Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: gaw On: Thu Sep 11, 2008 5:24 pm

I hear it is all Georges fault! Out with George, in with OBAMA!!!!

Obama is on the defensive over his selection of James A. Johnson, the former CEO of Fannie Mae, to help lead the vice presidential search process, a role he played for John F. Kerry four years ago.

full story http://blog.washingtonpost.com/the-trail/2008/06/11/obama_defense_of_johnson_raise.html

In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters.

full storyhttp://www.washingtonpost.com/wp-dyn/content/article/2008/07/15/AR2008071502827.html

Barack Obama largest recipient of political funds from mortgage giants Freddie Mac, Fannie Mae

read more http://latimesblogs.latimes.com/washington/2008/09/mortgage-giants.html

Who is Franklin Raines? http://en.wikipedia.org/wiki/Franklin_Raines

I will throw the bums out too!
gaw
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: coalmeister On: Thu Sep 11, 2008 6:27 pm

"Barack Obama largest recipient of political funds from mortgage giants Freddie Mac, Fannie Mae"


Oh my, whatever you do, don't tell Devil, he will be devastated by this news :D
Nirvana (The next 8 years) has not even started yet, and it's already going bad!
coalmeister
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Devil505 On: Thu Sep 11, 2008 7:31 pm

coalmeister wrote:"Barack Obama largest recipient of political funds from mortgage giants Freddie Mac, Fannie Mae"


I doubt that headline from Fox News but it doesn't matter to me anyway.....I'm voting for Ron Paul. :P

( If you like what's happening to our economy & want 4 more years of Bush policies then vote for McCain)
If you want to really shake things up with both major parties then vote for neither,......Vote for Ron Paul!...That's real change!)
Devil505
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: rberq On: Thu Sep 11, 2008 8:28 pm

coalkirk wrote:oversight of these orgainizations is the responsibilty of congress ... this mess is the result of dems and republicans in congress failing to do the proper oversight they are supposed to do.


Agreed. There seems to be a pattern here -- Savings & Loans, Enron and it auditors, Investment Banks, now Fannie and Freddie. Inadequate regulation leads to excessive risk taking or outright fraud. The abuse is allowed to get so massive that a government bailout is required to keep them from swamping the whole economy. There's plenty of blame to go around, both to Democrat and Republican administrations and legislators. Both parties like to rally their followers and blame the other party, keeping us poor sucker taxpayers focused on "the enemy", i.e. the other party, when the real problem is that the whole rotten Congress needs to be thrown out. I bet the public would be better served overall if we selected one-tenth of Congress every year by random lot from among those volunteering, appointed them to a single ten-year term, paid them well during their tenure, then banned them from office forevermore.
rberq
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Devil505 On: Thu Sep 11, 2008 9:03 pm

rberq wrote:I bet the public would be better served overall if we selected one-tenth of Congress every year by random lot from among those volunteering, appointed them to a single ten-year term, paid them well during their tenure, then banned them from office forevermore.



I definitely agree with the idea of term limits! We can argue over what they should be, but I think limiting these positions so they don't become life-long careers, which begs for corruption, is a great start.

BUT

OPINION:
Let's not let a President off the hook either. When sworn in, on his/her first day of office a President puts a hand on the bible & swears : "I do solemnly swear (or affirm) that I will faithfully execute the office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States."
IMO, this President has cynically defeated any effective oversight of business excesses & has allowed a nationwide climate of "Corporate Greed" to poison our national psyche. Further he has failed to uphold any of his oath & bares the ultimate responsibility for the current crisis we face. We need to reject this President's pettiness & failed policies.
Devil505
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: SAU On: Thu Sep 11, 2008 9:06 pm

The news is pretty much out that the Fed and the Treasury Department are engineering some kind of bailout/fix for Lehman Brothers. Sounds like the government will provide a nice backstop for Bank of America if they will play ball.
SAU
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Devil505 On: Thu Sep 11, 2008 9:17 pm

SAU wrote:The news is pretty much out that the Fed and the Treasury Department are engineering some kind of bailout/fix for Lehman Brothers. Sounds like the government will provide a nice backstop for Bank of America if they will play ball.


It just cracks me up how helping out financially strained homeowners to stay in their homes is SOCIALISM & bad, but bailing out huge corporations is providing economic stability & good! ....Shut Up!!
Devil505
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Cap On: Thu Sep 11, 2008 9:26 pm

Back in the 90's I drove everyday in the Delaware Valley and mostly in NJ. I would see housing development after housing development grow in the corn fields. These homes were huge easily 3500sf not including basement with monster decks. I worked 50+ hrs a week at the time, earned decent salary but couldn't get near such a home as they were listing for $275k and higher. " Who can afford these homes? Where did they work?"

With the recent failure of the mortgage industry or roughly 10 years later....

I have a theory. The average family would go and see the model home knowing it was way out of their price range. Some slick sales rep would convince them to apply for a mortgage & see what happens. The mortgage is ok'd and the family moved in. GREAT! BUT how would the BUILDERS know they could sell such an expensive home to start with to the average Joe? I never saw any developments with SMALL ranch homes, always large 5 bedroom type homes. There had to be some co hooting going on here. Builder buys land. Builds big & expensive knowing profits are larger on big homes. Gets in tight with the mortgage lender. The lender grants the mortgage knowing Fannie & Freddie will eventually pick up the note. My .02 cents.

