Friday, March 12, 2010

WHAT'S HE THINKING? Fannie, Freddie Bailout Hits $125B: Obama in No Rush to Reform. (Wonder Why?)

This clip shows how clueless Nancy Pelosi, Barney Frank, and the Democrats are when it comes to who is responsible for Freddie Mac, Fannie Mae, and the current credit crisis. Has Pelosi ever been honest about anything in her entire life?

Washington Post: Administration Hasn't Released Plan to Restructure Mortgage Giants Already on the U.S. Tab for $125B

The federal government has spent the past half year seeking to roll back its emergency efforts at propping up the financial markets -- with the notable exception of its involvement in mortgage giants Fannie Mae and Freddie Mac.

As the government has pledged more and more money to cover the companies' losses, it has assured the public that planning was underway for overhauling the firms so the bailouts would end. As recently as December, the Obama administration said it expected to release a preliminary report on how to remake Fannie Mae and Freddie Mac around Feb. 1.

But no plan was produced, and in response to questions from lawmakers, Treasury Secretary Timothy F. Geithner clarified last month that it would be another year before the government proposes how to restructure the firms.

Sixteen months after they were seized to prevent their collapse, the companies remain wards of the state, running a tab that has now exceeded $125 billion in what has become the single costliest component of the federal bailout for the financial system.

Some members of Congress have complained that the huge public commitment is unsustainable. But the administration has been reluctant to start reforming Fannie Mae and Freddie Mac, officials and analysts say, because the firms in their current form play an essential role in supporting the housing market at a time when it is still under severe stress. As other financial firms have exited the market and credit has seized up, Fannie and Freddie have been behind the vast majority of mortgages made since the start of the financial crisis. The companies now own or back more than half of all U.S. home loans. READ MORE...

Why Obama supports Fannie/Freddie AND why they support HIM now. VIDEO below..

If some of the 50 million plus 'DUMB SHEEP' who voted for Obama in 2008 knew this, how many of them would have changed their vote? We don't have too much faith in Obama supporters, but we believe some of the Obama supporters who have non-government mortgages (all 10,000 of them) might NOT have voted for Obama had the MAINSTREAM LIBERAL media been doing their job like FOX news did.

1 comment:

  1. I haven't seen a politician tell the truth for so long I doubt that they know how. The democrats are the masters of deceit, they blame everybody but themselves for all their failures. Nobody is safe when they get fired up.Hell they even blame their own staffs.