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Fannie Mae, Freddie Mac Bailout Set - Mortgage Mess


US Politics & Gov't  (tags: fannie mae, freddie mac, government bailout )

Marion
- 3575 days ago - msnbc.msn.com
The Times described the plan as effectively a government bailout that could cost taxpayers tens of billions of dollars and would be among the largest rescues in U.S. history.



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Comments

Marion Y (322)
Friday September 5, 2008, 7:35 pm
Scandalous. This is what caused the Dow to drop yesterday. With other banks predicted to fail, the government cannot afford to bail out very many more.
 

Marion Y (322)
Friday September 5, 2008, 7:36 pm
Has anyone every noticed the worst news is dropped on a Friday evening when no one is noticing? This is no accident.
 

Joycey B (750)
Friday September 5, 2008, 7:51 pm
This is horrible. What next. Thanks Marion.
 

Linda H (199)
Friday September 5, 2008, 8:00 pm
This is terrible I can see where it can happen but surely they had a clue! It is going to be us paying! Thanks,Marion!
 

. (0)
Friday September 5, 2008, 8:06 pm
Fiddling while Rome burned! Let's hide it, and maybe it wll go away? My eyes are covered, and that means you can't see me -- right? Let's just throw money at the problem, that should do it? = Bernanke Administration!
 

Marion Y (322)
Friday September 5, 2008, 8:26 pm
This is only the beginning. Brace yourselves. As Robert said, "Fiddling while Rome burned..." The government, banks and media have known this would happen. On the one hand, they don't want to alarm us because chaos WILL ensue with runs on the banks, hoarding and panic. On the other hand, they wouldn't tell us anyone so they can continue to milk us to the bitter end. This is what happened in 1929 during the Depression. One day it was business as usual, the next day folks went crazy and found themselves standing in soup lines.

These are signs. Big neon signs. The flags are waving. We need to get in gear and prepare for what will come. It's not IF, but WHEN. Bush will keep our system going until December/January when he unloads his shipwreck on the next president. Over 2000 banks could fail, but 100-150 predicted to actually go under.

http://www.lifeaftertheoilcrash.net/BreakingNews.html
 

Past Member (0)
Friday September 5, 2008, 9:23 pm
Horrible. Noted.
 

Tim Redfern (581)
Friday September 5, 2008, 9:27 pm
Marion, the worst news is ALWAYS dropped
on Friday evenings. That's been going on
for decades, that I can remember!
Thanks, noted.
 

Rod Gesner (60)
Saturday September 6, 2008, 1:09 am
The Most Corrupt Banks Will get Assistance;
as they are a Sanctioned active part of the Looting of the Treasury;
and Deserve a Second influx of OUR money.....and the Rest will Be Left Holding the Empty Bag as every body with an overseas Escape Plan Escapes While the New owners of America Who Bought it on the Bancrupt By Extortion The Make the Note holders an Offer they Can't Refuse Imperialism Takes over All The Pitifull Starving Debtors and former Middle Class Home owners;
Remember They Caan't Call it Slavery if You OWE Money;
or Are "Guilty" of Some of the Many Drug/Herb/Medicine, Cultural and Religious Freedom related "CRIMES" that have Been created to
enslave all those that Didn't Sell thier Souls to the Credit industry....
 

Pete Conrads (91)
Saturday September 6, 2008, 2:07 am
Good Times, thanks Marion
 

Eternal Optimist (115)
Saturday September 6, 2008, 8:08 am
Noted with thanks Marion. May be a good time to hide your money in the mattress, again.
 

Marion Y (322)
Saturday September 6, 2008, 9:44 am
Rod, Exactly. I've been saying for years we're all slaves unless we're in the top 1-2% of the wealthy. That's anyone earning less than $250k a year. Even then, if a person has lots of debt, that bar goes higher. This is why everyone should have paid off all debts, because the government will not let us get off.

Thank you all for your comments.
 

Stephen Hannon (203)
Saturday September 6, 2008, 9:55 am
Noted, thanks Marion. Did anyone expect anything different with our government bailing out their buddies; while they let ordinary Americans holding the bag from loans made by predatory lenders?

