Atlas Puked...
Posted on 09/17/2009 2:42:13 PM PDT by Halfmanhalfamazing
RUSH: Let me go back to the Washington Post, because on Monday the 7th, the Washington Post published an article that very few people talked about and was little noticed, about changes in the mortgage market since Freddie Mac and Fannie Mae were taken over a year ago. According to the Washington Post -- this is a quote -- "Only one lender of consequence remains [in the mortgage market]: the federal government..." The mortgage industry has been nationalized. "[N]early 90 percent of all new home loans are funded or guaranteed by [YOU!] taxpayers... The government has the power to decide who is qualified for a loan and who is not.
"As a result," writes the Washington Post, "many borrowers among both poor and rich are frozen out of the market," because it's now up to your government and some bureaucrat behind the counter or at a desk to determine whether or not you're gonna get a loan to buy a house. In addition to freezing people out of the market, including those who can afford a mortgage, the government has put "taxpayers... on the hook for most of the loans that are still being made if they go bad." Think subprime all over again. So the government has got 90% of the mortgage market cornered. If they make bad loans to "risky" people and the loans are defaulted on, you, me, we cover it. What, Snerdley? I know they are already did that. It's like called the subprime crisis. Now it's being formalized! We think we're getting reform of all of that that went wrong. We are getting affirmation and growth of what is wrong!
"There is growing evidence that many loans being guaranteed by the government have a significant risk of defaulting. Delinquencies are spiking." Quote, Washington Post! In addition, "the Federal Housing Administration ... is quickly eating through its [supposed] financial cushion" to cover bad loans. Thus far, in under a year, the federal government spent over a trillion dollars taking over the mortgage sector. Fannie Mae and Freddie Mac are $5 trillion in hock. So we've got universal mortgage care now with single-payer public option mortgages run by the government. Single-payer, public option government. You want a mortgage? You're either going to get it from the federal government or it's going to be guaranteed by the federal government.
In less than a year, the federal government has squeezed out all competition in the mortgage business, they have rationed services, and they're running in the red at Fannie Mae and Freddie Mac. Now, the House of Representatives is voting on taking over the student loan program. All of it. In six months. There will no longer be private loans for the student loan program. Which means whatever interest rate they say is what you pay. There's nowhere else for you to go. No competition in the private loan market for student loans. Zip, zero, nada. This is all happening pretty much under the radar while we're focused on all these distracting things, like race -- half the country being racist -- and all this other stuff. So the Obama agenda is marching on. They have the automobile companies. They've got banking. They got a lot of Wall Street. Some of those Wall Street banks want out. Obama says, "Nope. Not yet." They are going to nationalize energy with cap, trade, and tax. What else? I mean, the list is endless. They are attacking prosperity and the private sector. People are angry, and they would be even angrier if they were really aware what all is happening.
Mortgage Market Bound by Major U.S. Role
That's the article in question.
Home Lending: Nationalized.
Student Loans: Nationalized.
Banking: Nationalized.
Autos: Nationalized.
Healthcare: Nationalizing.
What’s next: Grocery Stores?
No, not grocery stores, per se. But farmers that grow the food are next. Like the ones that are being run out of business by the fed gov cause they can’t get any water for their crops due to a frickin bait fish. You guessed it...the commie bastards at the EPA.
How Government Will Control Our Diet
They want food nationalized next. Sick SOBs.
It's never enough.
See the link at post 5.
The NY Times wants just that. Big food is next.
Just like in Zimbabwe, that worked out really well.
And didn’t I just read somewhere here today that they are increasing the number of mortgages for low income....again...
Yep! They’re determined to make us all vegetarians!
"Only one lender of consequence remains [in the mortgage market]: the federal government..." The mortgage industry has been nationalized. "[N]early 90 percent of all new home loans are funded or guaranteed by [YOU!] taxpayers... The government has the power to decide who is qualified for a loan and who is not. As a result," writes the Washington Post, "many borrowers among both poor and rich are frozen out of the market," because it's now up to your government and some bureaucrat behind the counter or at a desk to determine whether or not you're gonna get a loan to buy a house.
In my business, I have seen just one piece of residential mortgage lending in the last ten months that did not have an FHA guarantee: my own.
Every other jacket that’s crossed my desk has been backstopped by Uncle Sugar.
And Uncle Sugar is backstopped by YOU.
Thanks!
I know a lady that is trying to buy some acreage and wants to buy cattle. My mom told me she thinks the woman has lost her mind. I informed my mom that the lady in particular is one smart cookie and that if I had the money, I’d be doing the same thing. Only, I’d make sure the property had it’s own water and I’d raise chickens and other farm animals, as well.
