Obama Admin will back Fannie and Freddie without limit over the next 3 years, page 1
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Topic started on 24-12-2009 @ 09:57 PM by projectvxn
Came across this gem. This kinda goes against his stated beliefs that tax payer money somehow isn't just monopoly money for his buddies.

More fraud coming down the pike, the looting certainly hasn't halted.

Treasury uncaps credit line for Fannie, Freddie

WASHINGTON (Reuters) - The Obama administration pledged on Thursday to back beleaguered mortgage finance giants Fannie Mae and Freddie Mac no matter how big their losses may be in the next three years.


Edit to Add:
I thought this post made in the Up to the minute Market thread in Global Meltdown deserved it's own thread here in Breaking Political News.



[edit on 24-12-2009 by projectvxn]


reply posted on 24-12-2009 @ 10:50 PM by Chance321
Well, that goes hand in hand with this little present. abclocal.go.com.../politics&id=7187052
They raised our debt over 12 trillion. When is this nightmare going to end??
hosted.ap.org...
Added another link.

[edit on 24-12-2009 by Chance321]



reply posted on 26-12-2009 @ 07:55 AM by marg6043
reply to post by ziggy1706


I tell you this much, if you run your business they way this nation is been run you will be bankrupted, in jail and probably suicidal.



Obama doesn't care because he knows he is powerless.


reply posted on 31-12-2009 @ 08:10 AM by whatukno
Wait a second, Aren't Freddie Mac and Fannie Mae backed federally anyway?

Fannie Mae

Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets.
Fannie Mae operates in the U.S. secondary mortgage market. Rather than making home loans directly to consumers, we work with mortgage bankers, brokers and other primary mortgage market partners to help ensure they have funds to lend to home buyers at affordable rates. We fund our mortgage investments primarily by issuing debt securities in the domestic and international capital markets.

Fannie Mae was established as a federal agency in 1938, and was chartered by Congress in 1968 as a private shareholder-owned company. On September 6, 2008, Director James Lockhart of the Federal Housing Finance Agency (FHFA) appointed FHFA as conservator of Fannie Mae. The U.S. Department of the Treasury has agreed to provide up to $200 billion in capital as needed to ensure the company continues to provide liquidity to the housing and mortgage markets.

Fannie Mae has three businesses - Single-Family, Housing and Community Development and Capital Markets - that provide services and products to lenders and a broad range of housing partners. Together, these businesses contribute to the company's chartered mission to increase the amount of funds available in order to make homeownership and rental housing more available and affordable.


Freddie Mac

Freddie Mac, one of America's biggest buyers of home mortgages, is a stockholder-owned corporation chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Learn more about how we make home possible.


Doesn't the US government already back these two entities? So what's the difference if they get a lot of funding or little?



reply posted on 31-12-2009 @ 09:37 AM by projectvxn
reply to post by whatukno


GSEs are indeed funded by the Treasury, but they are still a corporation and funds of this caliber must be approved by congress, the president and treasury are taking a bi-lateral approach leaving congress out of it. The losses could be in the trillions. The money would have to come from the Federal Reserve, which the fed lacks authority to do.


Edit: Made comment while barely awake, replaced 'Fed' with 'Treasury'

[edit on 31-12-2009 by projectvxn]


reply posted on 31-12-2009 @ 10:09 AM by lpowell0627
All of the posts that say: "Look at him, Obama looks so sad and defeated...."

When are people going to wake-up and realize that part of being a politician is to be able to sell your bill of goods to any and all? Kind of like ACTORS!

I am sick and tired of: Obama's a puppet.... he's not in control.... it's not his fault....

How many frickin' executive orders, war expansion measures, and deficit INCREASES do we have to have before you people say: Well, gee...it is HIS signature attached to all of this....

Do I think he operates alone? No. Are there other cohorts involved? Yes. But let me tell you -- the fish rots from the head down.

Stop making excuses for the one man that is in a position to stop this ridiculous madness just because many of you voted for him and can't admit you (and more than 67% of Americans) were duped. Big time!

I don't see congress holding all of these meetings on their own without Obama. I don't see Obama saying we should hold off on anything. In fact, what I see is a man that is more hell bent on pursuing war and bankrupting the US entirely than any other President of late!

For everyone that thinks getting Obama out of office is a waste of time because it's those "behind the curtain" controlling everything -- how else are you going to get to those people but by removing the curtain!

Fannie Mae and Freddie Mac had questionable business practices to begin with. Do you really think that by granting them an unlimited credit line it is going to change any of this?

Or rather, do we think this is all done so that they can go back to issuing high-risk mortgages to unworthy persons simply to show on some damn graph that people are buying houses again?


reply posted on 31-12-2009 @ 06:32 PM by David9176
reply to post by projectvxn


I don't think Congress would go for another bank bailout. Not after the anger from the first one which still exists now...yes they voted for it against the public will but now they are seeing the consequences of doing so.

Unless of course...the media chose not to publicize it..then it would be easy.
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