Posted on 04/23/2010 6:25:40 PM PDT by Biggirl
Anyone even casually following the financial crisis, precipitated by the burst in the housing bubble which was inflated by sub-prime mortgages (low interest, no interest, no money down mortgages sold to people with sub prime credit), should know that “ground zero” in this entire meltdown was the quasi government banking institutions Fannie Mae and Freddie Mac. Yet in this so called Financial reform bill authored by Connecticut’s senior Senator Chris Dodd, there is not an iota of regulation that corrects this gangs business. You would think it would be at the top of the list?
(Excerpt) Read more at radioviceonline.com ...
I want FrankenDodd now.
They have to make sure they can squeeze every last dime out of their rip off schemes, set up the next big money scam, and protect their rear ends. That will take ... oh... till next year.
They most likely don't want the embarrassing questions during Congressional hearings about all the high flying DemocRATS who are directly implicated in the various fiascos at Fannie and Freddie.
They aren’t going to deal with Freddie and Fannie at all as long as this crowd is running things. Certain economists have the government convinced that if Freddie and Fannie are eliminated the housing market will drop at least another 20%. I have news for them - if they DON’T deal with Freddie and Fannie by getting rid of them - the housing market could drop another 50%!!!!
Selling homes to people who could not afford it resulted in individual tragedies. Bundling weak mortgages deliberately, passing them on to people who did not understand the depth of risk, and who were not informed, and then betting for them to fail, shorting, to make bundles of money sounds criminal to me. I could be wrong, but I think the culpability of companies like Goldman Sachs and Megnetar is a whole order of magnitude worse that what Fannie Mae and Freddie Mac did.
“You would think it would be at the top of the list?”
yuh’d think hunh!?
Mae and Mac are insturments of treason.
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