This is where we’re headed. The Zeros want complete and utter control over every aspect of our lives. If they control our food supply, they have us by the short hairs, finally. I suppose the identity chip will be next. And then the attack on Israel by Zero & his Muslime buds. Biblical prophecy is playing out right before our eyes....at warp speed.
Personally? I’m hoping that we don’t let them get that far. I’m hoping that we stand up and fight back. But I’m fearing that we won’t. At least, not in time to save us.
Per Michelle Bachmann on 9/14:
So now the Federal Government owns or controls 30 percent of all private business profits. And if President Obama gets his way and takes over another 18 percent of our economy in health care, that means the Federal Government will own or control 48 percent of private business profits.
Just think, a year ago 100 percent of private business profits were private. Today we're looking at the specter of 48 percent of private business profits owned or controlled by the Federal Government.
Let’s not forget energy control for businesses and individuals = cap and trade.
And wasn’t a food/farming regulation passed in July?
“The mortgage industry has been nationalized. “[N]early 90 percent of all new home loans are funded or guaranteed by [YOU!] taxpayers... The government has the power to decide who is qualified for a loan and who is not”
Why is this considered “new”? Fannie Mae, Freddie Mac, FHA, VA, and USDA rural home loans have been the status quo for mortgage lending since the Savings and Loans crashed in the 80’s.
The “The government has power to decide who is qualified for a loan and who is not” is Rush hyping.
This is feeling very uncomfortable. Add the media to that list of nationaliz-ING. Shall we have a predetermined place where we all meet up?
Sustainable Development—the “Why” behind Everything that is destroying America
See: http://www.freerepublic.com/focus/f-news/2341640/posts
REPOST:
To: LS
I’m going to mention something no one else seems to be adding into any of this. I don’t hear it on any of the market/business shows, don’t read it anywhere in any form.
Everyone continues to talk about “toxic” assets. But no one mentions the fact that far from being toxic, these are real property assets worth untold billions.
*Update-TRILLIONS
PROPERTY is what is being used as collateral to entice China, the Emirates, (Dubai in particular,) Saudi Arabia, Japan, et al, to carry our debt. They want you to believe that they hold worthless pieces of unpaid paper, but it isn’t true.
Real Property and the natural resources the government has usurped illegally/unconstitutionally, is the new gold standard. We default, they move in. They own us. Our oil, coal, natural gas, high rises, ranch houses, businesses, name it.
All the defaulted housing mortgages are real property that they no one pays taxes on, so the cities and towns where houses and small businesses sit vacant die slowly and painfully.
There are other things and other ways they are stealing property and resources. But make no mistake, that is where the wealth is, and we are on the losing end of that stick.
THAT is what they have done to this country, and no one talks about it.
You can lose your mind trying to figure out the numbers on this. They don’t want you to know where the real wealth is. The money isn’t worth the paper it’s printed on. It’s smoke and mirrors and it will get much worse before it gets better.
People who have had mortgages that are nearly paid off will start to default soon as more and more people lose their jobs. When that happens, it will make this past year look like a walk in the park.
Someone asked me what to do to protect themselves from the coming hit. I told them to buy seeds, a cow, some chickens and lots of ammunition.
32 posted on Wednesday, September 16, 2009 8:15:25 PM by MestaMachine (One if by land, 2 if by sea, 3 if by Air Force 1.)
“A people unwilling to use extreme violent force to secure or obtain their liberty deserves the tyrants that rule them.” TJ
[Home Lending: Nationalized.
Student Loans: Nationalized.
Banking: Nationalized.
Autos: Nationalized.
Healthcare: Nationalizing.
What’s next: Grocery Stores?]
OBAMA-SMART Centers— ONE-STOP nutrition and resource allocation outlets.
Universities.
zer0 will bail out all those poor Yales and Harvards that suffered such damage to their endowments.
Bump and save
The companies that make those little plastic things that go on your shoelaces.
Shoe Lace Flugals = Nationalized
I especially liked the line that the agencies are "$5 trillion in hock". Um, they have $5 trillion in assets and $5 trillion in debts, just like any large bank. He makes it sound like they have a negative net worth of $5 trillion, which is imposing on the ignorance of the audience (except the ignorant set may include Rush himself - finance has never been a strong suit with him, and it is unclear whether he even gets basic accounting).