Our wonderful government always drops the bomb on Fridays because they know it will receive very little attention. The average wage earner has his mind on getting a cold one on the way home at the end of the week, that is if they don't have to work on Saturday or Sunday to keep the wolf away from their door.

This government sucks plain and simple, and could care less about the mortgage crisis that millions of homeowners are currently faced with.

A woman in Boston whose bank was going to foreclose on their home took their plight to the streets of Boston and raised hell. They got the media attention they deserved to get the attention about what's going on that millions don't. Way to go Boston...
 

Past Member (0)
Saturday September 6, 2008, 10:24 am
Noted and thanks Marion !
Remember when they were telling us that although they wanted government to sign an agreement to take over Freddy Mac and Fanny Mae if they were to go under that they didn't expect it to happen it was just a procautionary measure .LIARS ! Now our children and grandchildren will be in debt to their eyebrows paying for this mess in high taxes.But the Republican's don't raise taxes on the middle class and working poor now do they ,,isn't that what they say that its only the Dems that do .
Well if we are to pay for this with our tax dollars then we all should be share holders too !
Not that shares would be worth squat !

If their are still some people that believe the Republican party stands for conservativism they haven't been paying attention ! Trillions of dollars in debt to China for the never ending war in Iraq ,taxes raised on citizen's to bail out the big bankers while we already suffer from the high cost of oil ,gas and food .There will be no middle class in this country we will all be poor and without jobs unless we get someone with a brain in the White House to straighten out our government and that someone is not a 70 year old man with questionable mental stability and a fundimentalist zealot who takes her bible literally !
The sleepers ber wake up soon or they will find themselves in a mess they couldn't imagine possible in the great USA !
 

Past Member (0)
Saturday September 6, 2008, 10:32 am
Marion I agree! Nothing has changed since the Barons owned everything and the serfs worked for them.We are the serfs working hard and taxed to death working for this government while they give the lions share to themselves and the Big corporations who actually run this government !
That has to change or else as time goes on things will become even worse for everyone of us who aren't in that top 4%.
 

Past Member (0)
Saturday September 6, 2008, 10:36 am
Wow ! Can you imagine what could happen when China and Japan get wind of this ? They just might decide to call in their loans and then we would be worse off than the depression of 29 !We don't have trillions of dollars to pay off that dept with two wars costing us trillions !
 

Past Member (0)
Saturday September 6, 2008, 10:42 am
Yup Stephen us yankee's don't take things lying down !
 

Marion Y (322)
Saturday September 6, 2008, 11:32 am
Thank you, Linda. I agree with everything you've said. Americans have been screwed big time. I suspect this will be worse than the 1929 Depression because we don't have jobs here to regroup as they did back then. Not only are we trillions in debt, but Iraq is costing $10-13 billion a month, plus additional outlays for Afghanistan and the new Iran War. These illegal wars could be getting us out of debt and on to recovery. But no, the neocons are sinking us further and sending us, our children and grandchildren the bill.

Mainstream media is saying little about this. Hurricane Gustav and Hannah, McCain's "great" VP, lower gas prices and other nonsense are filling the airwaves today. We're in a mild recession and expect full recovery soon. So everyone go out and spend, spend, spend. McCain will be your glorious president so the slavery can continue as we drill, drill, drill.

Stephen, I agree...this government sucks! Thanks for your comments.
 

Wendy Audette (3)
Saturday September 6, 2008, 4:35 pm
His IS a horrible situation. But nobody is mentioning the part that the lenders play in the big picture (and I'm not talking about Fannie and Freddie). We have been victims of predatory lending by a major lending and we're still not sure if we will be among the ones that will circle the drain....all because they have power and they're greedy, not from anything we did. Yeah, attornies can help, but it takes years to actually complete the allegations cleanup and make them accountable. By then the average consumer has already sunk. And yes, we are trillions of dollars in debt to China and other countries, and believe me, our financial status in this supposedly "wealthy" nation is no secret. The whole world knows. It's all very scarey to me....
 

