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Fannie Mae, Fannie Mac Scandal

Discussion in 'Uncategorized Threads' started by dontrys, Sep 8, 2008.

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  1. dontrys

    dontrys TS Member

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    September 9, 2008

    Re: “Fannie Mae” & “Fannie Mac” Article

    Just some thoughts that came to mind. The Organizations, named above, that spawned the concept that “sub-prime loans” were the best way to accommodate the American public to be able to purchase their own homes, came into being. It appeared that nearly everyone one was taking advantage of this opportunity and the building and buying was underway, en-mass.

    Then, many years later, came the nationwide loan fiasco and collapse. The panic, home foreclosures, bankruptcy loss of 2008. The finger pointing and blaming exploded. "Let’s find someone we can blame all this on! How about the Real Estate agents, the Mortgage Brokers, the Appraisers, et al"?

    Now, (recently earlier this year) the FBI is out investigating….WHO??? Yep, the bottom guys on the totem pole. As a result, ruining some of those people, in the trenches, who were implementing, processing and submitting the required paperwork for buying homes… following the established and accepted guidelines. Damaging and destructive, to say the least.

    BUT WAIT! …… Today we hear news that the U.S. Government is “bailing out” these two Noble Financial Institutions, with OUR MONEY, US …. The U.S. Taxpayer. Now, who do you suppose is going to suffer (translate) “pay” for those Billions of Dollars??

    Are we to believe that they, the FBI, can continue to blame and pursue the average “Jane & John Doe”, who was writing these loans, etc.?? Providing a service for home buyers and in turn making a living for themselves and their families. Presently they, the FBI, are Looking for a scapegoat….”fall Guys and Gals”….under the guise of calling it “Mortgage Fraud” or something similar, in an attempt to “cover up” the corruption of the “Fannie Mae” and “Fannie Mac”.

    Should we continue to allow the perpetration of the BIGGEST liberal taxpayer rip-off story of the year, perhaps even the decade?

    Let’s be completely honest here, exactly where does the true fleecing of the public exist, with all its corruption and “deal making”? To me it is very evident and un-mistakable where we should look.

    Let me think now…

    OH YEAH!



    Don Powers
     
  2. Barrelbulge(Fl)

    Barrelbulge(Fl) Banned User Banned TS Supporters

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    Freddie Mac?
     
  3. dontrys

    dontrys TS Member

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    Your post may also be more creditable if you signed your name! But since you don't...... well you know the rest.

    And to presume that I don't know the names of the organizations is pre-supposing and judgemental! Obviously you don't.

    Definition: Fannie Mae (the Federal National Mortgage Association, FNMA)
    Freddie Mac (the Federal Home Mortgage Loan Corporation, FHMLC)

    The two "mortgage loan companies" have the rare distinction of also being "GSEs" or Government-Sponsored Enterprises. "A major red flag right there".
    DON
     
  4. halfmile

    halfmile Well-Known Member

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    The bail out is touted as helping the borrowers. Not so, Holmes.

    Next up: Bank failures. And they are coming. And the FDIC is underfunded. They can only cover 15 per cent.

    Hang on to your shorts.

    HM
     
  5. shannon391

    shannon391 Active Member

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    If my bank fails, where do I send the morgage payments?
     
  6. jimbotrap

    jimbotrap TS Member

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    One can only point to the various CEO's of the financial institutions that put this program together. Why not explore or examine the wonderful bonus these CEO's garned for themselves. The problem was within the banking industry. No futher explanation is needed. To all those CEO's that took hundreds of milions in bonus, stock options, etc. for their personal gains, it is time we recovered these excessive bonuses. Charge them for they losses the public will have to pay. Personal opinion. Each and every one of them should be stripped of all bonuses paid and/or receive in the past 4 or 5 years. Take all their holdings, including their family possesions and leave them with a simple one pair of shoes, one pair of pants, and one shirt. No other benefits.
    It your money, not theirs. - Jim
     
  7. pendennis

    pendennis Well-Known Member

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    Shannon391 - Sorry, but you're on the hook for your mortgage payment, even if the holder goes bankrupt. There are very specific laws dealing with mortgagers and mortgagees, especially when it comes to payments. If you look very closely at your contract, you'll probably find some words which require you to continue to make payments to the mortgage holder.

    Your mortgage contract is an asset, and is treated as such. It provides leverage for the holder if he/she wants to sell it to another holder. It's done all the time. This has created an entire industry, and the fraud that went with property values, debtor qualifications, etc. And it's partly responsible for Fannie Mae, Freddie Mac, Countrywide, and other mortgage holders.

    This is what happens when greed overcomes fiduciary responsibilities.

    Best,
    Dennis
     
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