http://www.cnsnews.com/news/article/true-cost-fannie-freddie-bailouts-317-bi

The Congressional Budget Office (CBO) says the real cost of the federal government guaranteeing the business of failed mortgage giants Fannie Mae and Freddie Mac is $317 billion -- not the $130 billion normally claimed by the Obama administration.



“In contrast, the Administration’s Office of Management and Budget continues to treat Fannie Mae and Freddie Mac as nongovernmental entities for budgetary purposes, and thus outside the budget,” the report stated. “It records as outlays the amount of the net cash payments provided by the Treasury to the GSEs.”



Just another Obama economic disaster to start the week with.

The sad thing is that anyone with the brain the size of a hamster knows that the government always "underestimates" shit like this or tweaks numbers to make it more in their favor and wouldn't be surprised at all. Lord knows that I'm not surprised at all, but there are a lot of people out there who would be like "Whhhaaaaaat?"

__________________________________
That's not a ladybug, that's a cannapiller.

THe Iraq War was supposed to cost much less also.

You can almost always trust a politico to be wrong, incompetent or lying when it comes to any spending project.

idontlikebeingrightaboutshitlikethisbutiam



Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.

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So basically the banks stuck Fannie Mae and Freddie Mac with all these losses. The RE bubble popped in 2005 and the banks couldn't dump these securities on foreign investors. Congress decided to bail them out by letting Fannie Mae out from under supervision to buy up these mortgage-backed securities nobody wanted. On top of that, seeing they could stick the taxpayers and earn some nice fat profits betting against these loans, the banks started underwriting loans to people they knew couldn't afford the mortgages...

"In 1992, President George H.W. Bush signed the Housing and Community Development Act of 1992. The Act amended the charter of Fannie Mae and Freddie Mac to reflect Congress' view that the GSEs "have an affirmative obligation to facilitate the financing of affordable housing for low-income and moderate-income families."

http://en.wikipedia.org/wiki/Fannie_Mae

Talk to your Republican president who modded the charters in 1992 that set up the pins for the problem, unless you want to rewrite that history too.

Don't forget the next paragraph, maybe more important-


In 1999, Fannie Mae came under pressure from the Clinton administration to expand mortgage loans to low and moderate income borrowers by increasing the ratios of their loan portfolios in distressed inner city areas designated in the CRA of 1977.[17] Because of the increased ratio requirements, institutions in the primary mortgage market pressed Fannie Mae to ease credit requirements on the mortgages it was willing to purchase, enabling them to make loans to subprime borrowers at interest rates higher than conventional loans. Shareholders also pressured Fannie Mae to maintain its record profits.


Same source-http://en.wikipedia.org/wiki/Fannie_Mae



We are paying for the bailout of greedy banks and for the brain-dead borrowers who bought properties at the top of the bubble.

Great work, Barry!

idontlikebeingrightaboutshitlikethisbutiam



Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.

Last edit at 11/30/2015 01:37PM Last edit at 5/14/2015 03:52PM Last edit at 1/28/2014 05:57AM Last edit at 11/29/2015 01:10PM Last edit at 3/14/2011 11:52PM Last edit at 7/20/2012 04:07AM
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Edited 1 time(s). Last edit at 06/07/2011 08:18AM by WingNut.

You haven't paid anything for it. You guys have been borrowing money for the last 10 years. The people that have been screwed and are continuing to get screwed are the savers who are getting shitty rates on money markets and bonds.

justsayin Wrote:
-------------------------------------------------------
> "In 1992, President George H.W. Bush signed the
> Housing and Community Development Act of 1992. The
> Act amended the charter of Fannie Mae and Freddie
> Mac to reflect Congress' view that the GSEs "have
> an affirmative obligation to facilitate the
> financing of affordable housing for low-income and
> moderate-income families."
>
> http://en.wikipedia.org/wiki/Fannie_Mae
>
> Talk to your Republican president who modded the
> charters in 1992 that set up the pins for the
> problem, unless you want to rewrite that history
> too.

