Truth Has No Agenda (GB)

Posts tagged “Freddie Mac

Norquist to Newsmax: GOP Should Take Senate, Hold House

[Newsmax.com]

Wednesday, 07 Mar 2012 06:11 PM

By Jim Meyers and John Bachman

Low-tax crusader and Republican strategist Grover Norquist tells Newsmax the country is suffering from a very weak recovery because President Obama “did all the wrong things” in reaction to the recession.But as pundits tallied up the results from Super Tuesday, Norquist on Wednesday struck an optimistic tone on the GOP’s chances in November.Whoever wins the exhausting battle for the Republican presidential nomination, he points out, the candidate will be a staunch Reagan conservative with a tough fiscal approach on spending. That’s true whether it’s Mitt Romney, Newt Gingrich, Rick Santorum or Ron Paul.But if President Obama somehow gets re-elected, Republicans more than likely will be in control of both the U.S. Senate and the House, meaning Obam will not have any power of the purse.“If there is a Republican president then you can immediately move to do a budget and extend all the tax cuts and begin to cut spending,” Norquist says. “If Obama is still the president, we have a train wreck, and Obama likes train wrecks because he takes advantage of that kind of crisis to try to push for bigger government.“Certainly it’s important to have a Republican House and Senate even with a Democratic president, but it’s difficult to get legislation passed. You can not give the president money, that’s not a bad first step, but you can’t cut taxes without the president’s signature.”

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Cordray Nomination Jeopardizes Constitutional Checks and Balances

Jeannie DeAngelis

[BigGovernment.com]

Posted Jan 7th 2012 at 1:41 pm

by Jeannie DeAngelis

Forty-four of 46 Republican Senators vowed they would not approve “any consumer financial bureau director unless the agency was put under a five-member outside board, had its work checked periodically by bank examiners and had its budget approved by Congress rather than the Federal Reserve.”

So when Republicans refused to confirm the President’s nominee, Richard Cordray, to head the Consumer Financial Protection Bureau, America’s number one duffer shouldn’t have been surprised.

Senate Republicans maintained that voting down the nomination of Cordray had everything to do with the Dodd-Frank financial reform agency lacking oversight, and nothing to do with the candidate Obama chose to head it up. In other words, Republicans wanted to take consumer protection a step further than the President was willing to go, vowing that they’d agree to confirm a director, but not before additional consumer safeguards and supervision are put in place.

As for Obama’s nominee Richard Cordray, besides being the former Attorney General of the state of Ohio and acting as chief enforcement officer at the Consumer Financial Protection Bureau for the last year, Cordray is a five-time undefeated Jeopardy champion. Which may be why, when chiding Republicans for blocking his appointment, the President kept mentioning game playing.

According to Barack Obama, champion Jeopardy player Cordray has the expertise to “protect American families from being taken advantage of by mortgage lenders, payday lenders and debt collectors.”

After his pick was rejected, posing a few questions of his own, an irritated Barack Obama wanted to know if “Republicans in Congress think our financial crisis was caused by too much oversight of mortgage lenders or debt collectors?”

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Fannie, Freddie Debtors In The Hole May Now Refinance

[PersonalLiberty.com]

October 25, 2011 by

Fannie, Freddie Debtors In The Hole May Now Refinance

UPI.COM
The Fannie Mae corporate headquarters in Washington.

The Federal Housing Finance Agency (FHFA) announced Monday a program that will allow homeowners who are “underwater” — owing more on their homes than they are worth — to refinance at today’s low interest rates.

The Home Affordable Refinance Program (HARP) will apply to borrowers of Fannie Mae and Freddie Mac, and FHFA estimates that up to 1 million borrowers will use the program, according to The Washington Post.

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CNBC: Housing Crisis Officially Worse Than Great Depression

foreclose200getty.jpgNewsmax.com

(Getty Images photo)

Wednesday, 15 Jun 2011 09:56 AM

By Forrest Jones

The housing crisis that began in 2006 is now worse than the meltdown in the Great Depression, with home prices having fallen 33 percent since then compared to 31 percent in the 1920s and 1930s, according to data from Case-Shiller, which tracks the sector.

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Who’s Up For Another Fannie Mae Bailout?


MichelleMalkin.com

 By Doug Powers  •  May 9, 2011 11:20 AM

**Written by Doug Powers

Thank goodness the Dodd-Frank bill took care of the problems, eh?

From Reuters:

Mortgage finance giant Fannie Mae (FNMA.OB) on Friday said it would ask for an additional $8.5 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.

The largest U.S. residential mortgage funds provider reported a net loss attributable to common shareholders of $8.7 billion, or $1.52 per diluted share, in the first quarter.

Including the latest request, the firm has taken about $100 billion from the U.S. government since it was seized in 2008, though it has also paid about $12.4 billion to taxpayers in interest.

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Maxine Waters: Swamp Queen

Townhall.com

Maxine Waters: Swamp Queen

Confirmed: “Drain the swamp” is Washington-speak for “Let it fester.” While House ethics watchdogs dither, it’s shady business as usual for ethics scandal-plagued Democratic Rep. Maxine Waters.

Last summer, the House Ethics Committee charged the entrenched California congresswoman with three violations related to her wheeling and dealing on behalf of minority-owned OneUnited Bank in Los Angeles. The panel accused Waters of bringing discredit to the House for using her influence to seek and secure taxpayer-subsidized special favors for the failing financial institution.

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Treasury Report Outlines Path for Winding Down Fannie, Freddie

FoxNews.com

Associated Press

Published February 11, 2011

WASHINGTON — The Obama administration laid out three broad options Friday for reducing the government’s role in the mortgage market. All three would almost certainly lead to higher interest rates and costs for borrowers.

The administration said in a report that the government should withdraw its support for the mortgage market slowly, over five years or more. The report describes a path for winding down the troubled mortgage giants Fannie Mae and Freddie Mac.

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Fannie, Freddie Could Cost $389 Billion

Newsmax (MoneyNews.com)

Monday, 21 Jun 2010 08:33 AM

By: Julie Crawshaw

For all the focus on the historic federal rescue of the banking industry, it is the government’s decision to seize Fannie Mae and Freddie Mac in September 2008 that reportedly is likely to cost taxpayers the most money.

So far the tab stands at $145.9 billion and rising, the New York Times reports.

The Congressional Budget Office has predicted that the final bill could reach $389 billion.
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