What should we do with Fannie and Freddie?
< strong>Question by namsaev: What should we do with Fannie and Freddie?
Congress with their ‘Financial Reform’ totally ignored Fannie and Freddie.
Recently I read an article that Fannie and Freddie are still insuring multimillion dollar loans for luxury condos with only 3.5% down.
And today on Yahoo (news not Q&A) I read that homes which were foreclosed and sold for $ 30K were ‘supposedly’ refurbished and resold for $ 385K. Which our government backed insurance companies guarantee the loans. That sounds like a good job doesn’t it. Take a beat up run down house and renovate it and resell it for a profit.
But here’s the catch. There was money loaned to renovate. But the renovation wasn’t done! And you and I dear hearts are on the hook AGAIN!
I say let them sink or swim! And let them do it all on their own. Do you know how long the red flags have been going up that Fannie and Freddie were screwing up royally? Try decades.
Best answer:
Answer by stoney
when the time comes, i say hang em along with all of the other NWO nutjobs
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End them, just like all government programs that are or will be money sucking pits (social security, medicaid, medicare, Obamacare). Buying a home is a thing to be aspired for, worked for. However, by the government giving loans to people, just like with education, it allows massive money to be made by certain groups, all the while coddling people that have not earned what they are given.
What they should have done a long time ago, they should have made sure that the Fannie and Freddie bonds that had only the *implied* but *not actual* backing of the government, remained having only implied backing.
They should have let the Fannie and Freddie bonds fail.
Yes they had a 2 trillion dollar debt portfolio.
But if fan and fred were in receivers and somebody bought the loans at 10 cents on the dollar the market would eventually have fixed this.
Man are you kidding (says average joe contractor) things are so screwed up out here that gubment money is the only game in town! You need to back off of Freddy n Fanny. Heck I can barely keep my three crews of ‘undocumented immigrants’ working as it is……
Boy, You talk about a mess. If we sink them we add above 200 billion dollars to the debt.
If we bail them out, we add even more. So what is the choice of suicide you wish to die
by. Prison terms for Barney Franks, Chris Dodd, Charley Rangle, Nancy Pelosi, and any
Republican caught up in this mess. Under the Jail.
lock the doors and burn them to the ground. Banks would not be making bad loans if the govt did not demand it. In a record time, we would get through the haze of govt produced numbers and find the actual worth of a property it would sell and start to increase in value. Granted, if the homeowner defaulted. The house would return to the bank. The bank would have to ask the buyer to insure his own loan. We would quickly the govt slime and start building again. Keeping us from getting our footing is keeping us from rebuilding. It is almost as if gushing money into a govt abyss is more important that any reason any of them claim to exist. If a supposedly smart man keeps trying to take you in the wrong direction you have to assume that he really is not that smart or maybe his direction is not what he told you it was.
I say let them tank. It’s not fair for them to profit from the private sector and always have the govt to bail them out at the tax payers expense.
I gotta go with LT.M
I Cr 13:8a