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Fannie wants 5 billion more.

1Perry

1Perry

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I'll ask again, why are we not forcing these fraudulent loans back on to those who sold them in the first place?

WASHINGTON - Mortgage finance giant Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.

The largest U.S. residential mortgage funds provider on Friday also reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share.

Including the latest funding request, Fannie Mae has needed $104 billion in government capital injections since the U.S. Treasury seized control of it in 2008 during the financial crisis. Fannie Mae has paid back $14.7 billion in dividends.

$104 billion and who has been held accountable?

News Headlines

Loans made in the past two years have been more profitable for Fannie Mae than loans made during the housing boom in preceding years.

Imagine that.
 
Hey, they're too big to fail, we have to take more of the People's money and give it to them even though we're broke. Mmmm...wealth redistribution.
 
Of course they want more...that's what happens when you give a fat man cake, he comes back for more.
 
1Perry said:
I'll ask again, why are we not forcing these fraudulent loans back on to those who sold them in the first place?

WASHINGTON - Mortgage finance giant Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.

The largest U.S. residential mortgage funds provider on Friday also reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share.

Including the latest funding request, Fannie Mae has needed $104 billion in government capital injections since the U.S. Treasury seized control of it in 2008 during the financial crisis. Fannie Mae has paid back $14.7 billion in dividends.

$104 billion and who has been held accountable?

News Headlines

Loans made in the past two years have been more profitable for Fannie Mae than loans made during the housing boom in preceding years.

Imagine that.
Click to expand...

Holy **** - 104 Billion already?

Where - how? Just WHY is it so damn much?

If a home costs 120,000 - and that's ALL in default - then that's 866,000 homes - ok, so that's just some very crude math. but - seriously - HOW is ther eso much liability and faulted assests? I don't ge twhere these numbers come from and how they aren't possibly enough.

If it costs 104 B to keep just barely afloat then is it really WORTH IT?
 
Should we start a pool on (1) when they'll get it and (2) how long it will be before they ask for more?
 
That's what you get when you allow government to create and nurture such institutions, and then allow them to run social policy through them.
What are you gonna do now, call foul because it costs you money? Guess what, investors knew this, that's why they won, and taxpayers lost. Keep pushing social policy through massive government involvement in markets and massive taxpayer reveneue projects. They will keep finding ways to beat you over the head with it.

Look at it this way. As long as liberals keep ignoring the constitution and keep asking for more government spending and social policy via government and taxation, that give the government IMMENSE power. And, those opposing it or just wanting to make a buck, will then USE that power, to get what THEY want. You enabled it, by opening the door for them. You have only one practical choice, stop letting government enjoy so much power, because *everyone* abuses it.
 
Aunt Spiker said:
Holy **** - 104 Billion already?

Where - how? Just WHY is it so damn much?

If a home costs 120,000 - and that's ALL in default - then that's 866,000 homes - ok, so that's just some very crude math. but - seriously - HOW is ther eso much liability and faulted assests? I don't ge twhere these numbers come from and how they aren't possibly enough.

If it costs 104 B to keep just barely afloat then is it really WORTH IT?
Click to expand...

Boggles the mind doesn't it? Even worse is that nobody has been held accountable for these losses.
 
1Perry said:
Boggles the mind doesn't it? Even worse is that nobody has been held accountable for these losses.
Click to expand...

Yes - absolutely mind boggling. I mean - why, where? Can anyone account for anything these days?

But if I underpay my credit card on accident by $5.00 my credit gets ****ed.
 
1Perry said:
I'll ask again, why are we not forcing these fraudulent loans back on to those who sold them in the first place?

WASHINGTON - Mortgage finance giant Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.

The largest U.S. residential mortgage funds provider on Friday also reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share.

Including the latest funding request, Fannie Mae has needed $104 billion in government capital injections since the U.S. Treasury seized control of it in 2008 during the financial crisis. Fannie Mae has paid back $14.7 billion in dividends.

$104 billion and who has been held accountable?

News Headlines

Loans made in the past two years have been more profitable for Fannie Mae than loans made during the housing boom in preceding years.

Imagine that.
Click to expand...

No business should get tax payer money even if it is a so called loan. Perhaps we should stop letting businesses get too big if the fact they may one day fail will have disastrous effects.
 
jamesrage said:
No business should get tax payer money even if it is a so called loan. Perhaps we should stop letting businesses get too big if the fact they may one day fail will have disastrous effects.
Click to expand...

Yeah - I'm agreeing, here, with keeping size limited.

Since a huge company failling to do their job and maintain good order has proven disasterous NUMEROUS times I'd say they've lost their priveldge. We need to enact something more beyond monopoly laws.
 
Aunt Spiker said:
Yeah - I'm agreeing, here, with keeping size limited.

Since a huge company failling to do their job and maintain good order has proven disasterous NUMEROUS times I'd say they've lost their priveldge. We need to enact something more beyond monopoly laws.
Click to expand...

These businesses (Fannie and Freddie) were created by the government, while being owned by shareholders.
It is a private public partnership.
 
Harry Guerrilla said:
These businesses (Fannie and Freddie) were created by the government, while being owned by shareholders.
It is a private public partnership.
Click to expand...

yeah, I know - asking government to monitor something it created is just a stupid idea, hunh?
 
Aunt Spiker said:
Holy **** - 104 Billion already?

Where - how? Just WHY is it so damn much?

If a home costs 120,000 - and that's ALL in default - then that's 866,000 homes - ok, so that's just some very crude math. but - seriously - HOW is ther eso much liability and faulted assests? I don't ge twhere these numbers come from and how they aren't possibly enough.

