Fannie Freddie May Need Another $400 Billion Taxpayer Assistance (More Bank Bailouts)

Fannie Mae and Freddie Mac’s federal regulator is renegotiating the companies’ financing plan with the U.S. Treasury Department and may seek an increase to their $400 billion federal lifeline before the end of the year, according to people familiar with the talks. Fannie Mae and Freddie Mac, the largest sources of mortgage money in the U.S., have used $111.6 billion of their $400 billion in backup financing in less than a year. The financing plan instituted for Fannie Mae and Freddie Mac requires them to reduce their $1.57 trillion combined mortgage portfolios by 10 percent annually starting next year and caps their debt issuance at 120 percent of their assets. Officials set up a $200 billion lifeline with the Treasury, which was doubled in May, to keep the companies solvent. If they exhaust that backstop, regulators will be required to place them into receivership.

globaleconomicanalysis.blogspot.com...
www.bloomberg.com...

I knew it!!!!!!! Those SOB's better not get ANOTHER DAMN DIME!!!!!!!!! I cannot believe this.

400 billion? ARE They NUTS!?!?! Let them fail. ENOUGH of this madness. I can't stand it anymore.

No more bailouts! No more wars! No more government overspending! No more catering to Corporate interests!

This government is complete garbage.

[edit on 17-12-2009 by David9176]

[edit on 17-12-2009 by David9176]

reply to post by David9176


But yes....LET"S APPOINT BERNANKE ANOTHER TERM!?!?!

What the hell is wrong with everyone?

reply to post by David9176


That is OK, they should hired Hillary Clinton as an independent consultant to raise the money, after all she promises to raise 1 trillion to help poor countries, I guess she knows something we don't.

reply to post by marg6043


This is madness marg. They increase the debt ceiling...they are promising a trillion for climate change in copenhagen...we are still giving billions to banks...deficits are exploding all around us...bubbles are still being inflated.

Obama is a fraud and a liar. How can anyone defend the lies anymore?

The left and the right...ALL OF US...we need to come together and get these guys out.

I don't think we have time for elections. We lost our chance with the last one. We all should have known when Obama voted for the bailouts...and when his major campaign contributors were banks.

Originally posted by marg6043
reply to post by David9176

 

That is OK, they should hired Hillary Clinton as an independent consultant to raise the money, after all she promises to raise 1 trillion to help poor countries, I guess she knows something we don't.

Maybe they can print and spend money they don’t have and can’t possibly come up with because they know they won’t have to come up with it. I have watched this insanity long enough to know what they are doing is unprecedented and illogical but they don’t seem to care. These people are young enough to be held responsible for the repercussions of their decisions but it’s as though they are not worried about the future. I can’t help but think that they are only pacifying the masses until something they know is going to happen happens. When you look at the numbers it doesn’t even seem possible to come up with what will be needed to pay back what they have already spent and they keep adding more to the pile.

They might as well take out a loan...they ain't ever getting my student loan back Take that freddiefanniemay....make wiser investments next time!

Originally posted by liveandletlive
I can’t help but think that they are only pacifying the masses until something they know is going to happen happens. When you look at the numbers it doesn’t even seem possible to come up with what will be needed to pay back what they have already spent and they keep adding more to the pile.

The term is called;

Grasping at Straws.

They (gubment) are very aware that the one time proud entity called the

USA is drawing its last few breaths.

The US is a house of cards, and almost daily cards are being taken from the bottem.

The end is near :

The last act of a dying Empire is to loot the treasury.

There they go again, Fannie, Freddy and Barry.

I wonder how big Obama's piece of that pie will be this time?

reply to post by Aggie Man


LOL Aggie! They'll keep your tax returns etc for that though. I still owe 2k or so from 20+ years ago and they're still after me. My ex was suppose to pay it in divorce, but doesn't matter.

It'll be BIG deal if they give more bailout $. People are sick of it.

I feel you, man.
This is unprecendented ; but the fact that it won't stop is mindblowing.
.

David, how can we let freedom ring when America is in her deaththroes?
She bleeds and there is naught to stop the wound. These psychophants and megalomaniacs are destroying her.

The bell tolls for thee, America


John Donne (1572-1631), Devotions Upon Emergent Occasions, Meditation XVII: Nunc Lento Sonitu Di#, Morieris:

"Perchance he for whom this bell tolls may be so ill, as that he knows not it tolls for him; and perchance I may think myself so much better than I am, as that they who are about me, and see my state, may have caused it to toll for me, and I know not that.

...

No man is an island, entire of itself; every man is a piece of the continent, a part of the main. If a clod be washed away by the sea, Europe is the less, as well as if a promontory were, as well as if a manor of thy friend's or of thine own were: any man's death diminishes me, because I am involved in mankind, and therefore never send to know for whom the bells tolls; it tolls for thee."

Donne lived in Tudor and Stewart England, and at that time the tolling of church bells, to mark various events, was an important feature of daily life. The tolling referred to in the quotation is, of course, that of funeral bells

www.phrases.org.uk...

Originally posted by zz0409
reply to post by Aggie Man

 

LOL Aggie! They'll keep your tax returns etc for that though. I still owe 2k or so from 20+ years ago and they're still after me. My ex was suppose to pay it in divorce, but doesn't matter.

It'll be BIG deal if they give more bailout $. People are sick of it.

Cash job...let 'em try

Originally posted by David9176
reply to post by marg6043

 

I don't think we have time for elections. We lost our chance with the last one. We all should have known when Obama voted for the bailouts...and when his major campaign contributors were banks.

McCain also voted for the bailouts. So no difference really.

I find it odd that this didn't get more attention. I guess everyone is so used to seeing their money stolen from them that they no longer care.

