If anybody knows about seizing fannie ... it's Frank.
Posted on 06/19/2010 7:08:46 PM PDT by Steelfish
Cost of Seizing Fannie and Freddie Surges for Taxpayers
By BINYAMIN APPELBAUM June 19, 2010
CASA GRANDE, Ariz. — Fannie Mae and Freddie Mac took over a foreclosed home roughly every 90 seconds during the first three months of the year. They owned 163,828 houses at the end of March, a virtual city with more houses than Seattle. The mortgage finance companies, created by Congress to help Americans buy homes, have become two of the nation’s largest landlords.
A foreclosed home in Casa Grande, Ariz., has been refurbished, inside and out. It is listed by Mr. Bridwell’s agency. Bill Bridwell, a real estate agent in the desert south of Phoenix, is among the thousands of agents hired nationwide by the companies to sell those foreclosures, recouping some of the money that borrowers failed to repay. In a good week, he sells 20 homes and Fannie sends another 20 listings his way.
“We’re all working for the government now,” said Mr. Bridwell on a recent sun-baked morning, steering a Hummer through subdivisions laid out like circuit boards on the desert floor.
For all the focus on the historic federal rescue of the banking industry, it is the government’s decision to seize Fannie Mae and Freddie Mac in September 2008 that is likely to cost taxpayers the most money. So far the tab stands at $145.9 billion, and it grows with every foreclosure of a three-bedroom home with a two-car garage one hour from Phoenix. The Congressional Budget Office predicts that the final bill could reach $389 billion.
(Excerpt) Read more at nytimes.com ...
But it will all be worth it to save Barney Frank’s political career.
This will cost about $400 billion. How to pay for it? Print more money, of course.
November can’t come soon enough.
Yep - and yet we continue to shovel more money into these 2 instead of shutting them down ASAP. God help us.
In a rational Nation Barney Frank and Chris Dodd would already be swinging by their heels from a lamp post.
Surprise, surprise, surprise. Lord but I h*te Barney Frank.
“This will cost about $400 billion. How to pay for it? Print more money, of course.”
The ink comes from China and that maybe a problem
The Cloward-Piven strategy does not require a total collapse. Just enough sequential planned emergencies to cause the present system ro collapse into a Marxist safety net put in place to catch the pieces as they fall at a slow enough rate that it is not too obvious. But it will be necessary for it to happen before these Marxists loose their majority. November poses a life or death moment for Marxism. I don’t expect it to be pretty.
Call Barney Frank and Chris Dodd...I am sure they will bail them out.....
Almost $400,000,000,000.00 from my pocket and yours and your children and grandchildren. WHEW! It wasn’t even 3 or 4 years ago that the VERY ,VERY vocal and CONDECENDING groupies (just like the Buchanan Haters) mocked anyone who said that WE would be picking up the tab for these INDEPENDENT CAPITALIST CORPORATIONS. We were fools , we were communists. SHEESH!
Unacceptable
No mention of Frank or Dodd in the whole article ... Drive by post ... ;-)
Who was seized? Fannie and Freddie or us?
If anybody knows about seizing fannie ... it's Frank.
no need for a bailout
let it go under
check Barney’s bank acount.
Thanks, Jimmy, Barney, and Barry.
the raping of American continues.
Claw back the salaries and bonuses of all involved including Frank and Dodd.
Congress hasn’t even appropriated this money either. The Obama Administration literally gave them a blank check. How can Congress appropriate a blank check? Answer: they can’t.
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