If it costs 104 B to keep just barely afloat then is it really WORTH IT?
Click to expand...

Look at it this way... if it was not Fannie/Freddie then it would be the banks directly you would be bailing out hand over fist.
 
Harry Guerrilla said:
People were monitoring it, warnings were issued and ignored.
How about we just not create incentives for these things to happen.
Click to expand...

How about punishing those that broke the law in the first place....? :) Bank of America is still around.. as are many of the financial institutions who sold all the crap that caused the problems.. and none of them have paid any compensation what so ever.. in fact quite the opposite.
 
PeteEU said:
Look at it this way... if it was not Fannie/Freddie then it would be the banks directly you would be bailing out hand over fist.
Click to expand...

No we wouldn't. Banks would not have made all these bad loans if they had to keep them on the books.
 
PeteEU said:
How about punishing those that broke the law in the first place....? :) Bank of America is still around.. as are many of the financial institutions who sold all the crap that caused the problems.. and none of them have paid any compensation what so ever.. in fact quite the opposite.
Click to expand...

Nearly all of the money loaned to banks was paid back with interest.
What more do you want?

Which people at Fannie and Freddie should be punished and how?
 
Harry Guerrilla said:
People were monitoring it, warnings were issued and ignored.
How about we just not create incentives for these things to happen.
Click to expand...

That's a little too laissez-faire for my taste, in this situation. We should not be reinforcing or forgiving the bad habits of business, whether or not they are our creations.

If we just let the companies die that acted irresponsibly, the market would likely replace them with ones who have learned from their mistakes. You also can't overlook the fact that even after the bailout packages, not much was done to regulate the behaviors that caused the financial crisis in the first place.

No more public dollars to bail out these big businesses. They've already received too much money.
 
Temporal said:
That's a little too laissez-faire for my taste, in this situation. We should not be reinforcing or forgiving the bad habits of business, whether or not they are our creations.

If we just let the companies die that acted irresponsibly, the market would likely replace them with ones who have learned from their mistakes. You also can't overlook the fact that even after the bailout packages, not much was done to regulate the behaviors that caused the financial crisis in the first place.

No more public dollars to bail out these big businesses. They've already received too much money.
Click to expand...

We're providing public dollars to encourage home purchases both ways, not just for businesses but also for people, who shouldn't necessarily be purchasing homes.

Ever hear of the NSP program?
It gives up to $20k to people to purchase a home.
The catch is that is gives more money to people to have greater debt and where the mortgage payment is a greater share of their monthly income.

It encourages people to buy more house than what they can necessarily afford.
 
1Perry said:
No we wouldn't. Banks would not have made all these bad loans if they had to keep them on the books.
Click to expand...

It wasn't F&F that allowed them to get the loans of their books -- it was collateralized debt obligations (CDOs). Fannie and Freddie were killed by the falling real estate market -- not by subprime mortgages that they backed. This is a myth perpetuated by right wing pundits.

Fannie Mae and Freddie Mac were victims, not culprits - BusinessWeek

Give this a read if you want to understand how the meltdown happened:
Understanding the Securitization of Subprime Mortgage Credit --Federal Reserve Bank of New York

Incredibly, republicans are presently trying to kill the agency tasked with correcting many of these errors.
 
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PeteEU said:
Look at it this way... if it was not Fannie/Freddie then it would be the banks directly you would be bailing out hand over fist.
Click to expand...

We're bailing them out, too, at an alarming rate as well.
 
AdamT said:
It wasn't F&F that allowed them to get the loans of their books -- it was collateralized debt obligations (CDOs). Fannie and Freddie were killed by the falling real estate market -- not by subprime mortgages that they backed. This is a myth perpetuated by right wing pundits.

Fannie Mae and Freddie Mac were victims, not culprits - BusinessWeek

Give this a read if you want to understand how the meltdown happened:
Understanding the Securitization of Subprime Mortgage Credit --Federal Reserve Bank of New York

Incredibly, republicans are presently trying to kill the agency tasked with correcting many of these errors.
Click to expand...

So are we just ignoring the widespread foreclosure rates - and the reduced values of homes?

You know - when a bank buys a home-loan in a bank-to-bank deal they're expecting ot profit from it future wise. when that home is suddenly worth less than ti was before they've actually lost money on the deal and need to make it up elsewhere. (just one thing that's broken).

It's business - and F&F were just as guilty of dirty business.
 
Aunt Spiker said:
So are we just ignoring the widespread foreclosure rates - and the reduced values of homes?

You know - when a bank buys a home-loan in a bank-to-bank deal they're expecting ot profit from it future wise. when that home is suddenly worth less than ti was before they've actually lost money on the deal and need to make it up elsewhere. (just one thing that's broken).

It's business - and F&F were just as guilty of dirty business.
Click to expand...

You lost me there.
 
1perry said:
i'll ask again, why are we not forcing these fraudulent loans back on to those who sold them in the first place?

washington - mortgage finance giant fannie mae said it would ask for an additional $5.1 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.

The largest u.s. Residential mortgage funds provider on friday also reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share.

Including the latest funding request, fannie mae has needed $104 billion in government capital injections since the u.s. Treasury seized control of it in 2008 during the financial crisis. Fannie mae has paid back $14.7 billion in dividends.

$104 billion and who has been held accountable?

news headlines

loans made in the past two years have been more profitable for fannie mae than loans made during the housing boom in preceding years.

imagine that.
Click to expand...

go to barney frank, he will be more than glad to help them. Let the government help them again. What does that saying go?? A sign of insanity is to do the same thing over and over again.
 
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