Fannie Mae And Freddie Mac

[mosouthpaw]

IMO, Obama and the Dem's agenda will lead the USA to a more sustainable future in terms of economic policy, the environment, foreign policy, etc., etc., etc.

are you serious? obama, a known supporter of a "redistribution of wealth" which is actually a form of communism?

but lets look at reality and not your messiah view of obama. Tell me how obama will fund all his change? His tax the rich and save the poor? Do the math, he cant fund everything he wants to "change" by just a change in income tax. But like Bill Clinton, he will find out the numbers dont exist, and will have to raise taxes more to cover his programs. But you can rest assured at night that all the people who were given loans that couldnt afford them will be bailed by obama.

Where will his money come from? Businesses and corporations...... who will be taxed out of business or do what ALL businesses do, pass on the tax expense to thier customers. So instead of a saved economy i can be assured of higher prices of goods and services. In in turn more business will be moved offshore to help offset and help create a PROFIT, yes profit. Why work or own a business if the govt wants to quell your profit becuase some lazy idiot in govt housing who refuses to work and suck off the govt teet is jealous and wants that fancy car?

Lets look at the environment... his radical approach to saving the environment will hurt the economy. The simple truth he will allows offshore driller, but have it soooooo regulated that the oil companies will say " No nuclear power, which in all actuallity is probably the best form of energy. More Hydro-electric? Really in all actuality the cleanest form of energy, probably not some bug or animal might possibly be affected so we better not chance it....

Foreign policy? I really dont care about being best friends with countries hell-bent on destroying my country. Diplomacy is best left to experts, and obama is only an expert on voting "present" his only redeeming quality in this matter is zerox joe a known plagurizer.

lets look at your etc etc...

if children are our future, why support w/o question, finding no middle ground, or actually some kind of compromise, abort them? Insofar as making sure that a doctor can kill an aborted baby if that baby were to live. To me thats his "audacity" to question the hand of the real God. But maybe in these troubled times all i do is resort to religion and guns....... Maybe obama should find religion once in a while, and im talking real religion, not some jerimiah wright kill whitey religion....

Lets look at obama's religion briefly, in his 20 years of attending that racist "church". obama has said he probably would attend "once or twice a month" as he mentioned. 12x20=240 24x20=480 even if he hasnt been there twenty years and only ten just divide those numbers in half. Now under obama's statement, that he has never heard a speech by "rev" wright about such things like "g-d*amn america... it says so in the bible", the very "preacher" who married him, he has never heard a hate speech by "rev" wright... there is no way he can buck the odds of over 100 speeches of not hearing a hate speech. This same church that obama attends considers louis farrakahn a "man of the year" no thanks....

Lets look at the group ACORN a group in which asked obama to train them in the ways of getting out the vote.... If i had a dollar for every time that group was knee deep over VOTER FRAUD id have me some kizash... This same group who he TRAINED, yes taught how to mobilize and get your point across, storms closed sessions of city council, indicted on federal charges of voter fraud in more then one city... This group fights for the raising of minimum wage yet took California to court to allow them not to pay min. wage for thier own peeps..... They take govt grants and purposely misuse the funds....

Lets look at his personal advisors past and present and good friends/supporters. William Ayers, known domestic terrorist who was part of planting a bomb with other SDS members called the weatherman and a self proclaimed communist. Lets not forget Tony Rezko, the seven time convicted felon on bribery and fraud. He bought a house for obama and obama paid way under market price for hyde park mansion...I dont need to cover his religious advisor Mr wright anymore then i did above. His former and/or present advisors where leaders of Freddie and Fannie Macs who we now have to bail out but they made millions... by falsifying and bundling bad mortgages thereby creating a type of "junk bonds", but at least mikey milken went to jail they probably wont.

Lets look at an earmark asked for by Sen obama, monies shall go to the Unv of Chicago, his WIFE's employer. Afterwhich the earmark was given his wife's salary suddenly doubled..... but since obama said his family is off-limits ill stop. But he and his cronies have no problem attacking opponents families.....

How can a man who just votes "present" do any good. I dont think obama has every crossed party lines to pass a bill, but thats harder to figure out because all he seems to know how to vote is "present" He has about as much desire to be non-partisan as his friends in ACORN and his "church"

Why wont obama give access to his files, im not talking non-pertinant files. What is he hiding?

He rallies horders of people to his side with chants of change, with great speeches and promises. Claiming he can save the country from the evil that surrounds us. Writing books about his struggles..... and ideals. His speeches fill people with action..... hope. Right now youre thinking im talking about B.H Obama, actually im not its another person in history who committed mass genocide of a people A Hitler.

I dont think mcain is perfect, no one is. However when it comes down to what would actually help America, John Mcain. He would actually listen to both sides instead of shouting "Bush" everytime he speaks with a Republican. I dont think BH obama can actually differentiate between Republicans and GW Bush because in his logic "they all look the same to me" yet they represent people who share common views.