Edwin Purcell (178)
Saturday September 6, 2008, 7:23 pm
The new world order. The entire world including the US under the control of one small group of mega mega rich. No more middle class. We will all work to put money in their coffers........at least that is their plan
 

Edwin Purcell (178)
Saturday September 6, 2008, 7:24 pm
The Bushco have bloodsuckers have drained the country dry.
 

Jevan S (0)
Sunday September 7, 2008, 12:18 am
I'm not at all surprised that they've decided to nationalize the two biggest lending institutions in the country. After all, those institutions "own" all the properties for which they hold mortgages, and it's pretty obvious by now that the US government is after complete control of everything, no matter the cost. There won't be any salvaging of this disaster until after it's crashed and burned, and even then it may not happen because the richest of the rich will own even more than they had before.
 

Sandra Barringer (119)
Sunday September 7, 2008, 6:28 am
Marion is right on. This was planned a long time ago -- the raping and pillaging of the USA. We have been the "golden goose" and their greed is so deep that they can't resist taking it all and killing the goose altogether. That qualifies as insanity.
It looks to me as though these criminals intend to totally destroy the earth and make it uninhabitable for anything living, except, of course, they think they will survive. Their religion, money, can buy them out of every situation, right? Another clue that they're not quit as bright as they think themselves to be.
And, in addition, I think they believe they have the serfs and slaves nailed-down so that they can't fight back. Wrong. My Mother lived through the Great Depression and told me some history that has been "santized" from the history books. When the people lost their jobs, savings, and homes, and had nothing left, they hit the streets and rioted and tore up the property that belonged (now) to the rich. They knew who the enemy was that screwed them over, and they fought back in the only way they had left. That's why the government finally instituted programs to put people back to work, before the rioting people totally destroyed the rich folks property. -- If the current pack of robber-barons think they're going to walk away without a scratch, they're dead wrong.
For instance, they did a job on themselves when they talked people into the ARMs, knowing they couldn't pay after the rate adjusted. But, they thought they had gold-mine because they could repossess the house and sell it for a profit since they assumed that it would continue to increase in value. Instead, the prices of houses on the market are dropping like a rock, and these bright planners are losing billions. (Of course, they think they have a check-mate for that problem in that the tax-payer is now on the hook to pay for this mess. --But, when everyone has no job, and the taxes are no longer rolling into the treasury, getting paid is going to be a non-starter. Another of their stupid moves!) They shot themselves in the foot. Bright, huh? I don't think they as bright as they consider themselves to be and do not understand the severe consequences of the pillaging they are now doing. Once the citizens finally wake-up, these criminals' lives are forfeit; there will be no place they can excape to.
 

Connie M (8)
Sunday September 7, 2008, 8:45 am
This is a true sign of what our lenders in this country has been allowed to get away with. This current housing crisis is the fault of lenders and Wall Street's greed. First they decided they needed more money so they allowed the creation of new financing, which if it had of been treated correctly it would have been a good thing, now they have tightened up the financing so people cannot get loans. They are responsible for destroying the American Dream of homeownership. These lenders are not working with the public, despite the media stating so. There are also blacklisting properties which is illegal. It appears they can do just what they want. A moratorium on all foreclosures should have happen at the start of this. They should be forced to write down loans and all lenders should only be allowed to have 5.25% rate for the time being. I am talking about all current loans and upcoming ones. I have fought real estate fraud for over 4 years and the stories I could tell. Unreal, what goes on in this country with real estate. Many friends have lost their jobs in this industry, I personally lost a lot of money, many families are being displaced and all due to greed, mismanagement and fraud. Now we will be facing more joblessness, a poorer economy, more foreclosures, more homes destroyed by lenders not taking care of them, lower home values, and the loss of the American Dream. How much more do we have to lose before we start fighting back.
 

Connie M (8)
Sunday September 7, 2008, 8:51 am
We, slso need to call the three credit reporting agencies to task. It was briefly mentioned then was dropped from the media. The errors these companies make consistantly is unreal and unfair. If they respond to you, then you here I don't seem to have a file on you, yet they have been reporting errors on you for years. Talk about mismanagement!
 

