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The Fannie-Freddie “Conservatorship”
- Text size
Gretchen Morgenson and Charles Duhigg
The International Herald Tribune
September 7, 2008
The U.S. government’s planned takeover of Fannie Mae and Freddie Mac came together hurriedly after advisers poring over the companies’ books for the Treasury Department concluded that Freddie’s accounting methods had overstated its capital cushion, according to regulatory officials briefed on the matter.
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The proposal to place both mortgage giants, which own or back $5.3 trillion in mortgages, into a government-run conservatorship also grew out of deep concern among foreign investors that the companies’ debt might not be repaid.
Falling home prices, which are expected to lead to more defaults among the mortgages held or guaranteed by Fannie and Freddie, contributed to the urgency, regulators said.
The details of the deal have not fully emerged, but it appears that investors who own the companies’ common stock will be virtually wiped out; preferred shareholders, who have priority over other shareholders, may also end up with little. Holders of debt, including many foreign central banks, are expected to receive government backing. Top executives of both companies will be pushed out, according to those briefed on the plan.
While it is not yet possible to calculate the cost of the government’s intervention, it could rise into tens of billions of dollars and will probably be among the most expensive rescues ever financed by taxpayers. The takeover comes on the heels of a rescue of the New York investment bank Bear Stearns, which was sold to JPMorgan Chase in a deal backed by taxpayer dollars. The U.S. housing crisis already has cost investors and consumers hundreds of billions of dollars.
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September 7th, 2008 at 2:59 pm
Well there goes our tax cut.. Fits the picture kind of Well. Obama went on Oreilly a day or two ago and said that he’ll delay the TAX cuts if the country runs into a recession. WE ARE ALREADY IN A RECESSION YOU IDIOT!!! All this tells me is that these NWO puppets are really playing the game good. They Got A good smoke screen to blind the cattle and the majority of the American people are falling for it. WE are going to pay the Bankers, WE the hard working class people. oohhh whats the facking use nobody going to listen or do anything about it. Just going to look out for myself. Godspeed.
September 7th, 2008 at 3:03 pm
Like this wasn’t planned from the beginning! haha
Now that the Fed’s taken over, they’ll step in to take over a lot more, just wait and see. It’s all coming down and I’m glad I stocked up on everything!
September 7th, 2008 at 3:07 pm
Exactly Danny, people don’t wanna think about it, they wanna watch football and talk on their cell phone.
September 7th, 2008 at 3:08 pm
the council on forign relations must be stopped!!
September 7th, 2008 at 3:09 pm
cfr op
September 7th, 2008 at 3:12 pm
a friend of mien is dropping off a damage control buddy of his at the air port today going to new york guess who he works for fanny/Freddy. it looks to me that as farign trading begins they will pull all stocks of both companies and thats not all china Russia and any other country holding allot of US papers are going to dump them as the dollar plummets due to the buy out. I see a min dow close down 300-600 points and a max of 1200 or more mon-wen. its going to be deadly. let the ICBMs drop. within weeks
September 7th, 2008 at 3:14 pm
Obama and McCain were no-shows for the vote.
September 7th, 2008 at 3:19 pm
We have been paying the bankers ever since this nation started, because this natyion is still owned by the Virginai Company which is owned by the English banking system. We have been told from the beginning that we were free, but we are not, and each and everyone of us is apart of the USA Inc. sorry but we get what they feel we shyould get, votes do not count because that is the system.
Oboma is a puppet of the Illumanati, but he will not get in the white house, it is all planned and Mccaine can do what is needed for their agenda.
We are fucked, and I do not think we can wake up enough to really make a difference. I support alex, and others, but the sad fact is that this is a little too late.
The only thing we can do is stock up, and hope we can survive, and organize and take it back, but that is such a dream.
September 7th, 2008 at 3:30 pm
stop giving your money to the irs . if just 10000 people would tell them to go to hell thay would be out of bnss.
September 7th, 2008 at 3:42 pm
What will you do with your mortgages now ‘guaranteed’ by Rome? Hmmm.
