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Old 08-06-2009, 07:16 AM
Wagner's Avatar
..make it happn' capn'
 
Join Date: Mar 2005
Location: Mt. Airy, MD
Posts: 17,747
Wagner is on a distinguished road
Fannie/Freddie

So the same organization that created these entities to give people who couldn't afford loans, loans....i.e. the government...will now restructure them and pay for the people that can't afford their loan...with your money.

Awesome.

Report: U.S. Considers Remaking Fannie Mae, Freddie Mac
The Obama administration is considering an overhaul of mortgage giants Fannie Mae and Freddie Mac that would strip billions in bad loans and create a new home-loan organization.


Where the hell is accountability for your actions?

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The Obama administration is considering an overhaul of mortgage giants Fannie Mae and Freddie Mac that would strip billions in bad loans and create a new home-loan organization, according to a report from the Washington Post.

Government officials told the Post that the firms' bad debt would be given to new government financial institutions that would then be responsible for collecting on the debts.

"It should come as no surprise that the administration is thinking through" these changes Andrew Williams, a Treasury Department spokesman told the Post. "We are in the preliminary stage of the process, the systematic development of options has not taken place, and no decisions have been made."

Fannie Mae and Freddie Mac were nationalized in September, and the government has pledged more than $1.5 trillion to keep them going, the Post reported.

The White House Economic Council is scheduled to discuss the proposal, which the Post calls "preliminary and one of several under discussion," on Thursday.

Congress created Fannie Mae to support mortgage lending during the Great Depression. Both groups have government charters to package and sell mortgage loans to investors, the newspaper reported.


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I'll ask again, as I asked both my state senators, WHAT ABOUT THE INDIVIDUALS THAT LIVE WITHIN THEIR MEANS AND PAY THEIR BILLS? Where is their benefit for doing what they should have been doing and being responsible for their actions?
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