Marion Y (322)
Sunday September 7, 2008, 9:38 am
Edwin and Jevan...I agree. During the '29 Depression, resources were consolidated from the poor and the wealthy bought up land, homes and businesses at bargain basement prices. If the NWO plan succeeds, the elites would carry this same scheme out on a worldwide basis.

Sandra...Your mother was right about the poor rebelling against the rich. It will happen again, only it will be more dangerous for the poor since the government has guns, toys and groups like Blackwater to protect the rich. There would be many lives lost this time, but (I think) the government and elites would be shook up and have to respond to the citizens' needs.

There are other scenarios that can happen like another country invading the US because we are vulnerable. I hope that never happens. But this is the unstable situation BushCo has put us in. If that were to happen, we can look at Iraq as a reference. We've created enough enemies who might want to teach us a lesson in domination and control.

Connie...I had no idea about the corruption in real estate. So the lenders and financial groups get bailed out and we pay for it. How's that for getting screwed twice? In my city in central California, we had a building boom for the past 10 years. Right now, I'm one of two residents left on our street. For miles around, we have foreclosure after foreclosure. It's like a ghost town. Brand new homes. Empty. Scandalous.

Another major problem has been the creation of paper money that isn't backed by gold. It was fine when everyone was buying and keeping the economy rolling along. But consumers are holding back and now the Feds aren't being held accountable for this monopoly money in circulation. Guess who pays for that too? What a web of a mess we're in.

Good comments everyone.
 

Deborah Hooper (59)
Monday September 8, 2008, 9:50 am
Unconstitutional - read your constitution, it contains the privileges we let government have, and it contains a list of things they can't do. Business bailout isn't one of the privileges.

If like me it's been a long time since high school and/or college here is a refresher course on the Constitution, it's very good, free, online, and all documents referenced can be found online too. You can't defend your rights if you don't know them.
 

Marion Y (322)
Monday September 8, 2008, 9:59 am
Deborah...I had no idea bailouts are unconstitutional. That makes sense if the burden falls on taxpayers. These organizations should just fail and bite the bullet.

* This F & F bailout is going to cost US taxpayers $500 billion to $1+ trillion.
* This is nothing more than a temporary bandaid.
* It does nothing for the housing market or other financial groups.
* There will be little if any political fallout from the bailout nationally.
* There will be further loss of U.S. influence - which will hurt us gravely.

Thank you for these links and information. I will be brushing up on the constitution today.

 

Past Member (0)
Tuesday September 9, 2008, 8:43 am
Debra is right ! This is taxation without representation and its illegal ! But then again what has the Bush administration done in 8 years that has been legal ?
 

Marion Y (322)
Tuesday September 9, 2008, 9:18 am
I agree Linda and Deborah. If the Constitution is not being upheld, if the Bill of Rights is being trashed, it seems we are no longer a democracy. Then what kind of government are we living under?
 

Sandra Barringer (119)
Tuesday September 9, 2008, 9:31 am
Marion Y. (123)
Friday September 5, 2008, 7:34 pm
Scandalous. This is what caused the Dow to drop yesterday. With other banks predicted to fail, the government cannot afford to bail out very many more.

Marion,
Now, they are considering that they may have to bail-out the Big Three auto-makers since they're sinking like a rock. This is a bail-out that would benefit my Mother since she has a GM pension which could vanish any time. But, I'm still not in favor of bail-outs for corporations to begin with (it is unconstitutional), even if it does devastate our financial security. The corporations and the government have become one. This is fascism. Let them all fail. In any event, we're going to suffer chaos, bail-outs or not. If they are allowed to fail, we will get rid of the incompetent, greed-driven managers and start from scratch, which is what is needed. A big bang-in-the-butt of suffering reality may knock Americans back into fuctioning as independent and self-reliant people once again, not depending upon anyone for anything, especially an over-grown government that sees us as serfs whose only purpose is to feed them with tax-money and anything else their-highnesses might desire. (Our Founding Fathers are spinning in their graves!)
It's common knowledge in the world community (excluding brain-dead America) that the bail-outs won't work. The problems are pervasive and worldwide, and the fixes are too little too late. These cretans in Washington -- who pretend to try to be fixing the problem-- know this; they're just completing the final raping of America. But, they don't comprehend yet that this is going to be their death warrant. They are going to be the target. And Blackwater and its kind will now be enough to control 300 million enraged Americans. Yup, some of us are going to die; die laying down whining about the situation, or standing up and fighting. Take your choice.
 

