Barack wants Fannie and Freddie investigated.

[JBond]

Good.

He can start with his own staff which made hundreds of millions of dollars while Barack refused to reform the corrupt government banks they directed. There have been several efforts to reform Fannie and Freddie by Republicans and all of them were blocked by people like Barack and Chris Dodd. Don't forget Joe Biden's son was the head lobbyist for Fannie and Freddie.

The list people who stole hundreds of millions is very interesting. Three of the biggest money makers work for Barack. Everyone should remember Jamie Gorelick (of the wall between the FBI and CIA fame) took home 75 million. Franklin Rines and Jim Johnson stole over 50 million each. All three are being considered for cabinet posts in a Barack administration.

Barack (Saul Alinski is my hero) Obama is up to his eyeballs in this mess.

Change? Can anyone spare some change?

[MilesAustinforMVP]

Good.

He can start with his own staff which made hundreds of millions of dollars while Barack refused to reform the corrupt government banks they directed. There have been several efforts to reform Fannie and Freddie by Republicans and all of them were blocked by people like Barack and Chris Dodd. Don't forget Joe Biden's son was the head lobbyist for Fannie and Freddie.

The list people who stole hundreds of millions is very interesting. Three of the biggest money makers work for Barack. Everyone should remember Jamie Gorelick (of the wall between the FBI and CIA fame) took home 75 million. Franklin Rines and Jim Johnson stole over 50 million each. All three are being considered for cabinet posts in a Barack administration.

Barack (Saul Alinski is my hero) Obama is up to his eyeballs in this mess.

Change? Can anyone spare some change?

And the person who started the financial crisis in the first place, Phil Gramm, is McCain's top economic adviser.

[JBond]

And the person who started the financial crisis in the first place, Phil Gramm, is McCain's top economic adviser.

The people who started this mess were Democrats in congress who wanted to be "fair". They created these financial institutions to help the "dis-advantaged". In fact this mess was started under Jimmy Carter and was compounded by Clinton.

Fannie and Freddie were giving special treatment in the form of lower interest rates and all the loans were guaranteed by the government. In order to get this special treatment they were mandated to give loans to people who had no right to own a home because the couldn't afford it. The incredible high risk loans were then sold to investors as no-risk investments because it was all "guaranteed". All the while the people running these groups pocketed hundreds of millions of dollars.

Non-government banks were forced to keep up or the federal government would have taken over all the housing industry instead of just half of it, and they would be out of business.

This would have never have happened at all if big government had not stuck it's nose into private matters. Everything government touches turns to crap.

[bbgun]

I don't want to hear any tough talk from him about Lehman Bros, either.

http://patterico.com/2008/09/15/obama-friendly-lehman-bros-to-file-chapter-11-bankruptcy/

[Doomsday101]

The people who started this mess were Democrats in congress who wanted to be "fair". They created these financial institutions to help the "dis-advantaged". In fact this mess was started under Jimmy Carter and was compounded by Clinton.

Fannie and Freddie were giving special treatment in the form of lower interest rates and all the loans were guaranteed by the government. In order to get this special treatment they were mandated to give loans to people who had no right to own a home because the couldn't afford it. The incredible high risk loans were then sold to investors as no-risk investments because it was all "guaranteed". All the while the people running these groups pocketed hundreds of millions of dollars.

Non-government banks were forced to keep up or the federal government would have taken over all the housing industry instead of just half of it, and they would be out of business.

This would have never have happened at all if big government had not stuck it's nose into private matters. Everything government touches turns to crap.

I agree. My mom who is an assistant VP at Bank Of America told me this would happen as banks and leading institution were being pressure to hand out loans to what would be considered high risk individuals.

[JBond]

I agree. My mom who is an assistant VP at Bank Of America told me this would happen as banks and leading institution were being pressure to hand out loans to what would be considered high risk individuals.

The way I understood it was that thanks to changes in law under Clinton, was that banks would be fined for not lending to undeserving people. Is that nuts or what?

Always beware of politicians with good intentions. Just look at welfare, medicare, medicaid, social security, housing laws etc.