September 7th, 2008 at 3:43 pm
Make sure and write in Ron Paul, now.
Take your stand.
Dont worry about McCain. Think of him as your grandfather, who takes all the money out of your piggy bank and puts it in a college fund.
Later to find out he fucked it off on cocaine and women.
September 7th, 2008 at 3:57 pm
This sucks…
September 7th, 2008 at 4:05 pm
SOVEREIGN BANK (BANCORP) IS A PREFERRED SHAREHOLDER AND IS HOLDING EMERGENCY MEETINGS RIGHT NOW.
Get your money!
September 7th, 2008 at 4:39 pm
nooks…knock… 1929 NWO stile… dear Lord please hold the nukes from the criminals
September 7th, 2008 at 4:49 pm
Freddy, Fannie, is the FDIC next
http://network.nationalpost.co.....n-yet.aspx
September 7th, 2008 at 4:55 pm
Money? What money?
September 7th, 2008 at 5:06 pm
One step closer to the facist empire “they” are building. Wake up Americans! Get educated and get involved! Take your sovereignty back NOW!
September 7th, 2008 at 5:22 pm
Do everything you dreamed of doing that you put off for the past couple years now if possible, in the next couple months leading up to the election and into the spring we’re all going to be living in a totally different world here folks..”Change we can Believe In” is actually right!
September 7th, 2008 at 5:36 pm
Anybody even notice that NOW the U.S. Government will ‘technically’ own all the properties that Fannie and Freddie have financed?? One step closer to the government owning ALL the land in the U.S. What are they going to do if you default? Send the IRS after you?? This is a slippery slope folks. Not to mention that our tax dollars are being used to bail out banks and foreign governments who bought their securities, OH! except for the average U.S. citizen who bought their stock, they get nothing. Just the bankers and foreign governments. I sure am glad I get to work everyday so I can pay for their wise business practices.
September 7th, 2008 at 5:40 pm
“Are we awake” is right – we ARE fucked. I’ve been saying (to the few friends who might get “it”) …stock up/save up, get educated, and don’t be surprised. This Fannie-Freddie bailout did NOT surprise me in the least. The goverment taking over more …. it will continue.
Education about the NWO and growing a coalition of resistance among friends, family, and acquaintances is really important.
Thanks to Alex and the site for running stories we won’t hear elsewhere.
September 7th, 2008 at 5:53 pm
Big fish eat little fish. BY DESIGN. Apparently, there is an “I” in team. lol
September 7th, 2008 at 5:57 pm
There’s no “I” in team but there is “ME”.
September 7th, 2008 at 6:15 pm
I need to start a LARGE scam company take millions in salary then rob it blind and turn it over to the government and keep hundreds of millions I earned. I need to think of a gov sounding name so the sheeple won’t know they are getting fucked. Has Federal Reserve been taken?
September 7th, 2008 at 6:20 pm
Folks,
It’s like this.
When a bank issues a loan, money is CREATED in a ledger and begins flowing in the US economy for the first time. When a borrower repays loan principal, money is DESTROYED, i.e. removed from a ledger and US economy for good. It’s that simple.
Moving on…
As more and more banks are forced to write down bad loans from their profits and capital, it restricts their ability to issue new loans (add money to the US economy to offset money destruction resulting from borrowers paying down principal on existing loans). In fact, in many cases, it prevents weaker banks from issuing new loans period.
At present, it’s apparently really easy to get say a $3,000,000 loan from a small, well-run bank for a sound business plan. However, if you need say $300,000,000 for a larger business venture, you’re simply out of luck for the most part because credit issue (money creation) at the big banks is tight, It is tight because banking law restricts the number of new loans they can issue based on capital and deposits on hand, which is SHRINKING!
Factoid: The 50 biggest banks in America control 80% of all bank assets. That leaves the remaining, smaller 8,500 with just a mere 20%!
You don’t have to be Dr. Ben Bernanke to know a rapid downturn in consumer spending, resulting in a glut of manufacturing inventories, and a general contraction of credit (money creation) by the Federal Reserve System IS what caused the first Great Depression.
