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Thread: Fannie, Freddie Overhaul Could Cost $685 Billion

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    Fannie, Freddie Overhaul Could Cost $685 Billion

    NOVEMBER 4, 2010, 8:48 P.M. ET

    Fannie, Freddie Overhaul Could Cost $685 Billion

    By NICK TIMIRAOS

    The total cost to rescue and then overhaul mortgage giants Fannie Mae and Freddie Mac could reach $685 billion, according to estimates published Thursday by Standard & Poor's.

    Fannie and Freddie have already cost taxpayers nearly $134 billion, but S&P analysts said Thursday that the government could ultimately be forced to inject $280 billion into the firms because of a slowdown in the housing market.

    Any entities that might replace Fannie and Freddie would need new start-up funding that would go beyond the money already committed.

    A consensus of academics, industry officials and investors has coalesced around the idea of using the government to provide explicit guarantees for securities backed by mortgages that meet certain standards. Tough questions loom over how those guarantees would be structured and priced and what entities would provide them.

    Fannie, Freddie Overhaul Could Cost $685 Billion - WSJ.com
    The Democrats were warned again and again about the trouble brewing at Fannie and Freddie, especially after they were caught cooking the books so the execs could get the biggest bonuses they could.



    Pay special attention to Barney Frank at the 1:30 mark and on. He said he see no problem with Fannie and Freddie and even if there were, we don't bail 'em out.



    Here they are in late 2004 defending Fannie and Freddie insisting nothing was wrong. History have proven them SO very wrong. The taxpayers may be on the hook for $280 Billion Dollars when all the warning signs were there years before the crash when something could have been done about it.

    This was a headline in the NY Times in 2003.

    Fannie Mae's Loss Risk Is Larger, Computer Models Show - New York Times

    Fannie and Freddie were even absent of oversight in the Democrats Financial reform bill they passed. This leave the door open and the taxpayers on the hook for future bailouts of F&F.
    Last edited by Prof. Peabody; 11-06-10 at 07:33 AM.
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." - John Adams

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    So why didnt the Republican president, republican congress, republican senate do something about it?

    Sorry I forgot about the all powerfull supreme being Barney "Superman" Franks, the single most powerfull man in the world,
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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    obama's wall street regulatory reform, his #3 domestic priority (#2, cap and trade, died in the senate and took quite a few house dems with it), EXEMPTS fannie and fred

    Wall Street Reform: A Summary of What's In the Bill - Political Hotsheet - CBS News

    housing, which more than anything else brought us all here, is still no basement in sight, millions more foreclosures coming

    and HALF THOSE OBAMA BAILED OUT thru hamp have ALREADY REDEFAULTED

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

    no wonder germany's g20 rep, referring to bernanke's HALF TRILLION DOLLAR infusion announced this week, called us policy "clueless"

    from politics to foreign policy to economics, this white house has no idea what it's doing

    all but the fringe recognize

    party on, purblind

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by The Prof View Post
    obama's wall street regulatory reform, his #3 domestic priority (#2, cap and trade, died in the senate and took quite a few house dems with it), EXEMPTS fannie and fred

    Wall Street Reform: A Summary of What's In the Bill - Political Hotsheet - CBS News

    housing, which more than anything else brought us all here, is still no basement in sight, millions more foreclosures coming

    and HALF THOSE OBAMA BAILED OUT thru hamp have ALREADY REDEFAULTED

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

    no wonder germany's g20 rep, referring to bernanke's HALF TRILLION DOLLAR infusion announced this week, called us policy "clueless"

    from politics to foreign policy to economics, this white house has no idea what it's doing

    all but the fringe recognize

    party on, purblind
    Just to note

    The Fed generally makes its policy independant of the government. If the Fed is truely independant as it is supposed to be the Obama admin had very little to do with Bernake deciding to do the QE2
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    tell it to the germans, chinese, brazilians, thais, south africans...

    My Way News - Fed bond move spurs backlash from Asia to Europe

    FT.com / China - China tees up G20 showdown with US

    Obama Faces Chillier Reception Abroad - WSJ.com

    Two years ago in London, Mr. Obama and his economic team were greeted at the G-20 summit as something akin to rock stars. At the G-20 in Seoul next week, "they're not going to have a lot of allies," said Alan Auerbach, an economist at the University of California, Berkeley, who has close ties to the White House.

    On some economic issues, the trip will play out as Mr. Obama against the world, with the U.S. president as one of the last adherents to Keynesian economic policies, which promote the use of deficit spending and tax cuts to spur economic growth.
    Last edited by The Prof; 11-07-10 at 04:15 PM.

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Prof, if Cap and Trade was #2 priority, why did financial reform go through first?
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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Guess who Barney will point at to foot the bill for this.

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Why are they they first to purchase our debt the second demand for their exports falls by the waistside? I mean, it would seem as though import growth here in the US has a direct, negative, correlation to the relative value of the dollar. Or am i missing something?
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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by Deuce View Post
    Prof, if Cap and Trade was #2 priority, why did financial reform go through first?
    West Virginia, Ohio, Pennsylvania.

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    Re: Fannie, Freddie Overhaul Could Cost $685 Billion

    Quote Originally Posted by Prof. Peabody View Post
    The Democrats were warned again and again about the trouble brewing at Fannie and Freddie, especially after they were caught cooking the books so the execs could get the biggest bonuses they could.



    Pay special attention to Barney Frank at the 1:30 mark and on. He said he see no problem with Fannie and Freddie and even if there were, we don't bail 'em out.



    Here they are in late 2004 defending Fannie and Freddie insisting nothing was wrong. History have proven them SO very wrong. The taxpayers may be on the hook for $280 Billion Dollars when all the warning signs were there years before the crash when something could have been done about it.

    This was a headline in the NY Times in 2003.

    Fannie Mae's Loss Risk Is Larger, Computer Models Show - New York Times

    Fannie and Freddie were even absent of oversight in the Democrats Financial reform bill they passed. This leave the door open and the taxpayers on the hook for future bailouts of F&F.
    And this is somehow different than if the Republicans were in charge? I'm sure I was on the hook for a lot of those bailouts and crap. Republocrats all want the same thing, protection of the status quo and the aristocracy; even at the cost of the People.
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