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5 Trillion MORE dollars to fix Fannie Mae and Freddie Mac??

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posted on Aug, 20 2010 @ 06:46 AM
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5 Trillion MORE dollars to fix Fannie Mae and Freddie Mac??


theeconomiccollapseblog.com

Fannie Mae and Freddie Mac have become gigantic financial black holes that the U.S. government endlessly pours massive quantities of money into. Unfortunately, if the U.S. government did allow Fannie Mae and Freddie Mac to totally implode, both the mortgage industry and the housing industry in the United States would completely collapse. So essentially the U.S. government finds itself between a rock and a hard place.

(visit the link for the full news article)




posted on Aug, 20 2010 @ 06:46 AM
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These corrupt banks are a huge drain on US taxpayers, and yet another means for the Gov to siphon off the people's money.

And guess who owns the PATENT for CAP AND TRADE? Yes, Fannie Mae and its subsidiary CO2e.com. They still own this, despite the government take over!!

Link to article:

findarticles.com...

Snippet from article:

Quote:
Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 -- the day after Democrats took control of Congress. Former Sen. John Sununu, R-N.H., criticized the award at the time, pointing out that it had "nothing to do with Fannie Mae's charter, nothing to do with making mortgages more affordable.

It wasn't about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed it still owns with Cantor Fitzgerald subsidiary CO2e.com, gives the mortgage giant a lock on the fledgling carbon trading market, thus also giving it a major financial stake in the success of cap-and-trade legislation."

Unquote.

For a small insight into the huge corruption within Freddie Mae and possible government collusion in that corruption, see how Caroline Herron lost her job with Freddie Mae for telling the truth about corrupt practices, and has turned whistleblower and launched a lawsuit against them.

www.bnet.com... ;content

My, oh my, the incestuous nature of the financial giants!









theeconomiccollapseblog.com
(visit the link for the full news article)



posted on Aug, 20 2010 @ 07:03 AM
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If they fail everyone will own their house outright, no more mortgage debt! Yay! Or probably not, but still. That would be cool.



posted on Aug, 20 2010 @ 07:35 AM
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Socialize the debt, privatize the profits.They intend to bankrupt America. Then they'll have absolute control over us. They want us to be beholden to them for everything.



posted on Aug, 20 2010 @ 07:44 AM
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Obama Claims No More Bailouts…AP shows the Spin


Obama and the Democrats continue to say there will be no more bailouts thanks to their financial reform bill. Now they want to give $30 billion to small community banks to rescue them. Instead of calling this a bailout, Obama and the Democrats are trying to pass this bill off as a $30 billion dollar loan to help banks loan to small businesses.

It’s a bank bailout. No matter how Obama spins it, this is just another scam to redistribute the wealth.

scottystarnes.wordpress.com...

Obama - NO MORE BAILOUTS



posted on Aug, 20 2010 @ 07:46 AM
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Each and every day something absurd is surfacing from usa, and i mean really absurd


How come the government does not buy shares in the companies, but just GIVE them money? I mean this has no logical sense backing it up. If the government comes and bails out a company, it would only be logical that the government would be the new owner.

But no, something REALLY fishy is going on over there, and i am glad i am not in the direct backlash when that country fails. Sure the crap will run down internationally but the ones who will suffer most are the people of usa.

How was that saying again, a people get what a people deserve. You should really beat some sense into your government.



posted on Aug, 20 2010 @ 07:58 AM
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A much cheaper solution would be to simply forgive all the loans held under Fannie and Freddie. Radical? Oh yea, but sometimes with a business problem you need to simply stick to the numbers and see what makes the most financial sense.

Despite the popular view to demonize Fannie Mae, although they are certainly not without fault, they were brought down by the same forces that tanked the housing market and subsequently the econbomy at-large. They actually had a minor role in that although people love to blame them since it's alot easier to blame one big target than all the smaller entities slithering about in the shadows.

But lets forget all the politics for a second. Imagine the effct on the REAL retail economy if suddenly all those mortgage holders no longer had a mortgage to pay. That money could then be used to spend, pay-down other debt and help the local economies. There would need to be safegurads, however. There would need to be restrictions placed on the benificiaries so that they could not re-mortgage their homes.

Forgive the loans and shut both of them down. Some time the best answer is the cheapest and simplest.



posted on Aug, 20 2010 @ 08:53 AM
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hahah so thats where they are gonna start hiding there money.



posted on Aug, 20 2010 @ 09:03 AM
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Ha...$% trillion, that's funny. Two friends who were involved with Fannie Mae were contacted by their mortgage companies and told they were eligible to refinance to get out of whatever it was that was effecting them and that a government program would cover them. Both had refinanced to reduce their interest rates twice in the past three years and so tried this program.

