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Political Threads This section is for Political Threads - Enter at your own risk. If you say you don't want to see what someone posts - don't read it :hihi:

 
 
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Old 06-29-2010, 11:04 AM   #1
RIJIMMY
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Good thing we have Barney!

Yup, good thing Mr. Frank is leading the effort to get financial reform passed! He has more than proven himself with his past experience.
Some how I bet this is "EVIL WALL STREETS" fault

Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion
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On Tuesday June 29, 2010, 9:01 am EDT
For American taxpayers, now on the hook for some $145 billion in housing losses connected to Fannie Mae and Freddie Mac loans, that amount could be just the tip of the iceberg.

According to the Congressional Budget Office, the losses could balloon to $400 billion. And if housing prices fall further, the cost to the taxpayer could hit as much as $1 trillion.

Two things are clear: Taxpayers don't want to foot the bill, and Fannie and Freddie, taken over by the government in 2008 to stanch the financial bloodletting, need a major overhaul.

"Some of us who don't even own homes are paying to support others and their home ownership, and they ask 'why?' said Robert J. Shiller, a Yale University economics professor and co-creator of the S&P/Case-Shiller Home Price Indices.



The indices measure the US residential housing market by tracking changes in the value of residential real estate both nationally and in 20 metropolitan regions.

Shiller added that the mission of Fannie and Freddie should be severely cut back "so that they're not helping middle-class homeowners, [but] they're helping poor people get into the housing market."

At the crux of the financial crisis, the government took over Fannie and Freddie to avert possible massive losses for banks, money-market funds and, perhaps, most importantly, foreign institutions that purchased billions of Fannie and Freddie debt because of its implied government guarantee.

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Old 06-29-2010, 12:03 PM   #2
fishbones
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Sure, on the surface this may look like a bad thing financially. But, anyone who knows anything about finance knows that $1 trillion in losses can actually be good for the economy. Having tax payers foot the bill for bad loans is a stategy to help the economy rebound, although the neocons would have you believe otherwise.





*This is not my opinion. I'm just filling in for Spince while he's away on business.

Conservatism is not about leaving people behind. Conservatism is about empowering people to catch up, to give them tools at their disposal that make it possible for them to access all the hope, all the promise, all the opportunity that America offers. - Marco Rubio
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Old 06-29-2010, 12:47 PM   #3
Raven
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Cool

the only way i'll "enter" the housing MARKET again

will be buying a plot of land with cash

buying a post and BEAM kit with cash

harvesting several acres of timber and building with
over lapping rough saw timber

NO mortgage ever again.

until then,
i am a back to the land RENTER

receiving ZERO dollars from the government.
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