[iceberg]

And the person who started the financial crisis in the first place, Phil Gramm, is McCain's top economic adviser.

you may wanna back the cheerleader auto-hate-reply truck up some and realize it's a liberal method usually to force money lending to those not worthy. no, i don't know the whole story but from what i understand, congress forced these lending companies to provide loans to people who could not afford it.

when i bought my home 10 years ago, it was my 1st house. i paid $136k for it and i could have qualified for a LOT more, only i didn't need it. i got what i needed, and it's a nice house. i know people went into "max debt" to get their home and when times fall back, as they always do, this will hurt.

people wanting to buy more than they could really afford in the end and loan companies/officers allowing it as i understand it is a pretty big part of all this. find out who benefitted most from these questionable loans and start your investigation there.

i don't want an investigation done cause ive never seen one change anything. now that this cry is coming from the candidacy of "change" i have even less faith that even if he did an investigation he'd put the blame where it should fall.

no, i don't think many would which is why any investigation done should NOT be done by politicians.

any of 'em.

[iceberg]

The way I understood it was that thanks to changes in law under Clinton, was that banks would be fined for not lending to undeserving people. Is that nuts or what?

Always beware of politicians with good intentions. Just look at welfare, medicare, medicaid, social security, housing laws etc.

between you, dooms and thabigp i think i get what happend now to a better degree.

i just hate one side acting like their side is clean and YOUR side screwed it all up.

[BrAinPaiNt]

Fannie and Freddie should have never gotten together but once they did they should have practiced protective...oh wait, never mind.

On a serious note. This is probably just the first group that is in line to get a bail out. I am sure there will be many more lined up and wanting the same.

Not really a good idea for the government to do this. I understand the idea of wanting to help the average Joe who has loans with them but this really setting a bad standard and if it is true that the Government is basically taking the debt while the company keeps the future profits...really bad.

[JBond]

between you, dooms and thabigp i think i get what happend now to a better degree.

i just hate one side acting like their side is clean and YOUR side screwed it all up.

There is plenty of dirt to go around on this one. People have heard the names of Fannie May and Freddie Mack for years but like myself didn't know a lot about it until I did some research. Fannie may was in trouble from school loans not being repaid also. Remember the dramatic rise in tuition costs the last 10 years? You can tie that directly to Fannie May. Administrators at these colleges went nuts when they figured it out. Always follow the money.
;)

[JBond]

Fannie and Freddie should have never gotten together but once they did they should have practiced protective...oh wait, never mind.

On a serious note. This is probably just the first group that is in line to get a bail out. I am sure there will be many more lined up and wanting the same.

Not really a good idea for the government to do this. I understand the idea of wanting to help the average Joe who has loans with them but this really setting a bad standard and if it is true that the Government is basically taking the debt while the company keeps the future profits...really bad.

They are legally required to bail them out. remember they were government guaranteed loans. The interesting thing will to watch who else they bail out.
Keep your eye on AIG insurance group next.

[iceberg]

well you can't blame me. i repaid my student loan! took me about 2 years longer than it should have but i paid it all back.

[JBond]

well you can't blame me. i repaid my student loan! took me about 2 years longer than it should have but i paid it all back.

I paid mine but my wife's sisters husband has not paid a dime on 6 years of loans. That kid rely pisses me off.

[CanadianCowboysFan]

I had rich parents who paid for my schooling.

Anyway, no one should be surprised. When companies are loaning millions interest only to people over the phone, you know it will end up badly.

Sad part is, those of us with normal mortgages will end up taking it up the rear.

[Yeagermeister]

well you can't blame me. i repaid my student loan! took me about 2 years longer than it should have but i paid it all back.

The US Army paid for mine :D

[iceberg]

I paid mine but my wife's sisters husband has not paid a dime on 6 years of loans. That kid rely pisses me off.

the only time i didn't pay into it is when i'd lose my job (sometimes my fault, sometimes not!) i'd apply for a "stay" so to speak where i don't have to pay it for 3 months then if i have a job, pay again. if not reapply for another 3 months.

don't know all the numbers but i only didn't pay when i was out of work and used the system they had in place to put it on hold till i could pay again.

as for your wife's sisters husband - karma can suck and he'll get his sooner or later.

[ABQCOWBOY]

So......... Is this latest investigation before or after he investigates Bush?

:)

[ThaBigP]

Perhaps Obama needs to focus his investigation lens on the Dems. Who, by the way, blocked reforms proposed by Bush and championed by McCain, among others, way back in '03. Among other attempts, which were likewise stonewalled. The COEs and Board of Directors were, to a man and woman, Dem operatives, many from the Clinton administration. Now the cat calls from the peanut gallery (ahem, Dems) that "it's not our fault!" and "it's Bush's fault!", and "Repubs had their hand off the wheel!". This, seriously, is just priceless.

http://article.nationalreview.com/?q=NDA4YTY1N2ZhMDhmNjIwNTk4OTI2MDYxZWU4NDg1Y2Q=