Tag Archives: Freddie Mac

Feb 19 2009

Obama’s foreclosure-prevention plan is sparking outrage Americans who won’t qualify for federal aid, and from those who resent having to foot the bill for those who do

While real-estate professionals applauded the refinance provisions, which the White House says could help four million to five million homeowners, lots of borrowers wouldn’t be eligible. For example, the refinance provision is limited to borrowers whose mortgages are owned or securitized by Fannie Mae or Freddie Mac, the government-backed mortgage companies.

Jim Stoll, 67, of Stafford, Va., said tax cuts would be more equitable. “I look at all the spending in this bill, and I don’t see it going to the normal taxpayer,” said Mr. Stoll, who spent 26 years in the Marine Corps and an additional 16 in civil service. “If they have to spend money, then it would be easier to put it in consumers’ pockets and let them do with it what they will,” he said. Read More

Just as I have said many times, Obama isn’t helping the people who voted him into office that thought they would get help that really needed it! The poor blacks and whites are left out of the loop to keep on suffering. You need to read the whole story to understand, so go back and read it from the source!

Feb 5 2009

Young but influential Chicago politician, the American president helped to create the housing bubble.

At the heart of it was a 1995 amendment to the Community Reinvestment Act which legally required banks to lend money to buy homes to millions of poor, mainly black Americans, guaranteed by the two biggest mortgage associations, Fannie Mae and Freddie Mac. And no one campaigned more actively for this change to the law than Mr Obama, as a young but already influential Chicago politician.

It was this Act which, more than anything, helped to create the US housing bubble. Read More

Barack Obama’s connection to the Housing melt down is a story for the movies and his election to The White House!

Nov 29 2008

UPDATED Nov. 29 * Christopher Dodd, the chairman of the Senate Banking Committee

Whats your opinion of Dem. Senator Christopher Dodd? Is he honest? See what others has to say about him!

Just 30% of U.S. voters have a favorable opinion of Connecticut Senator Christopher Dodd, the chairman of the Senate Banking Committee, while 37% view him unfavorably. One-third of voters (33%) don’t know enough about Dodd to have an opinion of him one way or the other.

Of course, Dodd, who briefly ran for the Democratic presidential nomination this year, isn’t helped by news reports that he received preferential mortgages from Countrywide Financial and then later tried to engineer a federal bailout for the troubled lender when the housing bubble burst. Dodd also has been a big recipient of campaign contributions from the insurance industry and from the beleaguered mortgage giants Fannie Mae and Freddie Mac. Source; Read here

UPDATE:

Fact Number One: It was liberal Democrats, led by Senator Christopher Dodd and Congressman Barney Frank, who for years– including the present year– denied that Fannie Mae and Freddie Mac were taking big risks that could lead to a financial crisis.

It was Senator Dodd, Congressman Frank and other liberal Democrats who for years refused requests from the Bush administration to set up an agency to regulate Fannie Mae and Freddie Mac.

It was liberal Democrats, again led by Dodd and Frank, who for years pushed for Fannie Mae and Freddie Mac to go even further in promoting subprime mortgage loans, which are at the heart of today’s financial crisis.

Then there is the question of being against the “greed” of CEOs and for “the people.” Franklin Raines made $90 million while he was head of Fannie Mae and mismanaging that institution into crisis.

Who in Congress defended Franklin Raines? Liberal Democrats, including Maxine Waters and the Congressional Black Caucus, at least one of whom referred to the “lynching” of Raines, as if it was racist to hold him to the same standard as white CEOs.

Even after he was deposed as head of Fannie Mae, Franklin Raines was consulted this year by the Obama campaign for his advice on housing!

SOURCE: RealClearPolitics