So what do we have today? Answer: the SAME THING, only instead of the Fed causing a general contraction of credit, it is the commercial banks who are forced to do so due to escalating loan write-downs as the economy continues to unwind! What’s more, some banks are so worried, they have imposed additional restrictions on who can get a loan, i.e. only people with top credit rating and sizable and a sizable down-payment.
And if you think government stimulation checks work, think again. Reason being: the Government has to borrow money to issue them. Furthermore, many recipients are simply using the newly created money to pay down principal on outstanding loans, effectively removing (destroying) money from the System that can NEVER be reclaimed to offset the loan the Government needed to get to mail out the checks in the first place! In other words, it is completely counterproductive and will lead to more economic turmoil in the long run.
Understand. If a plan, as outlined by Lyndon Larouche Jr., is not implemented soon, the logical, snowballing progression of the current crisis will lead to failure of an increasing number of big banks. If this happens, the general population will begin to panic and cause major runs on the banking industry like they did in the Great Depression. Left unchecked, the banking system will collapse outright. Therefore, the Fed will step in and force a BANK HOLIDAY. At that point, NO ECONOMY for all intents and purposes. Also, all nations who rely on a hefty export market to the US to make up a large portion of their GDP, like China (10%), Canada (20%+) and Mexico (10%), will be thrust into the storm themselves!
Okay. So you still have a few bucks lying around your home to buy food. Problem. Employees generally don’t work when they know a paycheck is not forthcoming, i.e. a prolonged bank holiday. Better yet, perhaps they don’t even have enough cash on hand to buy gas to go to work in the first place! Result: the grocery stores close down.
Conclusion, if you don’t stock up on non-perishable food, guns and ammo when you still have an ability to do so, you are on incredibly foolish individual.
The Crash IS coming because the Government is knowingly (or unknowingly) doing the wrong things to stop the credit crunch.
And that boys and girls is the way it IS.
September 7th, 2008 at 6:58 pm
Lyndon Larouche Jr. is a NWO hack
GFY food for thought!!!!!
September 7th, 2008 at 7:10 pm
#24 food for… Excellent post , thank you . About the time I am ready to give up on the comment section.
Someone like you writes a post that is concise , informative , and well written . thanks again .
September 7th, 2008 at 7:12 pm
The latest news has the two top executives of Freddie and Fannie being replaced as this excerpt says,……..
(”The executives and board of directors of both institutions are being replaced. Herb Allison, the former head of the TIAA-CREF retirement investment fund, was selected to head Fannie Mae, and David Moffett, a former vice chairman of US Bancorp, was picked to head Freddie Mac.”
“Paulson was careful not to blame Daniel Mudd, the outgoing CEO of Fannie Mae, or Freddie Mac’s departing CEO Richard Syron for the companies’ current problems. While both men are being removed as the top executives, they have been asked to remain for an unspecified period to help with the transition.”)
Well, if we can’t blame the top guys in charge whom can we blame? They are supposed to be the responsible parties for those companies but we also know the FED has a big hand in this by printing money like it’s going out of style. The banks also are to blame since they were giving out loans to unqualified persons, loans that are impossible to pay back when they have a variable rate, which the banks knew what they were doing and what was coming. The government or the USA corporation is bankrupt and has been since 1878 and renews that status every 70 yrs so how are they to help those mortgage companies when the gov is more broke then them? This is just more consolidation of wealth while they rape and loot this country and it’s people all done by the corporation of USA. All corporations are insolvent but it is YOU the PERSON that keeps the corporations afloat under this admiralty of law or maritime law. They are getting ready to cash out their investments which are YOU the PERSON that was created at your birth when your Ma Ma signed you over to the state and created the straw man which the corporations need to have control over YOU. The best way out is a UCC1 redemption filing done with an international Bill Of Exchange through UNITRAL.
September 7th, 2008 at 7:19 pm
# 25,
PROVE IT!!!
September 7th, 2008 at 7:21 pm
<There’s no “I” in team but there is “ME”
there is also ‘meat’ and ‘eat’.
Make of that what you will.
