Posted on 07/24/2013 12:38:21 PM PDT by illiac
President Barack Obama on Wednesday, in his speech on the U.S. economy, spelled out the beginning of the end for federally controlled mortgage buyers Fannie Mae and Freddie Mac.
“We’ll work with both parties to turn the page on Fannie and Freddie, and build a housing finance system that’s rock-solid for future generations,” Obama said, according to a copy of his prepared remarks. See more Obama speech coverage.
That might take a while. True, both the House and the Senate are working on legislation to get rid of the giants, which were took under control by the federal government in 2008. The House Financial Services Committee approved a bill on Tuesday that would get rid of the firms in five years, to be replaced by a National Mortgage Market Utility to help securitize mortgages.
(Excerpt) Read more at blogs.marketwatch.com ...
Anything government creates will be a boondoggle for the big-government/big-corporate criminal complex.
Our only hope is to kill the big-government/big-corporate criminal complex.
They are going to change the name and merge the effort. That’s it!
Still under the control and influence of liberal government to advance the goal of putting poor people in houses at high risks.
” “We’ll work with both parties to turn the page on Fannie and Freddie, and build a housing finance system that’s rock-solid for future generations,” Obama said,”
Translation: “ I won’t be happy until every middle class homeowner loses their house”
In today’s Wall Street Journal on page A15 is an article entitled “Treasury’s Fannie Mae Heist”.
Here is the first paragraph:
“The Federal government is seizing the substantial profits of the government-chartered mortgage firms, Fannie Mae and Freddie Mac, taking for itself the property and potential gains of private investors the government induced to help prop up these companies. This conduct is intolerable.”
A scathing article follows.
Here is a novel idea !:
OK, I’ll bite : )
Must be he can’t get any kick backs from Fanny and Freddie these days. Back in ‘08, when he was a relatively new Senator, he was the second highest “paid” Senator for them. Someone tell me how that happened.
http://www.foxnews.com/story/0,2933,423701,00.html
It’s not time to turn the page, it’s time to lock the damn doors and shut them down.
All the Democrat appointees living large at Fannie and Freddie and guaranteeing “diversity” mortgages are going to be miffed.
Translation: rework the scam - the equivalent of moving from selling aluminum siding to offering to pave your driveway because you had some “left over” asphalt in the truck.
"This Washington-created boondoggle is going to require an ENORMOUS bailout by taxpayers, and then we are going to start all over with the same scam under a different Banner."
Same old, same old DC two-step.
The House Financial Services Committee approved a bill on Tuesday that would get rid of the firms in five years, to be replaced by a National Mortgage Market Utility to help securitize mortgages. By contrast, a Senate bill would create the Federal Mortgage Insurance Corporation, which would sell insurance to securitzers of mortgages.
No, no, no. You don't understand at all. It's going to have a different name, you see. That'll fix everything.
Everyone should be afraid with this statement, given what Obama’s HUD Czar Donovan had to say a few days ago.
When Obama says they are ring to ‘turn the page on Freddie and Fannie’ - he means they are going to ‘fundamentally transform’ how mortgages and loans are going to be ‘distributed’ in the REDISTRIBUTION of the Suburbs and prosperous towns and cities into “geospatial affirmative action”.
That is all this means by Obama. They are going to create a Federal behemoth to racially redistribute property.
Mark my words.
When Obama says they are GOING to
Then combine this article with one from a few days ago :
Mark Levin on new HUD ‘fair housing’ program: Tyranny is HERE and it’s SPREADING…
http://www.freerepublic.com/focus/f-bloggers/3046432/posts
Actually, we should have put past administrators of these two scams in prison long ago. Franklin Raines, former Fannie exec, paid himself $39 million, as I recall, and had a lawsuit against him dropped by a federal judge last Sept.
...which were took under control by the federal government in 2008.Heck, even a third grader knows that the word is "tooken". As in "were tooken under control". :=)
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