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Thread: Freddie Mac seeks further $10.6bn in US aid

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    Re: Freddie Mac seeks further $10.6bn in US aid

    Quote Originally Posted by PeteEU View Post
    Yea let em fail, and watch 60%+ of Americans get forced out of their homes. Long live the rich, screw the middle class and poor!
    Until they've paid for them, they are not their homes.
    Just as illegal aliens are not legal residents.
    Just as a car isn't yours if you quit making payments on it.

    For those that can't afford to buy, there is always renting.

    And the government's intervention into the housing market has made the housing market unpredictable for investors.

    Who is going to scoop up homes, turn around and rent them out, when the government it bailing out people who bought too much or shouldn't have bought at all?

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    when you have NO MORAL COMPASS.

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    Re: Freddie Mac seeks further $10.6bn in US aid

    Quote Originally Posted by Morality Games View Post

    Yeah. Just make conservatives do it so I can watch them squirm.
    Ah, yes, the liberal voting mentality summarized in 12 words.

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    Re: Freddie Mac seeks further $10.6bn in US aid

    1. f&f are EXEMPT from dodd's deal

    2. real estate analysts are expecting FOUR POINT FIVE MILLION more foreclosures in terrible 2010, UP SIXTY PERCENT over awful '09, the year of sorrow, the year of obama

    3. MORE THAN HALF who received HAMP, mortgage modifications, have already REDEFAULTED

    4. obama's answer---more of the same

    5. the eu's answer to greece---more of the same

    6. greece's response to the eu---drop dead

    7. more of the same---TODAY fannie wants 8.4B

    8. on christmas eve obama's treasury arranged for a roofless reconstruction of the f's, the previous cap had been 400B

    Housing market's recovery appears at risk - Boston.com

    Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg.com

    Europe Crisis Deepens As Chaos Grips Greece - WSJ.com

    My Way News - Fannie Mae seeks $8.4B in aid after 1Q loss

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    Re: Freddie Mac seeks further $10.6bn in US aid

    And I thought Bernie Mac was bad enough!
    CORPORATE GREED AND UNION GREED
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    Re: Freddie Mac seeks further $10.6bn in US aid

    Quote Originally Posted by PeteEU View Post
    Yea let em fail, and watch 60%+ of Americans get forced out of their homes. Long live the rich, screw the middle class and poor!
    Link to that being the probable result?
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    Re: Freddie Mac seeks further $10.6bn in US aid

    Quote Originally Posted by PeteEU View Post
    Yea let em fail, and watch 60%+ of Americans get forced out of their homes. Long live the rich, screw the middle class and poor!
    Well, isn't it the government who screwed the middle class and the poor by passing laws that made banks lend to people who couldn't afford to pay back loans?

    So when you chastize the rich, is it really the "private" rich guy, or more like the "public" rich guy? There is a difference. The private rich guy would never have loaned money to people who couldnt pay it back unless the government through law, told him he had to or face public ridicule and fear of being termed "racists".

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    Re: Freddie Mac seeks further $10.6bn in US aid

    Quote Originally Posted by TheHat View Post
    Well, isn't it the government who screwed the middle class and the poor by passing laws that made banks lend to people who couldn't afford to pay back loans?

    So when you chastize the rich, is it really the "private" rich guy, or more like the "public" rich guy? There is a difference. The private rich guy would never have loaned money to people who couldnt pay it back unless the government through law, told him he had to or face public ridicule and fear of being termed "racists".
    Long and short answer is no


    The government did not screw the middle class by passing laws that MADE the banks lend to people who could not afford to pay them back

    The CRA was passed in 1977 or so

    As for rich people lending money to people who could not pay it back

    Yes they would if they could dump that loan on some chump who thought they were buying a safe and secur invesment which a Triple A rating is supposed to indicate. The rich person making the loan makes money by making the loans, then gets rid of the risk, a sweet business provided you can dump the loans before they go bad. Country Wide (which was not subject to the CRA) didnt dump its bad loans quick enough and went bust
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    Re: Freddie Mac seeks further $10.6bn in US aid

    Quote Originally Posted by zimmer View Post
    Until they've paid for them, they are not their homes.
    Just as illegal aliens are not legal residents.
    Just as a car isn't yours if you quit making payments on it.