September 7th, 2008 at 7:37 pm
At Freddie Mac, David M. Moffett, currently a senior adviser at the Carlyle Group, the large private equity firm, will succeed Richard F. Syron.
(source: NYT)
September 7th, 2008 at 7:48 pm
Hey Robert Johnson, I bet Im a better guitar player than you. just kidding
September 7th, 2008 at 7:52 pm
I’m sick and tired of hearing that the tax payer is going to bail out everything…..
In case all you morons who say this have no sense of reality, the TAXPAYER IS FUCKING BROKE so please tell me in definitive terms how THE TAX PAYER is going to bail out even my daughters piggy bank….
Ask the folks in Jefferson County Alabama why they can’t bail out that county??????????????
These morons in government / local are all going to looking for non-existent work when the property taxes are no LONGER BEING PAYED…
This country is fucked,,,, and most, if not all politicians should be behind fucking BARS……
If you want to feed cake to the pigs try waking up the American sheep…..
September 7th, 2008 at 8:01 pm
P.S.
How did your favorite football team make out today??
Atomic war with Russia certainly takes a FUCKING BACK SEAT TO THESE INCREDIBLY IMPORTANT ISSUES, YOU KNOW FIRST AND TEN ON THE FIVE….
I’ve just been informed that my application as gardener for the BUSH family in Paraguay has been approved after a long vetting process…
September 7th, 2008 at 8:23 pm
Re: Federal reserve been taken?
Its about as federal as federal express. What you see in your pocket is STATED in fine print as “legal tender”. Notice that it doesn’t say “lawful money”. Why? Because only coin is Constitutionally money for some smart people knew 200 years ago that paper is FIAT “currency” and is only the way of DECEPTIVE governments.
Bailout…bunk !! Its planned…we are on our way to totally nationalized banking, Why the people continue to APLOIGIZE for these people doing this TO THEM is beyond me! The recent “nationalization” of Freedie and Fannie is just another drop of water over the damn of federal expansion beyond a government of small enumerated powers. Those two SMELLED federal way back when.
September 7th, 2008 at 8:34 pm
Re: Taxpayer
There is a difference between a “tax” “payer” and a “taxpayer”. One if defined in law for governnmet as someone already liable for a tax. Can you tell which one? Yep…its the one-word version. Clever of government huh? Why paint a target on my back called “sucker of liability” for EVER declaring I was one of those!! Thus when government pamplets tell you, “The law is clear, all taxpayers must pay taxes.”….its a very very clever trick…for OF COURSE…they are ALREADY defined as someone liable!! Notice…all politicians talk about one-word taxpayers in printed form. Look in your 1040 booklet and find the one-word only. Look up “IRS MISSION STATEMENT” on the web and find out who the IRS serves. The question you must ask yourself is this: In a free society are you born into law for government definitions?
September 7th, 2008 at 8:45 pm
personally Russia, football… so what! I care more about the next episode of 90210 so we can find out who the father of Kelly”s baby is, which I know is Dylan.
September 7th, 2008 at 8:51 pm
A lot of people are purchasing tangible gold and silver right now but i believe that may be a bad idea. Ill give my reasons below.
1- If you go to any pawn shop right now you will see that there is an overabundance of jewelry available and that the pawn shop owners will not give you anything even reasonably close to what your gold and silver jewelry is worth. People who own things like gold and silver rings are selling them for hardly anything and the pawn shop owners are having a hard time turning around and even trying to make a profit. Even with Gold and Silver prices being what they are, in a real world situation you will not get what its market value is because theres just too much of it and nobody wants to buy it. All those people selling silver and gold bullions, coins and bars on ebay will stop finding buyers because nobody will want to buy once they find out they cant sell them for anything of value.
2-The U.S. could impose laws against the possesion of gold and possibly silver. After the great depression it was illegal to own gold. The government could easily do it again if it believes people are trying to use gold and silver instead of the governments form of money. I think the government has been keeping prices on gold and silver especially low (one reason i believe this is so that they can later confiscate them for a hefty profit).
