Infinite Unknown

- As A Reminder, The President’s Mortgage Plan Is “Dead On Arrival” (ZeroHedge, Feb. 1, 2012):

Obama’s latest attempt to stimulate the housing sector and inflate home prices “before waiting for them to hit bottom” (which they never will as long as central planning tries to define what clearing prices are) is a noble reincarnation of now an annual, and completely ineffectual, theatrical gambit. There is, unfortunately, one major snag. It is Dead on Arrival (just like every single iteration of the Greek bailout), for the simple reason that it has to get congressional approval. Which it won’t. And that’s not just the view of biased political pundits. Wall Street agrees.

Courtesy of the WSJ, which summarizes the prevailing views on this topic:

Edward Mills, analyst, FBR Capital Markets: “We believe that this program would be dead on arrival in Congress, as congressional Republicans are opposed to additional intervention in the mortgage market and are philosophically opposed to a bank tax. This should be confirmation that the administration realizes that a mass-refinance program can only be achieved by legislation and not by regulatory fiat.” Continue reading »

Tags: Barack Obama, Economy, Global News, Government, Mortgage crisis, Mortgages, Obama administration, Politics, U.S.

- Freddie Mac Betting Against Struggling Homeowners (NPR, Jan. 30, 2012):

Freddie Mac, a taxpayer-owned mortgage company, is supposed to make homeownership easier. One thing that makes owning a home more affordable is getting a cheaper mortgage.

But Freddie Mac has invested billions of dollars betting that U.S. homeowners won’t be able to refinance their mortgages at today’s lower rates, according to an investigation by NPR and ProPublica, an independent, nonprofit newsroom.

Continue reading »

Tags: Economy, Freddie Mac, Global News, Mortgage crisis, Mortgages, Taxpayers, U.S.

The article below is from Oct. 21. This is from CNN Money, Nov. 15:

-Fannie & Freddie Executives Score $100 Million Payday (Which Is Essentially Taxpayers Money – Fannie Mae Asked For Another $7.8 BILLION Of Taxpayers Money To Cover Its Losses In Third Quarter)

- Fannie, Freddie Need More Money (FOX Business/Reuters, Oct. 21, 2011):

Fannie Mae and Freddie Mac may need as much as $215 billion in additional capital from the Treasury through 2013 to offset losses and maintain a positive net worth, their federal regulator said on Thursday.

Fannie Mae and Freddie Mac, whose programs fund the lion’s share of all new home loans, are at the center of debate as Congress sets to overhaul a U.S. mortgage finance system that contributed to the worst housing crisis since the 1930s.

The cumulative capital needs of the two housing finance giants, which were seized by the government in late 2008, will likely fall between $221 billion and $363 billion through 2013, the Federal Housing Finance Agency estimated.

Continue reading »

Tags: Economy, Fannie Mae, Freddie Mac, Global News, Government, Mortgage crisis, Mortgages, Politics, Society, U.S.

See also:

- Black Hole Fannie Mae Asks Taxpayers For Another $7.8 BILLION To Cover Its Losses In Third Quarter:

WASHINGTON (AP) — Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to cover its losses in the July-September quarter.

- Fannie, Freddie execs score $100 million payday (CNN Money, Nov. 15, 2011):

NEW YORK — Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.

The top five executives at Fannie Mae received $33.3 million in 2009 and 2010, while the top five at Freddie Mac received $28.1 million. And each company has set pay targets of as much as $17 million for its top managers for 2011.

That’s a total of $95.4 million, which will essentially be coming from taxpayers, who have been keeping the mortgage finance giants alive with regular quarterly cash infusions since the Federal Home Finance Agency (FHFA) took control of the companies in September 2008.

Fannie CEO Michael Williams and Freddie CEO Charles Halderman, each received about $5.5 million in pay for last year, and they could receive more when their final deferred compensation for 2010 is set. All the executives receive a significant portion of their pay in the year or years after they earn it.

Continue reading »

Tags: Economy, Fannie Mae, Freddie Mac, Global News, Government, Mortgage crisis, Mortgages, Politics, Society, U.S.

For your information.

The elitists vs. the people.

