They call it “burying” in Washington, D.C.
It’s when you release politically unsavory news on Friday evening. Most folks just aren’t paying attention on Fridays and by the time next week’s news cycle comes around, the mainstream media has already moved onto something new.
The ultimate “burying” days are just before holidays. This past Christmas Eve was no different.
While millions of Americans were traveling, getting together with their families, or crossing off the final names on their... Read Full Story
While Americans across the country hustled and bustled for last minute gifts and holiday preparations, our wizards in Washington tied a big red ribbon on a blank check made out to Freddie Mac and Fannie Mae. In the process, a future of socialized housing finance has been increasingly solidified.
Why would the Obama administration pass this blank check under the cover of darkness on December 24th? In hopes that America had just settled down for its long winter’s nap and would miss this act... Read Full Story
Fannie Mae (FNM) and Freddie Mac (FRE) are among this nations most embarrassing organizations, and together they stand to loot the tax payers dry in mounting losses.
Let us begin with the latest news concerning mortgage delinquencies:
December 23 – Freddie (Mac) said November delinquencies on single-family residences rose to 3.72% from 3.54% in October and 1.52% a year earlier.
Freddie Mac Delinquencies
And on a much broader measure we have this:
December 22 -WASHINGTON — The U.S... Read Full Story
The chief executives of Fannie Mae and Freddie Mac, the troubled mortgage companies seized by federal officials during the financial crisis, could receive as much as $6 million each this year and next year under pay packages announced Thursday by the agency overseeing the government’s conservatorship of the firms.
The announcement comes as taxpayers are on the hook for $111.8 billion in debt that the Federal Reserve has purchased from the two companies, making the firms among the largest... Read Full Story
The government has handed its ATM card to besieged mortgage giants Fannie Mae and Freddie Mac.
The Treasury Department said Thursday it removed the $400-billion financial cap on the money it will provide to keep the companies afloat. Already, taxpayers have shelled out $111 billion to the pair, and most analysts hadn’t expected the companies to hit the limit.
Treasury Department officials said it now will use a flexible formula to ensure the two agencies can stand behind the billions of... Read Full Story
Imagine what $4 trillion dollars looks like? It’s an inconceivable amount of money. It now represents the special favor Barney Frank gave to the banks. Barney Frank added an amendment to HR 4173 that gives major banks a $4 trillion safety net, and I am wondering who blew Barney to get this favor. In HR 4173, Barney Frank made it possible for the largest banks in America, and possibly the world since the US Government bailed out foreign banks as well, $4 trillion in emergency funding just in... Read Full Story
The proper interpretation of these events is succinctly laid out by Edward Harrison at the Credit Writedowns blog, to wit….Fannie Mae and Freddie Mac would be used as a nationalization of America’s mortgage problems via a back door bailout of banks. The evidence, therefore, tends to demonstrate that we have witnessed an orchestrated campaign by the Bush and Obama Administrations to recapitalize too big to fail institutions by hook or by crook, bypassing Congressional approval if necessary... Read Full Story
This 1 hour webshop presented by Susan Hailman (Campaign Consultation Incorporated) discusses how national service programs play a role in sustainable housing and economic growth. The speakers inc…
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While Americans across the country hustled and bustled for last minute gifts and holiday preparations, our wizards in Washington tied a big red ribbon on a blank check made out to Freddie Mac and Fannie Mae. In the process, a future of socialized housing finance has been increasingly solidified.
Why would the Obama administration pass this blank check under the cover of darkness on December 24th? In hopes that America had just settled down for its long winter’s nap and would miss this act... Read Full Story
The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress. The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current... Read Full Story