3- Purchasing tangibles with a long shelf life will prove more valuable than anything else. If the economy collapses and 2 people are wanting to trade. 1 person has a can of food and the other person has a gold coin which is the more valuable item? The necessary item.
In the end purchasing tangible products is what I suggest as the best safety for whatever lays ahead. You can purchase cans of food that are dated to last atleast 3 years from the time of production and cans of food have been known to last much longer. You can purchase ammo, water filtration, canned food and other long term items and they will last against inflation and will be the most valuable items when it comes to trading. Because after all, the whole reason on purchasing gold and silver coins is to be able to later trade them to someone for something else of value.
September 7th, 2008 at 9:01 pm
They let all those middle class families fall right through the bottom. without batting an eye, they let thousands of investors, lose millions of dollars to robber barons. What ever happened to the strong survive, it is good enough for all us? If your cream, you float to the top, if not, your milk motherfucker, just like the rest of us. But I guess the American people are just fair-weather friends. This government doesn’t stand for anything but for themselves, and their quid pro quo business associates. The common man must face the music, but these assholes can run a company in the ground, and are rewarded, with a soft pillow to land on. I bet they didn’t consider cutting any CEO’s salaries, annual bonuses, or the slush funds, they hustled out the back door. I hope some regular joe who has lost everything, goes into their corporate headquarters and fucking executes every one of the shylock criminals.
September 7th, 2008 at 9:05 pm
When is this nightmare going to end?? Of cource it is sunday , not manny people listening what is going on! I grow up in a communist country, I can Tell you that was a peacefull picknic, just what is becomming here! Im so F’n. MAD! Im sick off those F-n Maffia!GOVERMENT?? And Shame –shame- all the sleeping and ignorant Americans. Im Fihthing for this country like i was born here and all around me the rednecks look at me like I am a fricken crazy , One guy ask me when i’ll move back to my country?This is totally a warr agains the PEOPLE, The sad thing is even my frieds dosn’t think is that- “not so BAD” I just try to adjucate Who ever i meet, but Im tierd- somethimes I think every body deserve this, what is comming! But again nobody who is in this site and reading this. God be with us, because nobody alse will,,,,
September 7th, 2008 at 9:26 pm
#39
God is in no mood to bless anything American…..
He will not save us…
#35
I understand the distinction between Taxpayer and Tax Payer as I have been studying this since I first met Erwin Schiff in 1981. I’ve had three cocktails and really don’t feel like explaining these distinctions..
You are correct in the legal sense . but who in this government gives a fuck about legal imperatives…
P.S. I’ve employed the FUCK word frequently tonight as I find it therapeutic when drinking..
September 7th, 2008 at 9:30 pm
Funny how Wall Street wants privatized Profit. However when the business fails they put the loss on the taxpayer. Capitalized wealth, socialized loss. That does not seem very fair to me. They should reap the rewards of their work. May be that way they can learn about welfare intimately.
September 7th, 2008 at 9:31 pm
yeah the free market is history
September 7th, 2008 at 9:37 pm
Henry Paulson the kind of guy that would steal a fucking payphone….
September 7th, 2008 at 11:10 pm
Lifted from The Larouche PAC site;
September 7, 2008 (LPAC)–Economist and statesman Lyndon LaRouche has denounced U.S. Treasury Secretary Hank Paulson’s `unlimited’ bank bailout announcement today, as “tantamount to treason” against the United States and its Constitution. Paulson’s action completely confirms the warning of the Lyndon LaRouche Political Action Committee–ever since authorization of this Federal bailout action was demanded by Paulson in July–that the Treasury is not assisting Fannie Mae or Freddie Mac; it is using them to pass through a huge new taxpayer bailout to international banks holding Fannie and Freddie and other mortgage securities. These banks are being aided by the Treasury in postponing the inevitable write-off of trillions in worthless securities, which would expose their bankruptcy. The bailout will not work, except to worsen the ongoing financial crash.
Paulson announced at 11:00 a.m. the government takeover of Fannie Mae and Freddie Mac until the end of 2009, and the “unlimited” bailout by the Treasury of Fannie and Freddie securities held by banks.
