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2011-08-05 Economy
Fannie Mae to Taxpayers: We Need Another $5.1 Billion
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Posted by DarthVader 2011-08-05 12:19|| || Front Page|| [11132 views ]  Top

#1 Fire 9 out of 10 of the 'managers'.

Go after all of the 'managers' that have bailed over the last 5 years, and pull back their golden parachutes.

Should be about the amount needed (SWAG) and would be just.

Then wind down this monster.
Posted by Whiskey Mike 2011-08-05 12:29||   2011-08-05 12:29|| Front Page Top

#2 One of the very few things I agree with in the Dodd-Frank bill is that banks should have skin in this game. If the banks had been required to keep 5 or 10 percent of the sub-prime mortgages they were making, they would have made sure Fannie, Freddie, the rating agencies and the investing community knew about the quality of the loans.

As it is Fannie and Freddie had every incentive (and their board members doubly so with their bonuses) to pretend that all those sub-prime loans were high-grade as they were rolled into mortgage-backed securities, the rating agencies pretended that the tranches of MBS's were all AAA, and the investment banks and brokerages could pretend that they were selling high-grade paper to the pension funds and small investors.

Until it all went kaboom.

Fannie and Freddie should indeed be rolled up. Having a quasi-government agency buy up and repackage mortgages is a great idea -- if everyone from the borrower to the banker to the packager to the rater to the broker to the investor is honest.

Human nature tells me that it's just another socialist utopian scheme.
Posted by Steve White 2011-08-05 13:53||   2011-08-05 13:53|| Front Page Top

#3 Dodd-Frank? They were thick as thieves in creating this economic mess we are in.
Posted by JohnQC 2011-08-05 14:53||   2011-08-05 14:53|| Front Page Top

#4 I guess Fannie Mae execs think we have forgotten how they helped create the subprime mess that took down the economy. Now they want to hold the taxpayers up for $5.1? What gall! This ought to be illegal. Thought Fannie Mae was in the equivalent of Chapter 11. Should have let Fannie fail.
Posted by JohnQC 2011-08-05 14:58||   2011-08-05 14:58|| Front Page Top

#5 Please tell me why these fraudsters who ran these quasi-governmental agencies into the ground and plundered them aren't in jail and the salaries/bonuses they looted haven't been reclaimed? That this hasn't been done tells us everything we need to know about our "governing elite". Oh that's right, our "governing elite" has decided it wasn't illegal to do what they did. Plundering taxpayer funds is legal. Why worry, it's just funny money anyway.
Posted by Jeque Hupairong2828 2011-08-05 15:43||   2011-08-05 15:43|| Front Page Top

#6 At this rate, the new credit card will be maxed out in a year.

Heh heh. Rrrr.
Posted by swksvolFF 2011-08-05 15:43||   2011-08-05 15:43|| Front Page Top

#7 This is the sewage that should first be cut off and flushed from the budget.
Posted by newc 2011-08-05 16:11||   2011-08-05 16:11|| Front Page Top

#8 I think we should ding Chuckie Shumer and Barney Fwank half their pay to cover Fannie Mae's losses. All in favor say "Aye".
Posted by Old Patriot 2011-08-05 16:25||   2011-08-05 16:25|| Front Page Top

#9 No one here seems to get it.

"Through multiple community development investment funds, Fannie Mae works to tear down barriers, lower costs and increase opportunities for homeownership and affordable rental housing for all Americans."

Fannie Mae is now a big player in the "spread the wealth" Obama scheme. Working as Obama designed it to.
Posted by Snakes Pelosi3979 2011-08-05 18:48||   2011-08-05 18:48|| Front Page Top

#10 "NOT-ELLIE-MAE-CLAMPETT" FANNIE MAE

versus

* PEOPLE'S DAILY FORUM > [US SecDef]PANETTA: USDOD CUTS MORE THAN US$350.0BILYUHN [oer ten years] WOULD BE DANGEROUS.

Moreso given ...

PEOPLE'S DAILY FORUM > US GERAS UP TO FIGHT "HOMEGROWN JIHADIS". More specifically - ALL FORMS OR VARIANTS OF BROAD-BASED DOMESTIC RADICALISM = EXTREMISM, NOT NECESSARILY JUST ISLAMIST TERRORISM.

* YAHOO FINANCE > [USA] THE GOVT. CANNOT SAVE ECONOMY THIS TIME, even wid any new "QE3".

ARTIC > Things are maxed out = at the minimal/par operat levels already, + US Public = Mainstream won't stand for any new Bailouts [espec ones that that don't work?].

* RENSE > [CNBC] MARKETS CRASH: [Mark] FABER: BRACE FOR A GLOBAL "REBOOT" + A WAR.

ARTIC > FABER = any new "QE3" [+ follow-on?]is merely deferring a US Deficit, Econ crisis that will continue to expand + ultimately result in a War + TOTE ECON, SYSTEM COLLAPSE???
Posted by JosephMendiola 2011-08-05 22:04||   2011-08-05 22:04|| Front Page Top

00:20 JosephMendiola
23:42 JosephMendiola
23:33 Frank G
23:01 tu3031
22:52 trailing wife
22:40 Steve White
22:22 swksvolFF
22:17 JosephMendiola
22:11 swksvolFF
22:10 swksvolFF
22:09 JosephMendiola
22:05 swksvolFF
22:04 JosephMendiola
21:48 tipper
21:44 DarthVader
21:34 Barbara
21:29 SteveS
21:27 Barbara
21:27 Anguper Hupomosing9418
21:26 SteveS
21:21 tipper
21:15 Frank G
21:08 JosephMendiola
21:06 JosephMendiola









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