Marion Y (322)
Tuesday September 9, 2008, 10:54 am
Sandra...I hope your mother keeps her pension. But yes, I agree we need to let these financial institutions fail so the system rights itself. We're going to pay anyway, but if we keep bailing them out, we end up paying longer.

You mentioned the death warrant for the powers in charge. I hope it's not too late for Americans to wake up and demand accountability. Our banking system, The Federal Reserve, is nothing but a corrupt cartel run by bankers, not run by the government as many would think. People need to understand we are living our lives with Monopoly money, and one day the notes will be called in and our system will collapse. Here's some great information on this:

Brief video on Federal Reserve System
http://www.youtube.com/watch?v=ZWKlz2Z4Nlo

The Creature from Jekyll Island: The Federal Reserve
The secrecy behind the Federal Reserve
http://www.bigeye.com/griffin.htm
 

Blue Bunting (855)
Thursday September 18, 2008, 4:56 am
John McCain: Ha ha, google “bank collapse McCain” and you will find some fun results that old Walnuts had hoped were forgotten forever, because who remembers boring things like the Savings and Loan apocalypse or the Keating Five? Also, one of his sons just fled the board of a failed bank in Nevada!

Phil Gramm: Hateful old banking industry Texan crook was/is John McCain’s Economy Czar. He’s the one who called America a “nation of whiners” for being sad because of the New Depression. He also sponsored the deregulation that created the financial collapse. Gramm is also a vice-chairman at UBS, which is about to collapse, too.
 

Sandra Barringer (119)
Thursday September 18, 2008, 9:39 am
Blue Bunting wrote: “He's the one who called America a “nation of whiners” for being sad because of the New Depression.”
Geez, girl, don't ya know that we're not even in a recession yet, according to the broadcast news!
Or course, in my neighborhood and city, we all know it's a depression. Even our neo-Con trained city leaders have to admit this now. They have all these plans for building high-rise condos (when what we really need is affordable housing people can afford to buy and maintain), supporting the golf courses with tax money because they aren't profitable of themselves (which are use by only the top 13% of the population—those who have money to play with), supporting the local boat club (again the top, rich element of our city), while they complain that they can't afford to cut the grass in the local parks where the neighborhood, poor and middle-class children play. They are discovering that they tax income is no longer there for their pie-in-sky ventures and they are having to readjust their budget. They have to do this adjustment because the city laws require a balanced budget. Boy, does this hurt the feelings of neo-con led city “leaders”! They're not accustomed to balancing a budget. “The money has always been there!” This sounds like whining to me; whining of rich brats who have never had to do without.
Our neighborhood: Every house was once occupied. Now, after the Bushco raid, three or four houses on every block are vacant, either because of foreclosure or because the residents had to find work out of town/state and can't sell the house they left behind.
And, the homelessness rate? Up, up, and up!
 

Marion Y (322)
Thursday September 18, 2008, 9:49 am
Sandra and Blue...everything you both said is right on.

Economic Depression: 2008 = 1932?

"If our conservative brothers and sisters had so much as a remedial knowledge of the history of their once-great nation, they would know the answers to some [basic] questions. They would also know that every time the "plutocracy" (as the loony right wing was called in the good old days) seized control of all three branches of their government, they ran this country right into an economic ditch. That is not just my opinion, folks - that is an undeniable historical fact! LOOK IT UP!"
http://www.alternet.org/blogs/peek/99086/

Only a Roosevelt-Scale Counterrevolution Can Prevent Great Depression II
 
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