The sad truth is the more i see obama the more hillary looks good.... At least hillary and her camp can actually find common ground with America and just not give some speech and promise it while chanting goes on in the background with fancy hollywood cameras documenting the coming of the messiah, the chosen one.. bringer of peace, the one who can part waters, walk on water...

The truth is voting will always be a " sandwhich vs a giant dou*he bag" as the writers of southpark pointed out in an episode. Its funny how until the depression hit, the President of the US job was to carry out the laws of Congress, state of the Union speeches were short and came with no fanfare or hype. But since then the President views America as people who need to be saved from the hand of destitution. Judges werent strategically put on the bench to legislate, thats the job of congress and legislation from the bench violates the constitution since its goes beyond the seperations of the three areas of govt.

This whole mantra of change has real implications. The fact is change is coming. Bush is leaving the WH. One candidate's idea of change is so radical that society and the economy will be in a state of flux going from one extreme to the other, never settling. The other candidates change will be more balanced and actually slowing bring equilibrium back. Remember in 2006 congress's control was changed, the same will probably happen in 2010 to try and counter the extreme leftist radical policies of a democrat agenda. So as one can see radical change wont solve much, It creates too radical of shifts in equalibrium to fully allow the change that will need to happen.

Looking at the economy in its rapid super strong growth, followed is by a market check sometimes matching the raise by fall. The economy will get better, hopefully w/o the govt. And while people shout and rage about greed on wall street or greed in general, and how thats what has destroyed our economy need to realize that w/o a form of greed there would be NO economy, no jobs. And this anti-greed that the obama camp promises by its re-distribution of wealth is the exact opposite of the extreme of greed that some claim to be on wall street now, will do nothing to spur on the enticement of profit that is the very nature of an economy. For those that claim to be vested in the stock market heavily, your profit allowed you to grow your portfolio. your profit will allow you to retire. Your greed put you into stocks and securities that would grow your portfolio. All things in moderation, the bible mentions this. Thats what is healthy, not radical extremes bought on by radical reactions wont solve anything.

But i guess in these tough times ill resort to religion and guns like some poor uneducated person obama says that I am. He is no savior, my savior died on the cross. The good book says not to put trust into rulers. But that doesnt absolve us from picking trustworthy leaders. So do you trust a junior, two year senator with close ties to criminals corrupted CEOs or a senior senator with a record of working together under several presidencys, congress and administrations from both sides. WHo has put his own life on the line, served in our armed forces and doesnt live in some ivy league elitest world.

[Fishhand]

I don't get it. Why do you call him ?

[mosouthpaw]

I don't get it. Why do you call him ?

Chairman Mao Zedong Communist co-founder(in china) and leader of China.

[Fishhand]

Chairman Mao Zedong Communist co-founder(in china) and leader of China.

Does it mean I have a messiah view of Obama if I've painted my living room ceiling with him wearing a crown of thorns and a halo of light around his head? That's not a messiah view it's just constructive idolitry. Actually, I kind of messed up on his nose, the painting kind of looks like Chris Rock. When the ceiling fan is going it's like he's winking at me.

I do have to agree with you Hitler, Mao and Obama three peas in a pod. Maybe if you would have said I would have gotten it. Or maybe the equation of their evil acts all rolled up into one big sadistic pythagorean thereom.

[bigredbirdfan]

It is so sad to see democrats rallying around a true leftist, radical, marxist canidate without a religion. Hate to tell ya: This is not the old blue collar democrat party. Been hijacked by extremist after Clinton left office. I'm afraid we might be in for a big "I told you so" in a few years.

oBamItler-e-Lenin

Gotta get all the real socialist idologues in there.

[Danoinark]

Gentlemen

I have been editing out all of the disrespectful candidates names on this forum for the last time.

Any more edits required and I will delete the entire posts. I have made this clear before on my watch.

Say what you want with reasonable content but be respectful of anyones name. Obscene and obscene references are also being edited. If anyone is upset about this then I would suggest you complain to Phil. Thank you.

Dano

[bigredbirdfan]

Gentlemen

I have been editing out all of the disrespectful candidates names on this forum for the last time.

Any more edits required and I will delete the entire posts. I have made this clear before on my watch.

Say what you want with reasonable content but be respectful of anyones name. Obscene and obscene references are also being edited. If anyone is upset about this then I would suggest you complain to Phil. Thank you.

Dano

Dano: I find more offense to the post about obama as Christ on the ceiling but oh well. I'll just stick with Barrack Hussein Obama (as to not offend anyone particulary christians)

[Rusty]

Don, you were so right in what you were investigating in 1999.

http://query.nytimes.com/gst/fullpage.html...wers&st=cse

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES

Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.

Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.

Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.

Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.

In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.

Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.

In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.

The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.