article on freddie and fanny

#2
#2
I think Rep and Dem fingerprints are all over this mess.

This article does point out that the current Obama talking points about McCain trying to deregulate are wrong.
 
#3
#3
volinbham said:
I think Rep and Dem fingerprints are all over this mess.

This article does point out that the current Obama talking points about McCain trying to deregulate are wrong.
Click to expand...

its pretty cut and dry that it was voted down party line to not come out of subcommittee
 
#4
#4
here's further proof, from the NYT even, that the President was way out in front on the Fannie and Freddie issue.

*note-those of you blinded by the light emanating from Obama's forehead, please notice that this article is from 2003.

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

'These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
Click to expand...
 
#5
#5
the truth of the Fannie and freddie debacle is starting to rear its head. People thought it was people buying expensive homes beyond their means with exotic, low doc mortgages, but the reality has always been that universal home ownership, for even those that can't afford it is a disaster.

The bottom line is that the agencies could never convince anyone to completely take the risks of their paper, so they kept much of the risks themselves in placing the paper, thus retaining liquidity. The shoddy underwriting standards is murder now that real estate values have fallen and these guys are all forced to write down their portfolios. I'm betting that there is an enormous pile of paper representing Detroit mortgages written to Zero, or something very close.
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#6
#6
BigPapaVol said:
the truth of the Fannie and freddie debacle is starting to rear its head. People thought it was people buying expensive homes beyond their means with exotic, low doc mortgages, but the reality has always been that universal home ownership, for even those that can't afford it is a disaster.

The bottom line is that the agencies could never convince anyone to completely take the risks of their paper, so they kept much of the risks themselves in placing the paper, thus retaining liquidity. The shoddy underwriting standards is murder now that real estate values have fallen and these guys are all forced to write down their portfolios. I'm betting that there is an enormous pile of paper representing Detroit mortgages written to Zero, or something very close.
Posted via VolNation Mobile
Click to expand...

So universal housing was a disaster! Do we really need to try universal health care and free college educations for those who can't afford it (so they think, it already is available to everyone) before we see it is a complete debacle?
 
#9
#9
joevol320 said:
this is what obamanomics will be.

hey am i first to say obamanomics? i think i'll patent it.
Click to expand...

Just curious if you saw Obama's interview where he conceded he will not be able to implement his universal health care plan among other policies?
 
#10
#10
i didn't see, he may not implement all of it, but he'll try. i read where he said he'll cut a lot of spending, which i don't believe. well, he will cut military spending, so i guess that's what he means.
 
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