Here we are today, as a country, living in debt on all levels personal & government. We are in debt to China alone for $504,000,000,000 as of today. Unbelievable.
Cap
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: SAU On: Thu Sep 11, 2008 9:47 pm

It just cracks me up how helping out financially strained homeowners to stay in their homes is SOCIALISM & bad, but bailing out huge corporations is providing economic stability & good! ....Shut Up!!


I'm not sure if you understand where I'm coming from but that "nice backstop" comment was pure sarcasm. Also the homeowners are not being bailed out, the banks are.
SAU
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: coalmeister On: Thu Sep 11, 2008 10:15 pm

Devil505 wrote:
coalmeister wrote:"Barack Obama largest recipient of political funds from mortgage giants Freddie Mac, Fannie Mae"


I doubt that headline from Fox News but it doesn't matter to me anyway.....I'm voting for Ron Paul. :P

( If you like what's happening to our economy & want 4 more years of Bush policies then vote for McCain)
If you want to really shake things up with both major parties then vote for neither,......Vote for Ron Paul!...That's real change!)


Ron Paul is an interesting guy. A little dorky, but interesting. Maybe looking between women's legs all day will do that to a fellow... :lol:

How do we ever break away from this stinkin' 2 party system??
coalmeister
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Yanche On: Thu Sep 11, 2008 10:21 pm

Cap, Your theory is correct. In the late 60's and early 70's I sold real estate part time. At that time the same thing was done with FHA approved mortgages. The builder and lender were in bed together. The only thing different was the amount of money was significantly less and the houses smaller. In Maryland we have an now obsolete way to reduce the buyers cost, it's called ground rent. You don't own the ground but rent it, fixed at 6% a year. Payable forever. The builder and the bank would get together and set an inflated price for the land. In turn the bank got to collect the ground rent. Mortgage was through the same bank but sold to the marketplace with the FHA guarantee. Bank kept the ground rent, which has superior collection rights than an mortgage. My first house was bought from a couple that needed out because they had to move. The builder gave them cash money for the down payment with a wink. He didn't care that they couldn't afford it he would soon have his money, same with the bank.

The total USA national debt is something like half a million dollars for each citizen! Staggering, how could it possibly ever be repaid. The wealth transfer is just like T. Booth Pickens is saying. Just look at the construction going on in the middle east. Half of the world's construction cranes are in the oil rich countries. In the United Arab Emirates http://en.wikipedia.org/wiki/United_Arab_Emirates they have a strategic plan for when the oil runs out. High tech is their future. They are going to building an electronics semiconductor industry from scratch. No longer will the largest semiconductor manufacturing plant be in Taiwan, ROC it will be in Dhabi. Today a semiconductor manufacturing plant costs $2-3 billion. It's usually obsolete within 5 years. They are so expensive that electronic companies that are usually competitors form alliances to to build and share them. UAE is not only building the manufacturing plants they are building a technical university system to educate the engineers how to design the integrated circuits that will be manufactured in them. The professors that will staff their Universities are being hired at huge salaries from all around the world. Look at any professional society journal and you will see ads for high level positions from UAE and other oil rich countries. They have a plan, where's ours?

I shutter to think what will happen in a generation when our money spent on their oil will be used to develop their version of the GPS terrain mapping missile guidance system to be used against us. Wake up citizens this is a developing crisis. Get educated on the problem. Get involved in congressional elections. Go to:

http://www.pickensplan.com

Join and FAX your petition to Congress.
Yanche
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: SAU On: Sat Sep 13, 2008 8:27 am

Here's just a little bit of fault for you.

must see/read: Obama comes in 2nd place...


All Recipients of Fannie and Freddie Campaign Contributions, 1989-2008

Current members of Congress have received a total of $4.8 million from Fannie Mae and Freddie Mac, with Democrats collecting 57 percent of that.

[removed dead link]

Includes contributions from PACs and individuals. 2008 cycle totals based on data released electronically by the Federal Election Commission on Sept. 2, 2008.
Last edited by Richard S. on Sat Sep 13, 2008 8:38 am, edited 1 time in total.
Reason: edited link
SAU
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: SAU On: Sat Sep 13, 2008 6:19 pm

SAU
 
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: franknbaum On: Mon Sep 15, 2008 10:59 am

Why is it Bush's fault does the constitution say the president has to protect us from our selves. How about the millions of people that stupidly got into these sub-prime, ARM's and and loans with baloon payments when they didn't look to the future and realize they are borrowing more money than they can afford.
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Devil505 On: Mon Sep 15, 2008 11:13 am

franknbaum wrote:Why is it Bush's fault does the constitution say the president has to protect us from our selves.



In the President's oath of office, he puts his hand on the bible & swears to "Take care that the laws are faithfully executed."
Bush has deliberately stopped both the Congress & the US Justice Dept. from performing their Constitutional "Oversight" responsibilities (Congress) & investigation of outright criminal activity (Justice Dept) amongst his business buddies.

When you say this: "How about the millions of people that stupidly got into these sub-prime, ARM's and and loans with baloon payments when they didn't look to the future and realize they are borrowing more money than they can afford.".......
I say: How about all those people that were enticed & defrauded into making those bad decisions through the use of illegal sales techniques?.....Yes, the President is legally bound to execute his Constitutional duties!


So , to answer your direct question:

Yes, it is GW Bush's fault.....He swore on the bible to protect us....& yet, he has laughed at that solemn responsibility & should have been impeached for that failure alone.

Next question? :devil:
Devil505
 
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