Originally posted by David9176
I find it odd that this didn't get more attention. I guess everyone is so used to seeing their money stolen from them that they no longer care.

I do not think that's the case, David. I think it's more of a "what can I do? NOTHING" mentallity from the people now. Look at how much of the majority is opposed to this ridiculous health care bill. Is the fact that the majority is opposed stopping it from being passed? Probabaly not. Most Americans were opposed to the bailout... did that stop it? Nope.

The only solution at this point is going to be for the American people to en masse say "NO MORE." Stop paying taxes, stop showing up for elections, stop responding in any way whatsoever to what Washington does. Ignore them as if they do not exist. They do not represent us, and the only power that they have to "speak" for us is what we give them. So take it all away from them. Loudly let 310 Million Americans tell China, Japan, and Brazil: "Nope, sorry... the debt you've been buying isn't ours. It belongs to the guy sitting in the White House, the Congressmen, and the Senate. We have nothing to do with it." and MEAN it. We can't do it half-assed, though. The majority of America has to be fully on board and prepared to fight when the government tresspasses on our land and tries to use force to continue their theft from us.

reply to post by burdman30ott6


I hope things change. Unfortunately, things are going to get worse before it does change. The GOP is licking it chops expecting big wins in the coming elections..which IMO...will be a huge mistake. They aren't the answer...nor do they have any answers.

What I hope for is what you stated...is that all of us...liberals, conservatives, and everyone in between....come together and clean out the corruption and corporate/financial institution influence out of our government.

IMO...it's going to take far more than an election. Republicans are gaining in polls...and why? They don't have an answer for the deficits. They have no plans to stop big banks from gambling with our money.

Let's hope things change.

400 billion for both fannie and freddie...that's 800 billion....more than the TARP bill alone.

They throw money around like it's worthless....which is exactly where it is headed.

Another thing that drives me absolutely nuts about the bailouts is how the money is used.

We give them the money and they gamble with it on wall street...make a profit and return what was borrowed...which increased the money supply. If they lose money on investments...well WE LOSE.

We lose anyway you put it. They aren't doing anything to help people. All this has done is help the big wig financial PIGS.

Obama is in on it as he has surrounded himself with Bankers and reappointed Bernanke who helped let the "great recession" happen in the first place as these banks made illegal transactions and yet NO ONE is on trial for these crimes.

BUsh was all about this as well...and so are a large portion of the politicians in Washington.

reply to post by burdman30ott6


The bset way to do that is to stop buying stuff you don't need. Do you really need to distract yourself with an iphone while they steal your money and sell you even more junk to distract you in order to steal even more of your money?

mo money--mo---money mo money--it isn't going to end. And yes, things aren't as bad as you think, they are actually much worse. 2010 will be the big hurt. get used to the dissapearance of the middle class.

Here's something to remember. The government wants all this to happen. I know this sounds crazy, but it's true. They want everyone broke, and dependent on the governemnt. it's all about control, remember that, it's all about control.

everything they do, every law they enact, every tax they pass, it's all about control. We are being beat down into submission, and we are close to the bottom. They won't stop till we are beaten into sheeple. Both parties are equally to blame. This isn't a democrat or republican thing, it's a control thing.

Folks, it's going to get a lot worse before it gets better. Our government is busted broke. They keep spending money they don't have, and expect the tax payer to foot the bill. Every department of the government is broke, and everyone keeps going back to a well that's dry. Fannie and Freddie are broke, the FDIC is broke, who long is it going to take for Americans to realize we have already fallen off the cliff?? we are toast. get ready for a wild ride in 2010. When the vast majority of tv watching sheeple finally realize those idiots in Washington have sold them down the river, and millions more get thrown out of their houses, the natives will be restless, and wanting some payback.
Fannie and Freddie are just a small iceberg in a sea of giant icebergs, and we are on a ship heading full steam into them. How can you keep bailing out things when the money you're using isn't there. The FED can only print for so long. Sooner or later, reality will set in. It won't be pretty when that happens.

reply to post by David9176


They just gave Fannie and Freddie $$UNLIMITED ACCESS TO YOUR PAYCHECKS$$

online.wsj.com...

The Obama administration's decision to cover an unlimited amount of losses at the mortgage-finance giants Fannie Mae and Freddie Mac over the next three years stirred controversy over the holiday.

The Treasury announced Thursday it was removing the caps that limited the amount of available capital to the companies to $200 billion each.

Unlimited access to bailout funds through 2012 was "necessary for preserving the continued strength and stability of the mortgage market," the Treasury said. Fannie and Freddie purchase or guarantee most U.S. home mortgages and have run up huge losses stemming from the worst wave of defaults since the 1930s.

All this money is coming from where? YOU!!!

reply to post by mrpotatohead


the people running the show are smart, crooks, but they are smart! They can't be expecting we, the people to pay this bill.....it would be too unreasonable! we've been on a decades long slide when it comes to good paying jobs, and without good paying jobs, taxes collected are just as anemic and more demand is place on the gov't run social programs. if little ole me, sitting in my easy chair can see that sooner of later (long before they get all this money paid off!!!) it will only be the rich paying the taxes, and the rest of us will be the poor, at the receiving line for those gov't funds....well, they have to know that it's them, and their buddies that will be eventually paying for it all!
which just makes the whole mess even more baffling....
they are spending like there is no tomorrow....
maybe there isn't??

at least not for our current economic system??

either that, or there's a nice economic war being played out, and we intentionally left a whole mess of countries holding worthless pieces of paper...

not sure....
but, there's no way they can expect us, the dwindling middle, and the ever so growing lower class to pay this... they can't be that dumb!



[edit on 28-12-2009 by dawnstar]