Posted on 07/29/2017 7:44:42 AM PDT by Kaslin
President Obama never was shy about using his phone and pen to achieve what he could not get from Congress on regulatory matters.
But documents revealed last week show the Obama administration may have been willing to get around congressional decisions on spending by using a slush fund of sorts funded by the profits of Freddie Mac and Fannie Mae, the two government-sponsored home loan giants.
Fannie and Freddie are federally chartered enterprises which buy mortgage loans from banks and bundle them into securities that are sold to investors, thus freeing up capital so that banks can make more home loans.
They are government-sponsored enterprises, which means the government guarantees their loans. But they are run as private enterprises, with private leadership, a board of directors and, most significantly for this purpose, investors. They’re even listed on the stock market.
In response to the mortgage crisis of 2008, Congress passed the Housing and Economic Recovery Act, which provided $187.5 billion in government loans for Fannie and Freddie and placed them in conservatorship under the newly established Federal Housing Finance Agency.
But Fannie and Freddie were not in such bad shape after all, and in just a few years, they were turning profits and on course to pay back the government with interest and still have money to pay dividends to their investors.
(Excerpt) Read more at americanthinker.com ...
Is that part of the obscene fortune he now has?
I would be interested in a breakdown on how Obama amassed all that money!
If the U.S. government were to suffer a Soviet Union type of collapse, would Fannie and Freddie be starting points?
Great news.
The more the Euroweenies cripple themselves with this kind of nonsense, the longer the oil lasts and the cheaper it becomes for us.
Opps, wrong thread.
Sorry all.
That was really funny, thanks!
LOL no sweat, I’ve done the same
Good Lord, when is there going to be hell to pay for these people?
And meanwhile, God saw all the thieves in action and has infinity times the memory he gave His humble creation the elephant.
Good luck, scoffers. LOL
BFL
“I would be interested in a breakdown on how Obama amassed all that money!”....
Call it what you will but “theft” by any other name is still THEFT! He needs to be brought back to this country for his pending jail time.
No surprise the Rat Bastard spent eight years stabbing America in the back.
That’s ok, bashing Euroweenies is good anytime.
“funded by the profits of Freddie Mac and Fannie Mae”
Need some help here. I know that Chris Dodd and Barney Frank were instrumental in covering up the failing Fannie and Freddie starting during the last couple of years of the Clinton administration.
This was hidden by the press when the dems in congress started putting aggressive pressure on the loaning institutions to establish loans to minorities that the institutions knew were going to fail. And that the amount of failures created the recession that really came into effect late in the Bush administration.
On September 30, 1999, a New York Times reporter, Steven Holmes published a piece titled “Fannie Mae Eases Credit to Aid Mortgage Lending”. The crux of the story was that Fannie Mae was lowering its credit standards, which in turn would increase home ownership. Franklin Raines, the then Chief Executive Officer (CEO) of Fannie Mae, is quoted in the article: “Fannie Mae has expanded home ownership for millions of families in the 1990’s by reducing down payment requirements. Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.’’
In other words, the backup loan agencies failed so I’m not sure where the funds were Obama could get. Currently, as of August 2010, the Treasury has injected a total of $148.2 billion into these entities. And it doesn’t look like their financial health is going to get any better. Even putting aside all future foreclosures and portfolio losses, Fannie Mae and Freddie Mac are now sitting on over 150,000 foreclosed homes. The Congressional Budget Office (CBO) projects that an additional $65 billion may be required to keep them afloat until 2019. The CBO has further estimated that the total taxpayer losses might ultimately reach the neighborhood of an astounding $350 billion.
https://research.stlouisfed.org/conferences/gse/White.pdf
I dislike Obama as much as the next free thinker that libs hate, but I’m not sure on this one.
rwood
btt
You’ll never see that any more than you’ll see his birth certificate, college transcript or other items of interest.
And Social Security... and he took over the student loans.. and he and hillary sold our uranium... and he spied on every citizen he so desired... and more... and congress did nothing... intel did nothing... he was free to roam.. free to take his fortune...
AND all this is what makes me very angry... that he is free to still do whatever he would like.. To withstand 8 miserable years obama had... and then to elect a man who is fixing what he promised to fix... it’s unbelievable that they prefer the liberal make believe muslim who has messed up everything ... demeaned the good and valuable... held up anything muslim
Leave Trump alone!!!!!
All you have to remember is it was BJ and the Rats who invented the Community Re-investment Act (Program), CRAP. Bush didn’t want to get involved in the difficult task of “leading” and so got run over by CRAP.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.