Your quote says "to reflect Congress' view that the GSEs 'have an affirmative obligation to facilitate the financing of affordable housing for low-income and moderate-income families.'" Who ran Congress then? I can't seem to remember which party was in power in Congress in 1992. You are a smart guy, can you tell us?

The real travesty is the lack of media coverage on this and many subject. The feds are able to say anything they want with out reprisal. The media just echos the same fictional facts as if the where the truth.

They only buy mortgages from the private lenders. The lenders are the ones responsible for making the bad loans. The investment banks were the ones responsbile for scamming the investors by repackaging them into fake AAA-rated securities.

With the billions the feds pump into Fannie and Freddie, they should have the sense to assess junk independently before buying it.

FACT- People and entities will ALWAYS spend someone elses $$(Read:TAXPAYERS MONEY)
much more liberally than they will spend their own.

Oh, and what sized loan was considered too large?

idontlikebeingrightaboutshitlikethisbutiam



Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.

Last edit at 11/30/2015 01:37PM Last edit at 5/14/2015 03:52PM Last edit at 1/28/2014 05:57AM Last edit at 11/29/2015 01:10PM Last edit at 3/14/2011 11:52PM Last edit at 7/20/2012 04:07AM
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Sucks Obama that has to fix another Bush fuck up.

Oh well, probably end up like the GM and Chrysler bailout where the gov ends up making a smooth $100 million profit.

Bush Whacked Wrote:
-------------------------------------------------------
> Sucks Obama that has to fix another Bush fuck up.
>
>
> Oh well, probably end up like the GM and Chrysler
> bailout where the gov ends up making a smooth $100
> million profit.

Oh god, you fell for the Obama lie about Chrysler. The WaPo gave him three pinnochios for that whopper. They went on and said Obama's statment on the "profit" was the "Most misleading collection of assertions we have seen."

What a spoonfed non-thinking dolt you are.

+1

Obama is a fucking liar. THe Washington Post did indeed give him 3 Pinnochios for the statement.

Chrysler is a fucking disaster.


http://www.washingtonpost.com/blogs/fact-checker/post/president-obamas-phony-accounting-on-the-auto-industry-bailout/2011/06/06/AG3nefKH_blog.html#pagebreak

phantom Wrote:
-------------------------------------------------------
> Oh god, you fell for the Obama lie about Chrysler.
> The WaPo gave him three pinnochios for that
> whopper. They went on and said Obama's statment
> on the "profit" was the "Most misleading
> collection of assertions we have seen."
>
> What a spoonfed non-thinking dolt you are.

idontlikebeingrightaboutshitlikethisbutiam



Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.

Last edit at 11/30/2015 01:37PM Last edit at 5/14/2015 03:52PM Last edit at 1/28/2014 05:57AM Last edit at 11/29/2015 01:10PM Last edit at 3/14/2011 11:52PM Last edit at 7/20/2012 04:07AM
Last edit at 6/29/2013 11:18PM Last edit at 3/19/2011 01:02PM Last edit at 3/26/2012 09:07PM

justsayin Wrote:
-------------------------------------------------------
> "In 1992, President George H.W. Bush signed the
> Housing and Community Development Act of 1992. The
> Act amended the charter of Fannie Mae and Freddie
> Mac to reflect Congress' view that the GSEs "have
> an affirmative obligation to facilitate the
> financing of affordable housing for low-income and
> moderate-income families."
>
> http://en.wikipedia.org/wiki/Fannie_Mae
>
> Talk to your Republican president who modded the
> charters in 1992 that set up the pins for the
> problem, unless you want to rewrite that history
> too.


http://www.youtube.com/watch?v=_MGT_cSi7Rs

+1

Thats a great video. Illustrates the absolute indignation the dems showed when someone rightfully questioned the irresponsible and reckless practices at Fannie and Freddie.

Embedded in case you missed it.