Both Republican John McCain and Democrat Barack Obama announced they backed the bailout.
Paulson refused to name a figure for the bailout over any time period: Both the new capital being put into Fannie and Freddie by the Treasury, and the Treasury “Secured Credit Lending Facility” opened up to them, are open-ended and unlimited (except by the current U.S. Federal debt ceiling). Worse, Paulson announced that the Treasury is mandating the two government-sponsored enterprises to use this Federal credit line to buy more, riskier toxic mortgage-backed securities (MBS), and more subprime and undocumented mortgages, through the end of 2009, than they have been buying in 2008.
Worse still, Paulson announced the Treasury itself will start buying MBS directly from Fannie and Freddie, whether issued by them or bought by them from investment banks.
A more transparent bailout of $2 trillion of Fannie and Freddie MBS held by banks and financial funds, and of lenders of mortgages guaranteed by Fannie and Freddie, could not have been proclaimed. Paulson’s announcement even extends the “secured lending credit facility” to the Federal Home Loan Banks as well, although no one had reported them to be “in crisis” like Fannie and Freddie; some of the Home Loan Banks have been throwing huge bailout loans at bankrupt subprime mortgage lenders like Countrywide Financial.
September 8th, 2008 at 12:05 am
Should I pass, run or kick a field goal – Oops sorry! Another football fan! Here we are at the precipice! Fannie, Freddie, Bear Stearns, 11 banks to date (notice that they do these takeovers Friday night or on the weekend – because we are too stupid to notice and God forbid we upset Wall Street) with another 79 banks to go. It is going to get worse – so just sit there and watch Dallas vs. Cleveland and drink another beer. Don’t you love it. We deserve this and the NWO and its hacks are loving it because they know we are too cowardly and powerless to face them.
We don’t have much time – we may need to rise up in arms. If not, lay down and be raped again and again. We have the power with God’s guidance and will to stop this once and for all. It starts here in America. Get ready, get strong, get smart and be awake when the call is made!
Gracas a Deus para tudo!!!!
September 8th, 2008 at 12:09 am
Ditto I think they will only have there power a very very short time. Jesus will take back this planet along with his 144,000 warriors and will kick every alien/demons ass in this galaxy like jedi knights! Let the seventh seal be opened, I have nothing to fear!
September 8th, 2008 at 2:15 am
The US Government has taken over Fannie Mae and Freddie Mac.
It is interesting that a so called Government bails out Company’s but not the individuals that is filing for bankruptcy.
What kind of Government put’s Company’s (profits) ahead of the people ?
This is outright stupid
September 8th, 2008 at 5:30 am
The next step will be the purchase of these entities by ’sovereign funds’…then you are right back to pre 1776. All roads lead to Rome…
September 8th, 2008 at 5:30 am
There it is ……. the death of America.
Posted: this property under new ownership…… no unauthorized priviledges of the following permitted. guns, knives, smoking, twinkies, sex, talking, thinking, reading, cooking, drinking, or swearing. power will be turned from @ 6am – 7am and again from 8pm-9pm only. If heat and/or hot water is required during these times a permit maybe applied for at your HOA monthly energy council meetings. Clothes maybe washed twice per month with buckets provided. any violation of this priviledge will be dealt with harshly. Soup kitchens will be open from 5-7pm nightly for your nutritional needs. All rent payments will be with-drawn automatically from your “wages”. As a priviledge for “right behavior” a community movie will be provided after sunday worship..
ask not what your country can do for you…….. ask what you can do for your country…….
show your patriotism by asking your block enforcer about early extermination……. for a greener & cleaner community.
frak me America……… Atlas has Shrugged ………. I hope your happy!!
September 8th, 2008 at 6:12 am
HEROES
http://www.youtube.com/watch?v=VeDSAcegfU0
September 8th, 2008 at 8:07 am
Another finger in a dike that’s bound to break. Gives us more time (and another clue) to get ready. If you haven’t started yet, as others have said here, this gives you a chance to get on that before it’s too late to really have any effect on your prospects. They can only do this so many times, then Humpty Dumpty (aka Babylon?) falls. Get ready!
