Posted on 07/29/2017 7:44:42 AM PDT by Kaslin
Obama looted _ _ _ _ _ _
Everything. You name it.
LOL
You can bet it wasn’t done honestly
The purpose of the Democrat Party is to elect thieves to public office so that they have access to public treasuries in order to loot them.
Cattle futures?
I'm afraid too many on both sides of the aisle are standing at the same feeding trough of taxpayer dollars.
Just another blatant occurrence of wrong doing that will be ignored.
Check Obama’s funders back in 2008: a lot of people who worked there donated to Obama.
My question is what is the deal with bundling home mortgages? It seemed squirrelly at the time and this was way before Obama.
He was supposed to have setup residence close to the WH to head the "Resistance". Even had, what's her name, Valarie Jarrett, move in with him and his family, after fortifying the home like a fortress with a brick wall.
As he sees his "legacy" go down the drain with Trump slashing and burning his EOs and regulations. Yeah, ObamaCare is still alive but more like it's on an end-of-life-watch.
So where is he? Not that I want to see or hear this guy ever again, but he has a big stake in what Trump is doing. Is the investigation into Russian interference in the election starting to get too close to him and his administration?
Any ideas FReepers? (While I'm at it, FR is working lightening fast now compared to last night. Jim was right, that John would getter fixed and apparently he did. Thanks!)
The original Act was passed by the 95th United States Congress and signed into law by President Jimmy Carter on October 12, 1977 (Pub.L. 95-128, 12 U.S.C. ch. 30). The CRA was passed as a result of national pressure to address the deteriorating conditions of American cities—particularly lower-income and minority neighborhoods. CRA seeks to ensure the provision of credit to all parts of a community, regardless of the relative wealth or poverty of a neighborhood. It was reused in the mid 90’s by congress to fore the loaning agencies to okay mortgages that they knew would fold, and they did.
Bush didn’t want to do anything with it so he didn’t want to change it. This was identified in a 2002 speech. His majority consisted of such a small amount that congress members like McCain that are liberal in nature would never have voted to stop it anyway if he had wanted to. There are no conservative congressional members anymore. Only people trying to keep their job. Gutless. And by allowing the libs to sell their wares to the poor to create a voting base, they cost many of them a bundle while it happened when a conservative president was in office making him look bad while the media piled on.
rwood
How much more needs to come out before the fourth box finally opens?
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The Untraceable $8 Billion ObamaCare PR Budget---truly govt fraud at its finest. Egged on by Pelosi, Democrats slavishly voted for Obamacare by an historic straignt-party line vote.
Not one Democrat told Americans about Obamacare's Section 4002---which mandates an $8B untraceable fund to "promote" Obamacare (apparently b/c Boobamba had so little confidence in his signature legislation).
THE PAYOFF--WHO GOT THE MONEY? In 2010 Taxpayers are extorted $500 million, in 2011, $750 million, 2012, $1 billion, 2013, $1.25 billion, 2014, $1.5 billion, and, in 2015 and on, $2 billion
<><> Where is all that money going?
<><> Was cashing-in the incentive in getting the thing passed?
The sound of West Wing wire-transfers to state Democratic organizations and to offshore banks is almost palpable.
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Turns out Obamacare is a vehicle for consolidating Dummycrat power.....complete w/ a multi-billion dollar slush fund financed by your tax dollar.
ITEM---A local couple called 10News concerned after they received an envelope from Obamacare website, Covered California. Inside was a letter discussing voter registration and a registration card pre-marked with an "x" in the box next to Democratic Party.
ITEM---Obamacare web site is also a voter registration site.
I guess Obama didn't let Gruber in on the "billion dollar secret." Probably Obama was depending on Gruber's stupidity (smirk).
"Now, I don't want you insurers to worry; when you start
losing money, we are going to jump in and bail you all out."
Obama Siphoned off Billions in GSE Dividends To Prop Up OBAMACARE
ZeroHedge ^ | April 2, 2017 / FR Posted on by Zakeet
Earlier this month, Harvard Ph.D. Jerome Corsi of InfoWars (@jerome_corsi) and a CPA "who worked for two years for a major U.S. accounting firm as an outside auditor for Freddie Mac," confirmed a 2012 scheme hatched by the Obama administration.
The audacious looting involved funnelling hundreds of billions in dividends from Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac to prop up the failing Obamacare program - by paying subsidies to insurers to remain in the system. [Snip]
The conclusion reached by Corsi and others is that this was probably illegal. In fact, House Republicans actually sued the Obama Administration in 2014 over the fact that the subsidies to insurers weren't appropriated by congress and won, which the Obama administration appealed.
Zerohedge and the Atlanta Journal Constitution pointed out last week, the Trump administration has until May 22nd to decide whether or not to pursue the appeal: (Excerpt) Read more at zerohedge.com ...
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The Royal Idiot doesn't know much........ but he learned in "the community" that laws don't matter.
The half-caste misfit could care less about US laws: that monies designated for one use cannot be appropriated for another.
I posted on this months ago when the first Paul Ryan ‘Repeal & Replace’ wet down in flames. I posted that the President would have to play hardball to get an Obamacare repeal.
Ok, so some of you may be asking what does Obamacare have to do with Fannie and Freddie looting by the Obama Admin. Fair enough.
In 2012, the Obama people wished to bury any negative press about Obamacare but the fact was that the costs of Obamacare were coming up short, that millions of health insurers and clinics would be shortchanged, unreimbursed by a massive shortfall in subsidies. Obamacare would collapse in the middle of 2012 election.