And this goodie should be evidence of how ideology blinded these idiots.




SoylentGreen Wrote:
-------------------------------------------------------
> justsayin Wrote:
> --------------------------------------------------
> -----
> > "In 1992, President George H.W. Bush signed the
> > Housing and Community Development Act of 1992.
> The
> > Act amended the charter of Fannie Mae and
> Freddie
> > Mac to reflect Congress' view that the GSEs
> "have
> > an affirmative obligation to facilitate the
> > financing of affordable housing for low-income
> and
> > moderate-income families."
> >
> > http://en.wikipedia.org/wiki/Fannie_Mae
> >
> > Talk to your Republican president who modded
> the
> > charters in 1992 that set up the pins for the
> > problem, unless you want to rewrite that
> history
> > too.
>
>
> http://www.youtube.com/watch?v=_MGT_cSi7Rs

idontlikebeingrightaboutshitlikethisbutiam



Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.

Last edit at 11/30/2015 01:37PM Last edit at 5/14/2015 03:52PM Last edit at 1/28/2014 05:57AM Last edit at 11/29/2015 01:10PM Last edit at 3/14/2011 11:52PM Last edit at 7/20/2012 04:07AM
Last edit at 6/29/2013 11:18PM Last edit at 3/19/2011 01:02PM Last edit at 3/26/2012 09:07PM

The housing bubble still isn't done bursting yet,,,the still way over inflated value of housing in most of the USA is one of the major factors holding up any kind of recovery,,,

It's not done crashing yet people,,,housing prices still need to drop to reflect the current,and most likely, future state of the economy,,,

Oh yeah,,,commercial real estate is an even bigger disaster,,,

I think prices have come to close to bottoming out, my reasoning being that the rent-to-mortgage ratio currently makes it cheaper to buy and pay mortgage in many places (w/ a nominal downpay of course) than it is to rent a comprable property.

There are however a shitload of foreclosures the banks have been stalling on and staggering the inevitable, just so the market won't be flooded. Most of the shittier loans with 5 Year ARM's, interest only etc have already come due for reset, but that doesn't mean the banks have moved the foreclose proceedings.

Commercial properties may be hit in the next dip, or maybe even there will be a glut of rentals and some colapse on established prices there.

Great.

idontlikebeingrightaboutshitlikethisbutiam



Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.

Last edit at 11/30/2015 01:37PM Last edit at 5/14/2015 03:52PM Last edit at 1/28/2014 05:57AM Last edit at 11/29/2015 01:10PM Last edit at 3/14/2011 11:52PM Last edit at 7/20/2012 04:07AM
Last edit at 6/29/2013 11:18PM Last edit at 3/19/2011 01:02PM Last edit at 3/26/2012 09:07PM

Take it from someone involved in construction and real estate outside the beltway,,,

Most of this country is a fuckin disaster,,you don't know , trust me,,,

Unemployment is way over 10% all across this country and inflation is putting the squeeze on people for real,,,,

Housing in all but the "cherry" areas of the country will continue it's downward spiral,,,that's why the banks are going slow on foreclosures,,,

The real number of houses that are available is fucking huge and they can't hide it forever,,,

RE market values didn't bottom in the last 2 cycles till rates had started climbing. The first areas to wash it out are the homes in areas people don't want to live in, usually the outer suburbs where there's overbuilding and foreclosures. The declines hit the inner suburbs and the city later in the cycle.

Apparently the OMB doesn't agree with your figures.

I think should get the fuckers who ran Fannie/Freddie into the ground to fork over some of the $millions they walked away with

Then tie them upside down to crossess and post the crossess at several bridges leading into D.C.

You mean like the way Bush penalized Wall Street and Enron executives?

WallStreet Wrote:
-------------------------------------------------------
> You mean like the way Bush penalized Wall Street
> and Enron executives?

Yeah, Ken Lay and Jeff Skilling got off completely and are on some beach sipping mai tais. Just how stupid are you?