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

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    Freddie Mac seeks further $10.6bn in US aid

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    BBC News - Freddie Mac seeks further $10.6bn in US aid

    Quote(US mortgage giant Freddie Mac saw a loss of $8bn (5.3bn) in the first three months of 2010 and said it would ask for a further $10.6bn in state aid.)

    In my opinion it would be an Obamanation to continue dripping cash into either of these organizations.

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

    Quote Originally Posted by jujuman13 View Post
    Link
    BBC News - Freddie Mac seeks further $10.6bn in US aid

    Quote(US mortgage giant Freddie Mac saw a loss of $8bn (5.3bn) in the first three months of 2010 and said it would ask for a further $10.6bn in state aid.)

    In my opinion it would be an Obamanation to continue dripping cash into either of these organizations.
    They will have to continue to put money into them. Of course, it will be a collossal failure as it has been up to this point. But re-elections hinge on continuing to fund mortgages from the government. Politicians need to show they are "standing with the people" and "helping the American people". Yes, it's stupid, yes it's politicized and yes dumping money down the toilet like this is mostly to help politicians and continue to force government run organizations that fail constantly on us.

    Let. Them. Fail. No more bail outs of any kind. We can't afford it.
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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

    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!
    PeteEU

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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!
    Yep - best thing that will ever happen to us. Glad you agree!
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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

    IMO, even as I am not happy about providing additional funds to Freddie Mac, I believe that rather than denying the GSE the funds, a better approach would entail:

    1. Capping new mortgage activity at current levels (total dollars) for a period of years.
    2. Lowering the conforming loan limits for first mortgages to partially reflect the housing price decline that has occurred perhaps by 5%-10% (smaller than the actual price decline that occurred) and capping them at those figures for 5 or more years.
    3. A strict bar on working with non-conforming loans.

    The benefits of those three measures would be:

    1. More mortgages processed (same pool of dollars but smaller conforming loan limits).
    2. A disincentive for new homeowners to take on excessive leverage.
    3. The GSE would no longer participate in working with very high leverage deals.

    Macroeconomically, the benefits of the approach would entail:

    1. Helping avoid a renewed decline in home prices. Price stability/modest appreciation could define home price trends.
    2. Total mortgage debt as a share of the economy would gradually decline toward sustainable levels. There is a long way to go before that happens, and a gradual decline (mainly due to growth in mortgage debt lagging economic growth) would be far less disruptive than trying to bring mortgage debt levels to sustainable levels in an overly short period of time.

    Politically, at least from some quarters and regions in the country, the above approach would be very unpopular. Yet, no matter how opposition would be spun, it was the mortgage debt overhang (and related financial instruments built around that debt) that played a very large role in producing the financial system fragility and near collapse of the U.S. financial system when the housing bubble burst. Larger macroeconomic interests, including the compelling interest of reducing overall mortgage debt to sustainable levels, should take precedence over narrower political/regional interests, especially as the nation is moving toward an increasing need for even larger, more difficult austerity with respect to its public finances.
    Last edited by donsutherland1; 05-06-10 at 10:34 AM.

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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!
    The bailout will prop up Freddie, but it won't keep those people in their homes. Long live Fannie and Freddie, but screw the homebuyers.

    I say let them all see the fate of their bad decisions. Don't make the rest of us pay for those decisions.

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

    Quote Originally Posted by Erod View Post
    The bailout will prop up Freddie, but it won't keep those people in their homes. Long live Fannie and Freddie, but screw the homebuyers.

    I say let them all see the fate of their bad decisions. Don't make the rest of us pay for those decisions.
    Notice how Fannie Mae and Freddie Mac aren't even mentioned in the Financial Bailout Package? Our politicians once again screw the taxpayer by attacking private business which diverts from their own failure to manage their own. I heard about the "huge" bonuses for private business but not much if any about the big packages received by people like Franklin Raines and other govt. appointed "managers" of Freddie Mac and Fannie Mae. Liberal diversion at its best.

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

    the favored f's are EXEMPT from dead dodd's deal

    RealClearPolitics - Politics - May 08, 2010 - Shelby: Bank bill should include mortgage firms

    don't you think fannie and fred should be included in reform?

    without shelby, by the way, the bill goes nowhere

    it's the FRONTISPIECE of the perplexed president's entire LEGISLATIVE PLATFORM

    reg reform is #1

    and either climate's #2 and immigration #3

    or immigration #2 and climate #3

    pelosi, et al, keep reversing themselves

    immigration, by the way, to leadership means---citizenship

    to opposition, immigration translates into common english as---borders

    whose view of the issue will prevail?

    climate, incidentally, does NOT mean cap and trade

    that catastrophe was kaput in october

    no, climate to the caucus currently is the kerry/graham compromise

    the south carolina rhino, fundamentally, controls BOTH #'s 2 and 3, climate and the border

    upshot---leadership's entire SLATE is STALLED

    ie, he's completely incompetent

    because without the convert from alabama wall street regulatory reform is impossible

    and, in addition to calling out the f's favoritism, shelby yesterday just BLASTED dead dodd's deed for its "threat to our privacy"

    'individuals could be required to provide the new agency with written answers---under oath---to any question posed by the bureau regarding their personal financial information,” complained the pivot republican at his purposefully put together presser

    CNSNews.com - Sen. Shelby: Financial Reform Violates Privacy

    who cares if he's right or wrong

    the point is the president needs him, and shelby sure doesn't sound cooperative

    the exclusion of fannie and fred, more responsible perhaps than any entity for arriving us here, is unsupportable

    typical obama
    Last edited by The Prof; 05-08-10 at 06:40 PM.

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

    Quote Originally Posted by Ockham View Post
    Yep - best thing that will ever happen to us. Glad you agree!
    Why do you even bother?

    I say let them all see the fate of their bad decisions. Don't make the rest of us pay for those decisions.
    Yeah. Just make conservatives do it so I can watch them squirm.

    I would love to see a "Liberal Exemption" tax break.
    Last edited by Morality Games; 05-09-10 at 06:27 PM.
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    Re: Freddie Mac seeks further $10.6bn in US aid

    Quote Originally Posted by Conservative View Post
    Notice how Fannie Mae and Freddie Mac aren't even mentioned in the Financial Bailout Package? Our politicians once again screw the taxpayer by attacking private business which diverts from their own failure to manage their own. I heard about the "huge" bonuses for private business but not much if any about the big packages received by people like Franklin Raines and other govt. appointed "managers" of Freddie Mac and Fannie Mae. Liberal diversion at its best.
    an important lesson for all of us tempted to buy the argument that the Public Option would have been an equal competitor with private insurance.

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