September 8th, 2008 at 8:29 am
All we are witnessing with the Feddie and Fannie takover is the federalization of EVERYTHING monetary in the USA. This will absolutely be the the most expensive rescue ever financed by U.S. taxpayers.
Here’s a quote from the new movie “An American Carol.” “I love America, that’s why I’ve got to destroy it.” Is this joke supposed to be funny? I’m not laughing.
Have faith in the LORD like a little child. This old world is in spiritual warfare.
September 8th, 2008 at 9:49 am
Is this Corporate Welfare?
Is the Bush family somehow connected? Just asking…
And what about the homeless? Is Bush blaming them now?
Not one word on our fearless leaders & what they are doing
to help the average American…
September 8th, 2008 at 10:19 am
rick (#41) said:
“Capitalized wealth, socialized loss”
that, my friends, is the tale. this is the style of our “elite”, and the exact reason why the “two-party system” and its “left-right paradigm” a) exists, and b) is horseshit.
the real movement, the real fluctuation, is between liberty and totalitarianism. to see otherwise, to believe otherwise, is to be blinded.
now, the destruction must occur unfortunately. pain must happen; thing must get worse before they get better. it will not be easy. when it is over, if the light ever shines again, if liberty ever exists again, it is imperative tht americans found everything they do on the principles of liberty and be ever-watchful against tyranny and greed.
we now enter into a period of paying the price of our laziness and inattentiveness and apathy. may the fat of our bellies feed us well.
September 8th, 2008 at 1:15 pm
The Fannie and Freddie ‘bailout’ just goes to prove, beyond a shadow of a doubt, that the U.S. is neither a democratic constitutional republic nor a capitalist nation.
The U.S. is copntrolled and ruled by a global totalitarian oligarchy organized like a vast criminal syndicate like the mafia, and with the same basic purpose. The oligarchy is a ‘good ole boy’s club’ characterized by an incestous relationship between governments and global corporations and banks.
They control the central world banks and global money system, and so they control us….
September 8th, 2008 at 1:48 pm
Everyone should read the book, “The Creature from Jekyll Island”. Then everyone would know how the Government, the Fed, and the international bankers use the security of the American people and the stockholders to do the Evil they do.
September 8th, 2008 at 1:57 pm
they are approximately 7 years from establishing complete control and the people don’t even know it. possibly sooner with the technology they have and the fact more people are waking up and that just complicates their plan even more. alex warns of false apparitions in the form of holograms so if you think you saw jesus or aliens you may want to keep it together. you may be tricked into worshipping the beast.
September 8th, 2008 at 2:13 pm
Hey, how do I get a blank check from the government backed up by the U.S. taxpayer? I got a few business ventures that, well, they might be a little risky, but what the hell…
If we have a welfare state for the rich, then how do I get in on the deal???
But, of course, you or I will go to jail if we “cook the books,” cause we ain’t part of the “club.” If you belong to the club, though, you get a license and blank check to rob the taxpayers!
Wonder if they ever heard the story of the goose that laid the golden egg? What the hell, let’s all boil the goose and eat up!!! Eat, drink, and be merry, and tomorrow be damned…
September 8th, 2008 at 3:14 pm
#54,
Rock on man! There’s a really big “white and blue elephant in the room.”
Problem is, nobody can see it except for us fellow Infowarriors!
Who’s got the Elephant Rifle when you need it, hey?
!Viva la Republic!
September 8th, 2008 at 8:49 pm
i found this shit amusing read it you’ll wanna puke with joy
Mortgage rates drop after Fannie, Freddie takeover
By ALAN ZIBEL, AP Business Writer
4 HOURS AGO
WASHINGTON – Mortgage rates fell sharply Monday, as investors reacted to the government’s takeover of Fannie Mae and Freddie Mac. And that’s exactly what homeowners like Jim Chereskin had been waiting for.
Chereskin, who lives in Naperville, Ill., took out an adjustable-rate loan in 2003 and has been worrying about how much his mortgage payments will rise once the loan resets to market rates in about 18 months.
