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I'm looking for the joke with a microscope
12:33 PM on 10/24/2011
After the mega-banks get their Washington puppets to give them a trillion
dollars in zero-interest loans (on top of TARP), they essentially exited
the mortgage origination business. Now they play the arbitrage game,
and they invest govt. printed free money in govt. issued debt,
and pocket the interest. When that's not enough, the Fed just hands
them another 'QE' gift.

Fannie and Freddie are not exactly government.
They are for-profit corporations that were created out of the usual Washington corruption.
If the bought-off regulators did not lower credit requirements or
approve the neg-am loan or the stated-income loan, then the housing
bubble would have run its course in 2004, because incomes were not rising
to support the bubble.

The banks and everybody else (AIG) who got bailed
out should have known that the zero percent default rate was just a byproduct
of the liars' loans. But they were either too greedy or too incompetent to notice.
12:47 PM on 10/24/2011
Or very competent at taking advantage of the "gurantee subsidized entities" program pushed upon them by mostly democrat polititians [Clinton frnank dodd ect.} community reinvestment act. No risk easy money, why not bend over tax payers? government guranteed we would be bent.
01:04 PM on 10/24/2011
Another CON who has difficulty connecting the dots ! Note this disaster happened DURING bush's administration when he had a CON CONgress for 6 of his 8 years.That administration relaxed ALL regulation and allowed the crime of the century to multiply.
01:33 PM on 10/24/2011
The spin machine speaks wihout checking facts and regurgitates it's talking points.Before you speak you should go to the congressional record and find out which party was the majority from Jan.1995 till Jan.2007 in the house.They also were the majority in the senate except for 2yrs. when it was a tie of 50/50.Now you only get one guess and here's a clue it was not the Democratic Party.
Green is good
12:31 PM on 10/24/2011
The Gov't does need to be out of the mortgage industry...Bwarney Fwank might not agree, but who cares what he thinks
01:09 PM on 10/24/2011
Then the government should be out of sending tax payer money back to the red states, they should be out of subsidizing corporations, oil and gas companies, mercenary armies like Xe or whatever its called today. It should be out of giving tax free status to churches and PACs,
ReaItors Are Liars
NAR is corrupt
12:30 PM on 10/24/2011
Mr. Volcker is quite correct.

Furthermore, Fannie and Freddie need to be shut down entirely. Additionally, the mortgage interest deduction is on it's way out and it's about time.
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12:28 PM on 10/24/2011
I believe Mr Volcker has it backwards regarding mortgages. It would be best if the GSE's were removed from the private sector and required to apply the previous standards to the mortgages. Let them be the sole secondary markets for mortgages. Removed from the market they can perform the function they did so well for many years. When you buy bonds backed by their mortgages you would know what you are getting. If the banks really need to be part of this, give them the junk mortgage sector, appropriately rated, priced and reserved for. Again, when buying a bond from them you would know what you are getting.
Born in the USA!
12:23 PM on 10/24/2011
Gee, I wonder if Blarney would agree? It is so obvious that the Federal government (aka Fannie and Freddie) were and are the problem. Government is not the solution, government is the problem!
12:51 PM on 10/24/2011
No Barny would not. He pushed this scam to 1. pay for a lossers mortgage buy his vote. 2. short supply of housing demand goes up as does value, also the propertyTAXES. Greed by government.
01:13 PM on 10/24/2011
Hahahaha Damn I had no idea Barney Frank was that powerful that his one voice over-ruled the bush veto pen and the CON CONgress that CONtrolled the CONgress .
08:41 PM on 10/24/2011
That is just plain wrong. In fact, it was the American Dream Down Payment Act of 2003 that did all this "no money down" loan stuff. This is documented history. And it was co-sponsored by 9 Republicans. Barney Frank voted AGAINST the Act, at the time he was pushing for Low Income RENTALS, not ownership. You are just stating talking points that have no basis in reality. Almost all the mortgages that defaulted were given out by the Bush Admin. They were forcing subprime loans, overruiling state regulators. Please do your homework before posting some nonsense you heard from a talking head on TV or radio.
12:13 PM on 10/24/2011
Goverment sponsored extortion at it's best.
12:01 PM on 10/24/2011
Sure. Lets listen to the crooks about how to reorganize the Court system while we are at it.
Volker is frantically re-writing history to minimize his involvement in the Financial Debacle.
Thou shalt keep thy religion to thyself
I'll be takin these Huggies and any cash ya got.
01:04 PM on 10/24/2011
The rightie sheep want to know why Barney Frank wasn't even on the list! The shepherds from the Fox/Limbaugh propaganda machine told them the melt-down was because of Fannie and Freddie and Barney Frank was the all-powerful, didn't have to answer to anyone, Czar that caused it all.
Thou shalt keep thy religion to thyself
01:07 PM on 10/24/2011
Well there were two leading members of F & F on the list.  To pretend that F & F didn't play a major role is just as silly as pretending they were the entire problem.
Rush Geek
11:51 AM on 10/24/2011
Why are Fannie Mae and Freddie Mac exempt from the Dodd-Frank "financial reform" bill?
12:52 PM on 10/24/2011
This is not a shawade. We need toto concentwashun.
01:47 PM on 10/24/2011
It's a good question. Dodd-Frank is a mess.
You bring me the man, I'll find you the crime.
11:49 AM on 10/24/2011
Obama needs to unceremoniously s h!tcan that weasel Geithner and do whatever it takes to get Volcker to come back. Of course he won't. Of course he also won't be reelected and will go down in history as a one-term joker of a President.
01:16 PM on 10/24/2011
Dream on !

