Do have an opinion about government propping up Freddie Mac and Fannie Mae?
by Mortgage Rates on Thursday, November 25th, 2010 | 9 Comments
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More corporate welfare. nothing surprising here.
I think it’s ridiculous to save those two banks, when they are the ones that profited from buyers. And now they are going to be helped? What about millions of people who are loosing homes? They don’t get any help?!
Ridiculous!
not happy
and just another reason to vote 3rd party
I see the govenment taking care of the big companies while the regular guy sinks.
The government has NO choice in the matter, like it or not the reality is that if they do not the price that will have to be paid will be too great.
Freddie Mac and Fannie Mae have always been federally backed. The mistake that was made was that we eased federal oversite of these institutions while they remained federally backed. We trusted individuals to be independently responsible for not destroying the economy and making good investment choices with federal tax dollars as security and then they didn’t.
Yes, I do have an opinion. I do not believe that the federal government has the duty or the authority to be offering to use the peoples’ money to support bad lending practices by these two government-sponsored enterprises.
There is no constitutional authorization for the federal government to be in any business.
The most disgusting part of these is that so many political partisan hacks have gotten very rich being named to the board of these companies. Especially the Clinton administration ex-staffers like Gorelick.
Right now, we’re looking at a staggering possiblity of having to bail these out to the tune of $1.5 trillion or more! In-freaking-credible!
Where are the capitalist conservatives now?
This is the way the scam works. Back in 2003 Bush said that “everybody ought to own their own house”. This was a signal for the banks to start making really risky loans which makes the banks BIG BUCKS!
Then reality sets in – everybody loses their house which makes the banks BIG BUCKS as they foreclose on lots of fat real estate.
The Super Rich have bought in – they default – and finally the tax payers are asked to bail them all out which we dutifully do.
The Bush family has been making money doing this scam for years.
It’s called Screw The Poor and Middle Class – Feed the Super Rich First! It’s why Li’l Bush is in the White House.