what the hell they're doing anyways?  That would make significantly more sense.


Explain in 4 sentences what FNM and FHLMC do and how they operate.
 
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