“I don’t want to have to worry about it anymore,” said Chereskin, who expects to switch to a fixed-rate loan as soon as this week. That way, he said, “I can sleep at night and I’m good.”
The government’s takeover of Fannie Mae and Freddie Mac _ mortgage titans that own or guarantee about half of all U.S. mortgages _ will help borrowers who had been nervously waiting for the best time to get out of the adjustable-rate mortgages they took out during the housing boom.
But it will do little to stem the dramatic rise in foreclosures. And so far, the government’s other programs to assist distressed borrowers in refinancing have had minimal impact. And that has consumer advocates calling on Fannie and Freddie to do more.
The average interest rate for a 30-year fixed rate mortgage dropped 0.3 of a percentage point to 6.04 on Monday, according to HSH Associates, and are expected to decline a little more in the coming weeks.
Paul Lueken, president of 1st Advantage Mortgage in Lombard, Ill., received an influx of calls Monday morning from Chereskin and other consumers who were wondering how the government’s actions would affect mortgage rates. Lueken’s message to those borrowers: Pay attention, because rates are “starting to move in your direction.”
While it’s nothing like the refinancing boom several years ago, Monday brought a rare moment of optimism in what has been an excruciating year for mortgage lenders, mortgage brokers, real estate agents and homebuilders.
“It’s going to restore confidence…with a lot of homebuyers that are right now sitting on the fence,” said Jim Gillespie, chief executive of Coldwell Banker Real Estate.
The government’s actions “should make it easier for home buyers to find and qualify for a mortgage,” said Timothy Eller, chief executive of homebuilder Centex Corp.
Mortgage bankers and brokers also are hoping the government will eliminate or reduce fees that the Fannie and Freddie have been charging lenders to protect against increased losses from mortgages they own or guarantee.
Those rising fees have frustrated many in the industry because they are squeezing out some borrowers. Lenders typically pass them along through higher mortgage rates or higher upfront costs.
Still, it remains to be seen whether Fannie and Freddie _ under government control _ will be able to do more to prevent foreclosures.
The companies already have increased payments to loan servicers _ companies that collect mortgage payments on behalf of Fannie, Freddie and other lenders _ to encourage them to help more borrowers work out their loan problems and avoid foreclosure.
John Courson, chief operating officer of the Mortgage Bankers Association, said that new leadership at Fannie and Freddie will provide an opportunity to review foreclosure-prevention practices. “Are there ideas that we can come up with that might be better and more effective?” he asked.
Consumer groups were already urging the government to place more pressure on Fannie and Freddie to aid borrowers in trouble.
“Since we are using tens of billions of dollars to bail out entities engaged in these lending practices, it’s time for the nation to demand those same entities fix it by restructuring loans and avoiding the further demise of the housing market,” said Bruce Marks, chief executive of the Neighborhood Assistance Corporation of America, a Boston-based group that helps troubled borrowers.
On Wall Street, though there are fears that lawmakers and advocacy groups will push Fannie and Freddie into more financial troubles by being too lenient on borrowers facing foreclosures.
“Now you have people who are running the companies who interests are not aligned with the shareholders, but are politically aligned,” said Doug Dachille, chief executive of investment firm First Principles Capital Management in New York.
More legislation to help borrowers avoid foreclosure appears unlikely until next year at the earliest.
President Bush earlier this summer signed a bill that aims to prevent foreclosures by allowing an estimated 400,000 homeowners to swap their mortgages for more affordable loans, but only if their lender agrees to take a loss on the initial loan.
The Bush administration also has expanded guidelines for the Federal Housing Administration, which backs loans to borrowers with poor credit and small down payments. But that program has helped only a tiny number of borrowers who are actually behind on their mortgages.
Of the 356,000 borrowers projected to use the government’s refinance program through the year ending Sept. 30. _ about 1.5 percent, or about 5,000 consumers, are likely to have been delinquent. The Bush administration says borrowers are taking advantage of the program before they fall into delinquency and notes that the program was expanded over the summer to allow more delinquent borrowers to qualify.
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