    For those that can't afford to buy, there is always renting.
    Yea and since Fannie and Freddie account for 55% of the US mortgage market, if they go bust, then the creditors will come calling. That means 55% of all homes will have to have their value realized in some way. Good luck on that. So you expect that companies will buy these homes and rent them back to the people living in them? Buy with what money? They cant get credit to buy.. and we are talking about trillions.

    And the government's intervention into the housing market has made the housing market unpredictable for investors.
    What a load of revisionist crap. It was the unregulated cowboy sub-prime lending market that caused the problem. If anything it was a lack of government intervention. When will conservatives stick to the facts for once?

    Who is going to scoop up homes, turn around and rent them out, when the government it bailing out people who bought too much or shouldn't have bought at all?
    Government aint bailing anyone out. And you do not grasp the problem at all.

    Let me explain..

    The unregulated sub-prime mortgage market, something that Fannie and Freddie was not part off, caused a huge majority of the initiate problems. As long as the housing prices were going up then all was fine but they started to fall. Suddenly people who should never have been given loans were in over their heads and bankruptcies started. Problem is these mortgages were sold along with good mortgages in financial packages that was of course given an AAA rating by the rating agencies despite being full of crap loans. This mean the true value of these assets were unknown and that meant the banks had to pull the plug on credit to assure and asses the situation.

    This meant the credit crunch and without credit the economy grinds to a halt, which leads to a recession. And who is the first to get fired in a recession? The very people Fannie and Freddie were made to accommodate. Hence then suddenly Fannie and Freddie became a problem too to the glee of the conservative movement but the peril of the US economy considering they were guaranteeing 55% of the mortgage market .

    But it is funny how the conservative movement blame Fannie and Freddie for everything but ignore WAPU (or whatever it was called) and all the other banks who issued sub-prime loans on an unregulated market, like there was no tomorrow and of these loans a huge majority failed.
    PeteEU

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    Re: Freddie Mac seeks further $10.6bn in US aid

    Quote Originally Posted by TheHat View Post
    Well, isn't it the government who screwed the middle class and the poor by passing laws that made banks lend to people who couldn't afford to pay back loans?
    No. The defualt rate in Fannie and Freddie pre crisis was lower than the other 45% of the market. Much lower.

    The people given loans via Fannie and Freddie COULD afford it, and that is the point. Fannie and Freddie have a set of rules that has to be followed and far from all qualify for a loan. On top of that Fannie and Freddie does not peddle teaser loans as far as I know.

    It was the unregulated cowboy sub-prime market that was selling loans to people that they could not afford. When housing prices started to fall and the teaser rates started to stop, then these people could not pay the loans with new loans or the cash they did not have.

    So when you chastize the rich, is it really the "private" rich guy, or more like the "public" rich guy?
    It is the private sector.. they cause the problem with the help of the government ignoring what they were doing. There is no way around it.. you conservatives can throw as much mud against Fannie and Freddie as you want, but the facts are very clear.. Fannie and Freddie were not the root cause of the sub-prime crisis..

    The private rich guy would never have loaned money to people who couldnt pay it back unless the government through law, told him he had to or face public ridicule and fear of being termed "racists".
    The point is they could pay the loans back and have been paying the loans back for 40+ years. They STILL pay loans back, but because of the recession some do not because they lost their jobs. We are still talking about under 5% of the loans that Fannie and Freddie have going into default. That is still way lower than what happened at Washington Mutal

    The "rich" guy as you called it, would never lend money to a huge majority of the American public to buy a home because they would not earn enough on the deal. The American dream of owning your own house was only made possible because of Fannie and Freddie and I bet that is what pisses off the conservatives.
    PeteEU

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    Re: Freddie Mac seeks further $10.6bn in US aid

    Quote Originally Posted by RightinNYC View Post
    Link to that being the probable result?
    So, tell me.. when someone goes belly up.. what happens?

    They for one have to realize all assets no? That is 55% of the US mortgage market. How do you do that? By selling it to the people? Renting out? Selling to the private sector? Remember we are talking about over 6 trillion dollars worth of assets.

    While all this is going on, you have 55% of the US population living in homes they dont know if they will be able to live in the next day. What do you think that will do to the economy?
    PeteEU

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