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OT-Fannie Freddie takeover

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E.B Haymakin

09-07-2008 16:51:33

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I'm surprised none of you have mentioned the eminent takeover of the US two largest mortgage holders by the fed's. They announced it Saturday. Most news outlets had reports about it on Sunday. The largest fleecing of the American taxpayer has just been pulled off. They said this wouldn't be necessary-didn't they? Trust no one.

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IH2444

09-07-2008 19:51:57

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Re: OT-Fannie Freddie takeover in reply to E.B Haymakin, 09-07-2008 16:51:33

Wasn't Fannie and Freddie privatized years ago ?

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rodgernbama

09-07-2008 17:58:31

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Re: OT-Fannie Freddie takeover in reply to E.B Haymakin, 09-07-2008 16:51:33

Didn"t something like this happen in the 80"s under George Bush the First with the savings and loan and taxpayers bailed them out?

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Fleeced Taxpayer

09-07-2008 18:16:22

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Re: OT-Fannie Freddie takeover in reply to rusty wheel, 09-07-2008 17:44:43

Its not a political thing.Theres plenty of blame to go around for both political parties,lenders,borrowers,mortgage brokers,etc.

I know a guy that makes $35,000 a year.With practically nothing down,he bought a $150,000 house with a ARM.Now that the payment has doubled he cant make the payment.Duh!

There were two fools here.The buyer for buying it and the lender for making the loan.Of course the lender sold it to Fannie Mae or Freddie Mac.They bought it without even looking it over and now they are stuck with it and millions of other worthless loans.Lots have just walked off and left homes they couldnt afford.Houses got way overvalued.

Not everyone deserves to own a home until they can afford it.If you make $50,000 a year,then a $150,000 home that you can put 20% down free and clear is the most that you can afford.

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tlak

09-07-2008 19:19:59

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Re: OT-Fannie Freddie takeover in reply to Fleeced Taxpayer, 09-07-2008 18:16:22

The borrower wasn't to blame. When I went to get my loan the bank had me qualify for the loan. You know, a simple formula, do you make enough to make the payments. Some how all this went south under the Bush/Repugs regime.

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Traditional Farmer

09-07-2008 17:22:28

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Re: OT-Fannie Freddie takeover in reply to E.B Haymakin, 09-07-2008 16:51:33

More welfare for those that refuse to be financially responsible from those that are financially responsible

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Spook

09-07-2008 17:30:28

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Re: OT-Fannie Freddie takeover in reply to Traditional Farmer, 09-07-2008 17:22:28

The people being bailed out are Wall street bankers!! No bailouts for morgage payers. Just for mortgage bankers.

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Fleeced Taxpayer

09-07-2008 17:14:33

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Re: OT-Fannie Freddie takeover in reply to E.B Haymakin, 09-07-2008 16:51:33

At the very least this huge fiasco will cost every person in the U.S. $1300 and it could go far-far higher.No matter how bad the business practices,the taxpayer has to bail everyone out.We've already had Bear-Stearns.Who will be next,the big 3 auto makers,Lehman Brothers,another big bank?The list could be endless.

The highly overpaid CEO's of Fannie M and Freddie M should serve some prison time.They were warned years ago that they were buying loans that couldnt be paid off but refused to listen.Lets get the printing presses rolling.More inflation here we come.

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redtom

09-07-2008 17:12:15

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Re: OT-Fannie Freddie takeover in reply to E.B Haymakin, 09-07-2008 16:51:33

This makes me want to puke. These lenders made a speculation and it was a bad one. Boo hoo. A lot of people do and they don't get a bailout. I lost 24,000 on my 401 so far this year. Am I going to get a "bailout" because I picked risky choices? Maybe a guy started a business but it was a bad location or service and went broke, does he get a "bailout"? Thats exactly what they did, speculated on poor mortgages and lost. They and all the other banks that did this deserve to go out of business. At least when Iacoca got money from the feds for Chrysler in the 80's it was a loan and they paid it back with interest. It wouldn't be politically correct for me to say who is really running this country. And its not either of the two parties.

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Jiles

09-07-2008 17:50:21

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Re: OT-Fannie Freddie takeover in reply to redtom, 09-07-2008 17:12:15

Central Banks run this country!!!!

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M Moline fan

09-07-2008 17:28:30

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Re: OT-Fannie Freddie takeover in reply to redtom, 09-07-2008 17:12:15

Speaking of your 401k, I understand a lot of that "safe" money was invested by brokers in Freddie and Fannie. If those go down, so would the investors' accounts. Don't they have something like $5 trillion worth of loans?

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E.B Haymakin

09-07-2008 17:34:00

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Re: OT-Fannie Freddie takeover in reply to M Moline fan, 09-07-2008 17:28:30

The people running these companies knew all along the tax payer would be left holding the bag, so there was no incentive to conduct business as it was a business. They made shady deals, and took the profit & ran. Jail is where they should be headed.

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M Moline fan

09-07-2008 17:07:45

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Re: OT-Fannie Freddie takeover in reply to E.B Haymakin, 09-07-2008 16:51:33

I didn't hear about this. What would happen if the govn't did nothing and Fannnie and Freddie failed? How much is this going to cost taxpayers?

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jay-eye-see

09-07-2008 17:06:51

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Re: OT-Fannie Freddie takeover in reply to E.B Haymakin, 09-07-2008 16:51:33

It adds 800 billion to our 9.67 trillion national debt. but who cares

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