Posted on 08/06/2013 1:39:10 PM PDT by jazusamo
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.
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 feds 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
ADDENDUM---what Obama left out of his remarks Wall Street Journal report on page A15---article entitled “Treasury’s Fannie Mae Heist“.
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.
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FANNIE-MAE--THE DEMOCRATS' CRIMINAL ENTERPRISE / By Michelle Malkin
Fannie/Freddie are centerpieces of the criminal enterprise called the Democrat Party-—where Dem cronies and collaborators loot the organization, get cushy jobs, bonuses, and the like.
Fannie Mae’s political machine dispensed campaign contributions, gave jobs to friends and relatives of legislators, hired armies of lobbyists (even paying lobbyists not to lobby against it), paid academics who wrote papers validating the home ownership mania, and spread “charitable” contributions to housing advocates across the congressional map.
Fannie Mae serves as an industrial-sized patronage factory — sharing profits with political allies, spreading taxpayer funds to voting blocs——like ethnic groups-——and doling out jobsto left-wing academics, Washington has-beens and back-scratching buddies.
Obama insider Fannie Mae exec Jim Johnson got sweetheart loans from shady subprime Countrywide. Pols raked in six-figure salaries as F/F engaged in Enron-style accounting, plunged into debt and helped usher in the subprime housing meltdown through cockamamie lending practices.
Bill Clinton appointed Franklin Raines, Daley and Rahm Emanuel just as the quasi-governmental F/M engaged in rampant book-cooking so that F/M insider could help themselves to massive bonuses.
The Chi/Tribune exposed how political whore Rahm Emanuel’s “profitable stint” was low-show w/ no work involved. Emanuel was not even assigned to committees, according to company proxy statements. Immediately upon joining the board, Emanuel and other insiders qualified for $380,000 in stock and options plus a $20,000 annual fee, public records indicate. W/ Wall Street Rahm Emanuel at F/M, accounting tricks were used to mislead shareholders about outsize profits F/M reaped from risky investments.
The goal was to cook the books to keep fraudulent earnings on the books, to make Freddie Mac look profitable on paper-——AND to fraudulently obtain humongous annual bonuses for political insiders.
Yep, check my post 28 on the HUD thing.
” When my in-laws moved out of the valley eighteen years ago, their home was bought by two families.”
Yeah, it started about 20 years ago. I noticed it when I had to drive into the valley on business, and mortgages were being financed by 2 families.
It never fails to amaze me how dumb the American public can be!!! This POTUS Obama dude is a complete idiot, anti-American buffoon!!! How any sane, objective, balanced person can believe a work this serial fabricator utters is beyond me!!! This guy is the closest replica and image of “Satan” himself!!! Whoops....sorry....Obama is Satan!!! LOL!!!
Enforcing zoning regulations that restrict the sale or rent of single family homes to single families (as opposed to a half-dozen “families”) would put most houses of reach to Mexicans and other third world immigrants. It would also be the only way to prevent what were once decent, working and middle class American neighborhoods from being tranformed into third world slums and barrios.
” The goal was to cook the books to keep fraudulent earnings on the books, to make Freddie Mac look profitable on paper-——AND to fraudulently obtain humongous annual bonuses for political insiders. “
Any new federal entity Obama starts will be more corrupt than Fannie/Freddie
” to be replaced by a National Mortgage Market Utility to help securitize mortgages”
LMAO!
So enforce the frickin' rules that we already have!
Amnesty advocates seem to believe that illegal immigrants from Mexico are somehow superhuman.
Democrats think they will single-handedly rescue the US economy and Social Security (how people who consume more in social services than they can ever earn are supposed to do that has yet to be explained).
Republican advocates of amnesty are even more starry-eyed, however. They seem convinced that these people will usher in some kind of conservative cultural renaissance!
Not a lot of suckers gonna buy anything that's "securitized"
The global scam outed for fraud precipitated huge losses.
” Republican advocates of amnesty are even more starry-eyed, however. They seem convinced that these people will usher in some kind of conservative cultural renaissance! “
They don’t believe that. They SAY this, but they are bare-faced liars. They have been bought off by the deep pockets of the pro-amnesty business people.
You can drive one end of the valley to the other these days, and it almost makes you cry.
Van Nuys boulevard used to be such a nice area. It wasn’t top rent if you catch my drift, but there were some nice looking areas along there.
Today you drive down it and you’ll see ladies with shopping carts on the sidewalk, a depressed area.
They filmed American Grafitti along there. I used to cruise along there on cruise night. It was a great middle-class area.
People have no idea what I’m talking about here. It was a 3.5 million strong middle-class rich (in Americana) area. Now it’s depressed and probably 75-80% Mexican or recent Mexican heritage.
Look, I have nothing against folks with Mexican heritage. I do think it’s reasoned to look at what has taken place and realize it wasn’t an improvement for our culture or civilization.
It baffles me why Mexicans don’t stay in Mexico and improve it for the next generation. Instead they come here and ruin it for our next generation.
” Not a lot of suckers gonna buy anything that’s “securitized”
LOL!!!!
Sounds like they have all the answers. /s LOL!
I agree...
Inflating housing values doesn’t do anything except make your property taxes go up. If you sell you home and buy a new one you have to pay more for your new house, so you haven’t really gained anything. If you just sell it outright the Obamacare taxes are going to gut you.
The NMMU, coming to a nation near you...
If they do believe in the myth of the redemptive Mexican, they're monumentally stupid. If they don't but continue to peddle it, they're frauds and liars.
Neither option paints a very flattering picture of our elected officials, but I've learned to expect as much.
” They filmed American Grafitti along there. I used to cruise along there on cruise night. It was a great middle-class area.”
Yes it was.
Now Van Nuys Blvd is a ghetto.
” People have no idea what I’m talking about here. It was a 3.5 million strong middle-class rich (in Americana) area. Now it’s depressed and probably 75-80% Mexican or recent Mexican heritage.”
This is happening all over California, in hundreds of cities. And people wonder why you and I fight so hard against amnesty. We know the result.
That kind of makes you wonder why these superhuman miracle workers haven't transformed Mexico into a paradise on Earth yet.
And he gave examples: Detroit, Chicago, LA, Boston, Springfield, etc. It’s pretty simple, when illegal immigrants and drug cartels move in, and play by the Progressive rules everybody loses and house values nosedive.
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