YouTube Added: 13.11.2011

For more information: Thrive

Tags: 9/11, Adolf Hitler, Agriculture, Alan Greenspan, Amy Goodman, Assassination, Banking, Big Brother, Big Pharma, Bilderberg, BIS, Canada, Cancer, Catherine Austin Fitts, CCTV, CFR, Chemtrails, CIA, Congress, Corporations, Council on Foreign Relations, David Icke, Debt, Deepak Chopra, Derivatives, Derivatives market, DHS, Dictatorship, Documentary, Dollar, ECB, Economy, Energy, Environment, EU, Europe, False flag, Fascism, Fed, Federal Reserve, FEMA, FEMA Camps, Financial Crisis, Food, Free Energy, Freedom, Freemasonry, G Edward Griffin, General Electric, Genetically Modified Organisms, Genocide, George Bush, George H. W. Bush, Global News, GMO, Gordon Brown, Government, Gulf of Tonkin, HAARP, Halliburton, Health, Henry Kissinger, Herman Van Rompuy, Homeland Security, Illuminati, IMF, infertility, Inflation, Inside job, Internet, Iraq, Jean-Claude Trichet, John Perkins, Journalism, JPMorgan, Law, Ludwig von Mises, Manhattan Project, Mexico, MI5, Microchip, Military, Money, Mortgage crisis, Mortgages, Nazi Germany, Nazis, New World Order, Nicola Tesla, Oil, Patriot Act, Pesticides, Pharmaceutical Industry, Police State, Politics, Pope Benedict XVI, Privacy, Procter & Gamble, Quantitative Easing, RFID, Rockefeller, Rothschild, Royal Rife, Saddam Hussein, Science, Seeds, Society, steril, Sterilization, Steven Greer, Surveillance, Technology, Terrorism, Terrorists, Thrive, Timothy Geithner, Trilateral Commission, U.N., UFO, Vaccination, Vaccine, Wall Street, War, War on Terror, Water, WHO, World Bank, WTC, WTO, WW II, Zionism

YouTube Added: 09.11.2011

Tags: Bailout, Banking, Barack Obama, Debt, Economy, EU, Europe, Fannie Mae, Fed, Federal Reserve, Freddie Mac, Global News, Government, Healthcare, Inflation, Mortgage crisis, Mortgages, Obama administration, Politics, Ron Paul, tax, Taxpayers, U.S.

Consider this:

- Fannie Mae Knew About Toxic Mortgages in 2003!

- Former Assistant Secretary OF Housing Catherine Austin Fitts: ‘It’s Time to Bring Our Mortgages Home’

- 97 Percent Of All US Mortgages Are Backed By The Government

- Fannie Mae And Freddie Mac Worst Case Scenario Is $1 Trillion!

- Tickerguy On Dylan Ratigan Show – Massive Fraud At The Highest Levels!

- Report: Fannie Mae, Freddie Mac Bailouts Could Hit $363 Billion

- Bank of America: Thrilled to Pay $3 Billion Penalty – Freddie Mac Putbacks Resolved for 1¢ on $

- US Taxpayers on Hook for $5 Trillion of Fannie, Freddie Debt … No Matter What Barney Frank Says

- Obama Administration Using Accounting Gimmicks That Would Make Enron ‘Blush,’ Says Republican Lawmaker

- Fannie Mae loss widens, asks taxpayers for $7.8B (AP, Nov 8, 2011):

WASHINGTON (AP) — Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to cover its losses in the July-September quarter.

The government-controlled company said Tuesday that it lost $7.6 billion in the third quarter. Low mortgage rates reduced profits and declining home prices caused more defaults on loans it had guaranteed.

The government rescued Fannie Mae and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. Since then, a federal regulator has controlled their financial decisions.

Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates that figure could reach up $220 billion to support the companies through 2014 after subtracting dividend payments.

Continue reading »

Tags: Economy, Fannie Mae, Global News, Government, Mortgage crisis, Mortgages, Obama administration, Politics, U.S.

Flashback.

YouTube Added: 08.06.2011

Tags: Alan Grayson, Bank of America, Banking, Economy, Foreclosures, Fraud, Global News, Government, Mortgage crisis, Mortgages, Politics, Society, U.S.

- Could they have stopped the credit crunch? Fannie Mae knew about dodgy mortgages in 2003, says report (Daily Mail, Oct. 4, 2011):

Mortgage giant Fannie Mae knew about allegations of improper foreclosure practices by law firms as early as 2003 but did not act to stop them, a government watchdog has said.

But it wasn’t until mid-2010 before the company’s overseer began to scrutinise the conduct of some of the law firms when news reports emerged of dubious practices, a report revealed today.

An unnamed shareholder warned Fannie Mae of alleged foreclosure abuses in 2003, the inspector general of the Federal Housing Finance Agency (FHFA) said in the report.

Fannie Mae responded by hiring a law firm to investigate the claims in 2005, which reported it had found foreclosure attorneys in Florida ‘routinely filing false pleadings and affidavits’ the following year.

Continue reading »

Tags: Economy, Fannie Mae, Foreclosures, Global News, Mortgage crisis, Mortgages, U.S.

Flashback:

- ‘Welcome to the Recovery’: Why Another 11 Million Mortgages Will Go Bad

- Welcome to the Recovery (New York Times, by Timothy Geithner, August 2, 2010)

- If it doesn’t do something about its underwater mortgages, America could sink without trace (Guardian, Oct. 2 2011):

Stimulating the economy is all very well in the short term. But the national legacy of unpayable property debt will weigh the US down for years

It’s now more than six years since Alan Greenspan, in the days when he was still known as the “maestro” of the world economy, conceded that there might be a little “froth”, perhaps even a few “local bubbles”, in the American housing market.

Continue reading »

Tags: Alan Greenspan, Barack Obama, Ben Bernanke, Economy, Fed, Federal Reserve, Global News, Government, Mortgage crisis, Mortgages, Obama administration, Politics, Society, U.S.