Obama 2012
You bring me the man, I'll find you the crime.
01:57 PM on 10/24/2011
Can you honestly say you are pleased with Obama's job performance?
Socially liberal, fiscally prudent atheist.
11:44 AM on 10/24/2011
It is sad that his statement isn't viewed as common knowledge.
11:41 AM on 10/24/2011
Our government has promoted home ownership for a long time. The benefits of tax deductible mortgages, capital gain roll over, capital gain exclusion etc.. These indirectly benefit real estate brokers, banks, developers and local governments by supporting higher valuations than would otherwise be the case. Few other countries offer this type of subsidy. Unfortunately, once constructed and sold, housing doesn't produce is essentially dead capital. In an effort to spread the "home" and continue support for real estate interests we essentially gave people housing with nothing down. Couple that with locking a person into a certain location making it difficult to move to a new area and it is a poorly thought out plan. Eliminating the government subsidies for housing will reduce the cost, of curse, and that will continue to be painful for awhile, but living in the same house at $100,000 rather than $300,000 will not be any different.
11:40 AM on 10/24/2011
A little late don't you think ?
Thou shalt keep thy religion to thyself
11:48 AM on 10/24/2011
Volcker was one of the few that predicted the mess we are in and wanted to do something about it before it was too late. However, we still haven't addressed any of the problems that lead to the collapse.. so stating the obvious isn't such a bad thing.
Born in the USA!
12:25 PM on 10/24/2011
How long have Fannie and Freddie existed? That is when it became too late!!!!
01:19 PM on 10/24/2011
No the problem began when the home owner was convinced a home is not only a roof over your head but an ATM machine.
I try to be reasonable
... but don't always succeed...
11:39 AM on 10/24/2011
I'm not clear on why there is such a push to own a home in the first place? Why did Bush make such a fuss about an "Ownership Society"? Why are there tax benefits to owning a home and not for renting a house/apartment? When you rent, you get zero return so wouldn't it make more sense to ease the burden on renters?

I'm still young yet, but so far, I have really enjoyed renting. If there was ever a probelm in our apartment, management always did a good job at staying on top of it and seeing to the problem being rectified, whether it was upstate NY, Long Island, or Manhattan. Granted, we also always paid more to live in a quality building/complex, but that was what we aspired to.

My wife and I currently do not feel the need to own a home. If you want to own a home, that's cool. No problem. I just want to know why there's so much emphasis on it. I dont feel any less successful or proud due to not owning.
ArizonaEagletarian (dot) com
12:12 PM on 10/24/2011
Once upon a time in America, home values increased over time, providing a nest egg of significant worth during one's retirement years. After raising a family, a couple could downsize their living space and still have money left over.
ReaItors Are Liars
NAR is corrupt
12:32 PM on 10/24/2011
To move into a nursing home? WTF are you talking about?

Housing depreciates ALWAYS.
For Natural Hair CurlTalk, Visit:
12:23 PM on 10/24/2011
Same here...renting w/ no plans to buy...
11:38 AM on 10/24/2011
The realtors (mostly republicans) will insist that the government continue to be a source of funding for the housing market. The dems will gladly support them. They may not call it Fannie or Freddie but they want government to provide a continuous supply of money to stimulate the housing market. Don't listen to their claims about evil government, look at what they do.
Born in the USA!
12:26 PM on 10/24/2011
This is laughable at best.