U.S. to take control of mortgage giants: reports »
Posted By TechnologyExpert 10 months ago in Business & FinanceThe U.S. government plans to put troubled mortgage finance companies Fannie Mae and Freddie Mac under federal control, the New York Times and Washington Post newspapers reported on Friday.
Read Full Story at reuters.com »
547 Views Share Story 11 Comments Report
Submitted By:
TechnologyExpert
I am Editor-in-Chief at Alice Hill's RealTechNews (http://www.realtechnews.com). I also have my own blog (Tech-Ex) at http://TechnologyExpert.Blogspot.com. Finally ...
Who Also Submitted:
RSS Join the Discussion
+ Add CommentComments So Far: 17 (view all)
-
88%
Radiofreeeuropa10 months ago
The idea that deregulating industries leads to better business has been proven over and over again to be a disaster. You and I will be coughing up 12 trillion to bail out these companies.
Reply
Is there any banking institution in the US that is actually solvent?
Funny how the right wing champions terrible short sighted pyramid schemes as good business and in each and every instance the taxpayer ends up bailing out their sorry failures.
The billionaire CEOs whistle dixie as they walk off to their next scheme that will cost us more to bail out.-
80%
hyperbola10 months ago
Meanwhile we are promised "change" by John and Sarah.
Reply
The Fantasy of John and Sarah
As the GOP desperately uses taxpayer money to bail out corrupt financial circles, Sarah and John are busy raising money from the corrupt circles that led to the collapse of our economy. Then Sarah and John tell us that this corruption is what they will change.
http://www.propeller.com/story/2008/09/06/the-fant... -
100%
Dionys10 months ago
The real thing to watch will be how fast the markets plummet after this news combined with the highest unemployment numbers in five years (along with everything else that should be telling you to scream).
Reply
-
-
83%
miklkit10 months ago
We need to elect someone who will put all of our old regulations back in place. These corporate welfare queens need to be taken off the dole.
Reply -
mackiemesserComment removed: User banned.
-
100%
Rick78x10 months ago
Which the US taxpayers, again, will foot the bill. We are all going to regret allowing the Federal Reserve continued existence. Many of us already unwittingly regret them in the form of frustration with unemployment, the ever-worsening mortage crisis, inflation and the illegal beast called income tax.... just to name a few. To make matters worse, this all part of the NWO plan for global dominance. Wake up, folks, before it's too late. Come out the Matrix of lies and deceit, fostered by this false two-party, left/right paradigm, and take back our country.
Reply-
67%
hyperbola10 months ago
Again is the right word. All the Bush brothers (and daddy) as well as McCain were involved in the Savings and Loan scandal of the Reagan/Bush administration that cost taxpayers hundreds of millions of dollars.
Reply
Phil Gramm, McCain's "financial advisor", is one of those most directly responsible for the "deregulation" that led to the current round of corruption that the Bushies want the taxpayer to bail out.
-
-
80%
quackpot10 months ago
The current system of supporting the crooks that think up the Ponzi schemes (e.g. Bush friend R.Arnal, Mortgage crook and Ambassador to Netherlands) while leaving the tax payers holding the bag needs to be changed.
Reply
Obama/Biden are working for change.
McCain/Palin are busy consulting with ex-Bush aides on how to make the status quo look like change.-
33%
nostalgia10 months ago
"Obama/Biden are working for change"
Reply
Really?
All nine votes against the bill were cast by Republicans
The presidential candidates John McCain, Republican of Arizona, and Barack Obama, Democrat of Illinois, were among the eight senators who did not vote.
Mr. Obama later issued a statement saying he was pleased that the Senate bill had advanced
http://www.nytimes.com/2008/06/25/washington/25hou...
Doesn't look like change to me!
Looks like Obama and Biden favored putting the taxpayers on the hook for this fiasco
-
-
50%
nostalgia10 months ago
The Senate housing bailout bill is a monstrosity
Reply
The bill increases the maximum size of a home loan guaranteed by Fannie Mae and Freddie Mac to $625,500, up from $417,000. The higher loan limits are expected to make it easier for borrowers to secure mortgages.
As reported in the LA Times:
Did Bank of America write the Dodd bailout bill?
First, the Examiner's Tim Carney reports that the bailout section of the Dodd-Shelby bill is, in the words a lobbyist, "exactly what Bank of America and Countrywide wanted."
Is there a connection between Bank of America and Sen. Christopher J. Dodd (D-Conn.)? There is. Carney: "Bank of America's political action committee (PAC) has donated $20,000 to Dodd since he became chairman of the banking panel 17 months ago. From January 2007 to March 2008, Bank of America employees have donated at least $50,400 to Dodd's campaigns, according to the Center for Responsive Politics."
"National Review Online has obtained an internal Bank of America "discussion document" (PDF here) on the subject of the FHA Housing Stabilization and Homeownership Retention Act of 2008, a.k.a. the Dodd-Shelby mortgage-lender bailout bill .... This discussion document (dated March 11, 2008) would appear to support the contention that BofA essentially wrote the bailout section of the bill."
http://latimesblogs.latimes.com/laland/2008/06/did... -
-
100%
Rick78x10 months ago
How can you have real change when both parties are pillars that prop up one another and perpetuate the same entity that controls both? It's a con game, folks, and the 'only' thing that's going to change is the face in the white house. Beyond that the same propagenda will be in effect.
Reply -
0%
nostalgia10 months ago
If you think the Democrats are going to save you from this fiasco - forget it!
Reply
Frank Confirms Treasury Intervention
To Shore Up Fannie Mae, Freddie Mac
Rep. Barney Frank (D., Mass.) confirmed that Treasury Secretary Henry Paulson is planning government intervention to back troubled mortgage giants Fannie Mae and Freddie Mac.
The chairman of the House Financial Services Committee said in a statement Saturday that Mr. Paulson "intends to use the powers that Congress provided it" in a law passed in July to keep Fannie Mae and Freddie Mac stable and functioning
http://online.wsj.com/article/SB122072588739407007... -
100%
purpleicon10 months ago
Thanks to the greed of wall street and mortgage lenders, combined with stupid borrowers who didnt think about arm rates going up, the American taxpayer has to pay it back.
Reply -
airwick1944Comment removed: User banned.
-
0%
palins_pal10 months ago
Does this surprise you? As long as you still have a job and can pay your bills and still have time and money left over for some fun you don't give a poop about what happens to anyone else...well guess what? Banks are going to continue to be taken over by the feds, the dollar will still decline to nothing, and people will continue to lose their homes. A lot of bad times are here and more is still to come. Who will you follow? Who will you look to, to take care of you...not the government, surely?
Reply
Add a Comment
Sign In With Your Propeller Account
Please keep your comments relevant to this story.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.