One was told she wasn't eligible after all because she had a 401K she hadn't yet exhausted, and the other was told that it would cost $20K in closing and administrative "costs" when the typical re-fi costs for them both were more like $4K-$6K the four times they had done it. What the hell


I haven't heard of one instance where the money they've already gotten has helped anyone down here out. Maybe it's a state-by-state thing? The anecdotal stories certainly would lead a person to believe this bailing out is just another scam.



posted on Aug, 20 2010 @ 09:31 AM
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Wait a minute..isnt franny mae and the others technically, sub partenrs with AIG? i was watching michael moores capitalism a love story, and form what i remember he pretty much said that AIG more or less, caused a monopoloy over the other big bankers, allwoing them to be sub sidarys* partenrs. so any money lets say, franny mae would get, would be given or shared with AIG wouldnt it?
See..this is why wallstreet needs to get out of congress. Thier only adding to to the deficiet and raising our taxes to a certain degree. let alone having to pay back money that will never be paid back form us all, forcing us to be in debt

Damn, andrew jackson i think it was, was trying to stop bank of america back in those days form influencing congress. he knew what would happen..and here we are today, starting with ronald reagan and the president of Chase bank telling him to hurry up at a presidential speech.
the banks have only gotten bailouts since bush jr.was in office, in perticualr when he was leaving his reign of presidency//.... anyone notice just as bush basically leaving office, thats when the market nearly crahsed? just his way of giving us the 'finger' i suppose after all the illegal stuff he did....now we are enslaved to owe the banks till kingdom come..their all monopolozing, and trying to make as much money as possible, like it wa some kinda rich big boys club or something comepting at our expense..who has the most cars n caviar and stolen bank accounts, boasting n laughing amongst themselves at ALL OF US



posted on Aug, 20 2010 @ 09:35 AM
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The only real reasons franny mae, AIG and the rest are favored, is becaue they were scandeling and laundering money for s oo long, wallstreets influence in congress let them do it. That was all exposed pretty mcuh with the market crash of 2008. Governemnt, being thier 'friends' just hands it over to them. and lets not forget the guy, former CEO of AIG, in 2008, regarding the $700 billion bailout..70% of the public said NO bailouts, voting wise..this guy, was able to come up with some kinda paper and doctrine just giving him the key to the federal reserve. he got it anyways. That is called tearing up the constituion of the united states and yuor freedoms and right ot live comfortably and the right to have a fair life.
ITS coney island and playland all rolled itno one, and were paying for their ride. NO MORE!!!! let em effin fail, serves them right.



posted on Aug, 20 2010 @ 09:38 AM
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Bloomberg reported that banktrupcies are the highest sine Nov. of 09 unemployment numbers are up more than economists predicted.....so with that being said of course foreclosures are going to be high and remain there for a long time (simple math). we as an economy are in a downward spiral and it wont stop until we hit bottom....then and only then can we rebuild , but the media would love for us to believe that the recovery is taking hold and everything is going to be alright. the debt the u.s. has is unbelievable and the payments are going to come due and when we can pay what then??? my father always told me ..."the quickest way to get out of a depression is war" not like iraq or vietnam ...a big one.

something to ponder



posted on Aug, 20 2010 @ 09:39 AM
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So the eceonomy might fail if they arnt bailed out..eff em. I know how to grow seeds and garden, make safe fires..thier causing such an usptir and rioting, then wanna bring martial law in on us? this is big buisness and corporations..yuo cant even find a job unless your form india and wilign to work for half the salary .....its called 'slave wages'. it means more $$$ for the preisdent CEO of the company, so when he goes too see his friends in congress and the rest of the bankers, his bank account is so much greater than thiers. kinda sick to realize the sad fat yuo may be laid off, so the CEO can have YUOR life, possessions,a nd your dreams.



posted on Aug, 20 2010 @ 09:47 AM
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This whole thing is going to get even worse pretty soon.

They had a panel on one of those 'news' channels yesterday on my lunch break and the whole panel agreed that the earlier tarp money was going to make the housing situation a lot worse.

I guess a good chunk of the money was used to fund more building and construction. So nobody can sell or buy the houses currently on the market and they went ahead and built a bunch more.

Pretty soon all the young bucks will be buying houses for $1 and all the old folks will be eating cat food for dinner.

To add, the panel averaged at least a decade before things start to stabilize. Looks like the next pres will get to blame Obama then the pres after that will get to blame him.


[edit on 20-8-2010 by thisguyrighthere]



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