Then there is the easy breazy way he pretends guaranteeing a mortgage with holding that mortgage. Which is nonsense, not to put too fine a point on it. Most of the agency securities are issued by a bank that pays a 0.25% fee to get a Fannie or Freddie guarantee, but lends the principle, services the loan, and collects it. Pretending this is no one else being in the business is pretending.
It is especially jarring with the simultaneous claim about student loans. The student loan boondoggle is much worse than the agencies, but not for the reason Rush implies. What is actually happening is federal guarantees of loans issued by other banks - just what Fannie does for most mortgages - is being abolished in favor of direct holdings of the loan principal.
Banks are still free to lend to students *without* a Federal guarantee - but they aren't going to. The Feds are offering 6.8% to everyone, and 3.4% to the lower tier financial aid recipients through 2011. Without loss guarantees, the clearing rate for loans in a free market are well above that, so the Feds are welcome to all of it. That is what is happening. Basically they fixed the rates several years ago and got them so egregiously wrong they drove everyone else out of the business, and now they get said business themselves. Yes it is fair to compare that to a "public option" in health care, which was designed to drive out private insurance in the same way.
With the difference that they didn't particularly want the student loan market - it sucks at the prices they've set for it - but do want the health care one. They are going to direct loans in the student market because they don't want to admit or reverse their mistake, and the alternative would have students screaming about higher rates. So they continue to subsidize it, knowing that it will goose the prices higher education can charge, and that indirectly goes to their professoriate base.
Anyway, Rush is right to decry the activism and to highlight the student loan stuff in particular. The mortgage stuff, not so much, but he doesn't slow down to make any distinctions, he just lumps it all together as "eww, the gubmint touched it, it has cuties, ewww".
There is nothing wrong with Fannie and Freddies position in the mortgage market right now, which would be a total basket case without them. The Feds shouldn't be plunging deeper into the student loan market, which would be healtier without it, but would charge students higher rates that would reflect the actual loan-loss experience in those loans. The two aren't remotely the same thing.
When Rush does this kind of stuff it pisses me off. No telling how many spouses are going home tonight and will tell their other, “Honey, did you know the government now decides who get loans and who doesnt?”
broadcasting his radio show live from that area today. Tonight's TV show will also be from that locale.
He is doing his best to bring this out into the light.
....all because of some stupid little fish....wow.
Thanks.
Ooops! Somehow the significant quote didn't show up. But I think this is exactly what's happening. Who here had even heard any discussion of the student loan takeover?
Just kidding - good post
My calendar has no such day. Please advise.
His heart is in the right Reagan-esque place. He just needs to consider how silly it is to make football predictions based on politics (his updates on those are screamingly funny BTW), and apply the analogy. You can't predict the stock market or analyse finance with pure ideology any more than you can predict Sunday's outcomes with pure ideology. It is its own system following its own rules, to the beat of its own drummer. Pols may wish it was all about them, but it simply isn't.
...Hate to be pessimistic but, at the rate this POSPOTUS is going 2010 maybe too late to do anything...
...Hope this helps...
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“What’s next: Grocery Stores?”
No. They only want to control about everything in the store from food to beverages to bread to house hold to tobacco and personal products.
But wait they now basically control and or tax everything we buy in a so called grocery store.
Airlines and oil companies.
Anima Mundi wrote:
This is feeling very uncomfortable. Add the media to that list of nationaliz-ING. Shall we have a predetermined place where we all meet up?
You are mistaken. The Party Propaganda Ministry (formerly known as “The Media”) is a wholly owned subsidiary of the Democrat party. Elect a Republican to the Presidency and see how the “State Run Media” will react. They are the Party Propaganda Ministry, not the State Run Media. Right now, those might be synonyms, but only because the Party and the State are run by the same people at this time.
| From the desk of cc2k: |
Food Rationing
Yeah, that’s where I first heard about it. Sean’s my second favorite Foxer now (Beck now my fav).
As usual, mainstream media, or rather, non-mainstream leftist media, never mentions news that really matters or that impacts our future negatively.
But what really tickes me off is, when we HAD the power (all three branches), we didn’t use it. We did nothing about the powers of the EPA and other anti-American agencies the leftists created. The question you have to ask is.....
why?
The Alinsky model in full flower.
Atlas Puked...
That’s why they are holding water away from farmers in California.
Socialists and dictators do not believe people should own land, like we are allowed to do in the United States.
“What’s next: Grocery Stores?”
Well, at least attorneys are still untouched. It’s obviously very important that those who sue you are unencumbered by government.
I think its cooties... otherwise, thanks for the accurate analysis!
That's exactly the part I was thinking of.
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