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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 Burning Giraffe View Post
    And with Fannie Mae asking for 8.4 Billion more, it pretty much closes the deal. We've got to force the US Government away from these two irresponsible GSEs.
    that FDIC obligation of the government to back your bank deposits - would you want the government to similarly rescind that commitment
    the government placed the GSEs in receivership and acquired them, assets AND liabilities
    it's a contractural obligation of the government which is being fulfilled - if the additional money is appropriated
    we are negotiating about dividing a pizza and in the meantime israel is eating it
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    Re: Freddie Mac seeks further $10.6bn in US aid

    Quote Originally Posted by justabubba View Post
    that FDIC obligation of the government to back your bank deposits - would you want the government to similarly rescind that commitment
    the government placed the GSEs in receivership and acquired them, assets AND liabilities
    it's a contractural obligation of the government which is being fulfilled - if the additional money is appropriated
    We should start looking for a way out then.
    There is nothing more dangerous to the liberty of Man than a Government or a Religion seizing upon the strings of an overdeveloped herd instinct amongst the people.

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

    Quote Originally Posted by PeteEU View Post
    Solution? Not saying it is a solution. I am saying there is no choice. If you let Fannie and Freddie go belly up, the only ones who will be making a ton of money out of it, is the private sector corporate elite. They will be able to buy up 55% of the market for next to nothing and then slowly force people out of their homes. Having Fannie and Freddie go belly up will only hurt the average American.
    You keep saying this, yet you refuse to provide any evidence that it's true. How about backing up your wild speculation with some proof?
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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

    Quote Originally Posted by Mickey Shane View Post
    Before I went to college in the mid-nineties, I was in residential construction. I used to live out of a suitcase, moving from one boom town to the next.

    While doing a 4 year stint in the Bay Area of CA, I noticed a strange phenomenon. After we finished the 'model homes' in a new sub-division, the sales office would open to a long line of investors that would come in and buy homes that weren't even built yet. Apparently, these homes would be sold 4 or 5 times on paper before the first family actually moved in.

    This side of the housing bubble never seems to get mentioned. The fact that the price of the homes increased with each sale definately contributed to the over pricing of homes, far beyond their reasonable value.

    So the bubble pops and you find out that you are way under water on your mortgage payments vs. the value of your home. 60 minutes ran a segment last Sunday where they interviewed home buyers that were simply walking away from their houses that weren't worth anywhere near what they were paying. It was mentioned that two thirds of home buyers are actually in this same situation.

    If everyone in this situation decided to bail on their mortages, you'd see a lot more than F&F going down the tubes. The vaccuum would take the country along with it.
    A great deal of the housing bust is centered around speculative buying, as you say, which is the main reason why I don't like the bailouts of these lendors.

    Do I get a bailout for the hit I took in the market? Same difference in my mind.

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