So Obama, Sec of Treasury Geithner, Summers, and a cabal of others decided to fleece the recovering Fannie and Freddie, steal from its investors hundreds of billions to prop up Obamacare, buy votes in the largest embezzlement in US history carried out by criminals leading the US Govt.
As soon as Geithner had the funds transferred into US Treasury accounts, he illegally authorized their transfer to Obamacare accounts, and then he Geithner PROMPTLY RESIGNED.
Geitner then went on to a cushy job as President of Warburg-Pincus which is Rothschild investments and wealth management.
Note Warburg-Pincus in 2012 under Geithner’s direction invested in startup known as ‘Crowdstrike’ which is the firm that was brought in to oversee the so-called ‘hacking’ investigation of the DNC servers in 2016.
So it was Cozy Bear, Cozy World, Cozy Job for Geithner.
So the hardball proposition was to arrest Geithner on massive embezzlement, illegal transfers of government funds, and to declare Obamacare as a criminal enterprise using embezzled funds, hence insolvent on its face, therefore unviable and voidable to be suspended pending the completion of FBI investigations. Of course, with Comey and McCabe as #1 and #2 at FBI HQ, there was no hope of a true investigation going forward.
I think the author is confused.
That would make Fannie and Freddie two of the most profitable companies in the world for the last ten years, which they absolutely are not.
I think the author means that F/F recovered tens of billions of dollars from lawsuits against giant banks and mortgage companies, and that the near-zero value of F/F's delinquent mortgages increased dramatically when home prices surged after 2009.
“If the U.S. government were to suffer a Soviet Union type of collapse, would Fannie and Freddie be starting points?”
No.
F&F were not failing in 1999. They continued to deal in conforming loans throughout the bubble and their loans performed the best of any when the bubble popped, which is what conforming loans are supposed to do. The exotic non-conforming mortgages driving the bubble and that ultimately led to its collapse came out of private sector rivals to F&F.
The tracks go back to the mid 90’s and before.
In early 1997, the mortgage denial rate of 29 percent for conventional home purchase loans caused investors to purchase more than $60 billion of private-label (non-GSE) subprime mortgage-backed securities, six times more than 1991’s volume of $10 billion. And J.P. Morgan bundled credit default swaps into BISTRO, the precursor of the Synthetic CDO. AIG sold credit protection against BISTRO’s super-senior tranche. In July, The Taxpayer Relief Act of 1997 expanded the capital-gains exclusion to $500,000 (per couple) from $125,000, encouraging people to invest in second homes and investment properties. In November Freddie Mac helped First Union Capital Markets and Bear Stearns & Co launch the first publicly available securitization of CRA loans, issuing $384.6 million of such securities. All carried a Freddie Mac guarantee as to timely interest and principal. First Union was not a subprime lender.
At the start of 1998, the incipient housing bubble as inflation-adjusted home price appreciation exceeds 10% per year in most West Coast metropolitan areas. The New York Fed persuaded Wall Street to bail out Long-Term Capital Management (a hedge fund). Bear Stearns declined, but every other major bank agreed. Some worried the Fed intervention created moral hazard. Brooksley Born at the Commodity Futures Trading Commission wanted to investigate over the Counter derivatives like credit default swaps; their lack of transparency, lack of regulation, and possible systemic risk. Alan Greenspan, Robert Rubin, and Arthur Levitt of Clinton’s Working Group on Financial Markets, and Larry Summers shut her down. She resigned soon after. And finally in October, the “Financial Services Modernization Act” was killed in Senate because of no restrictions on Community Reinvestment Act-related community groups written into law. And starting in 1998, Credit default swaps boomed along with the products they insured; mortgage securities and CDO tranches. By November 2008, there will be between $33 to $47 trillion CDS contracts; nobody can know for sure because the market was unregulated and non-transparent.
And finally in 1999, Fannie Mae eased the credit requirements to encourage banks to extend home mortgages to individuals whose credit is not good enough to qualify for conventional loans. Later that year, the Gramm-Leach-Bliley Act (Financial Services Modernization Act) passed. It repealed the Glass-Steagall Act of 1933. It deregulated banking, insurance, securities, and the financial services industry, allowing financial institutions to grow very large. It also limited Community Reinvestment Coverage of smaller banks and made community groups report certain financial relationships with banks. Congressmen key to the effort include Phil Gramm, Jim Leach, Thomas J. Bliley, Jr., Chuck Schumer, and Chris Dodd.
This ultimately created the bursting of the housing bubble that couldn’t handle the input of doomed mortgages and sucked Freddie and Fanny dry along with AIG destroying all backup sources previously available for bail out and FDIC. So, as you can see, the housing bubble didn’t just happen until the mid 2000’s. It was orchestrated by these actions, basically from liberal sources, during the mid to late 90’s. The rest is fall out.
And it was all done for the purpose of selling minorities houses to attract votes. They knew it was going to fail when they did it. This was why Chris Dodd and Barney Frank openly lied about Freddie’s and Fanny’s capacities to congress in speeches in their respective houses. But libs believe in doing something to gain advantage for the moment then cleaning up the topic with another major catastrophe later to overshadow the first one. Smoke and mirrors. Lib playbook.
Sorry about the length, but this isn’t near all of it.
rwood
Treasury releases plan for privatization of Fannie Mae, Freddie Mac
By Daniel Uria
https://www.upi.com/Top_News/US/2019/09/05/Treasury-releases-plan-for-privatization-of-Fannie-Mae-Freddie-Mac/6881567723252/
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