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01:25 AM on 05/06/2010
These monster size companies are living in the reds and are economic black holes, they need to go to bankruptcy, the sooner the better.
12:41 AM on 05/06/2010
i will move all my account from citigroup.. im sorry but it the safest way for my the shakes of my family
12:33 AM on 05/06/2010
Obama is a DAMN, LYING DISGRACE.

We did NOT get "Change" -

We now have THE WORST of BOTH WORLDS.....

SOCIALISM, taxpayer extorted government subsidies.... NOT to working families and taxpayers, but TO THE WEALTHY, via their INSANELY CORRUPT bankers....

...while, for the rest of Americans, we have Neo-FEUDAL ECONOMICS, the "right' of the LORDS of the manor to TREAT AMERICANS LIKE PEONS & CHATTEL,
as for example "THE CLEARANCES" in Ireland, Scotland, Wales, & England led not only to the nightmares of "Dickensian England," but to the even worse nightmare of the GREAT Irish FAMINE, over a MILLION Irish souls died of famine & famine-related diseases, as English army guns & bayonets provided a PROTECTION RACKET for ruthless and cruel landlords, who actually EXPORTED GRAIN FROM fertile Irish estates, AT THE HEIGHT OF THE FAMINE...

THAT is What OBAMA is doing to America today... EXTORTING American taxpayers, and EMPOWERING the BANKERS & financial FRAUDSTERS,

TIME after TIME after TIME after TIME.
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MarsAmbassador
Per angusta ad augusta
12:44 AM on 05/06/2010
Things will change for good sooner or later. Trouble is the resulting upheaval will destroy not only our country but the entire Western world. Greece and Iceland are just the beginning of it all. By the time it gets to our turn there won't be anybody other than China capable of helping out, and that just doesn't fit into their 100 Year Plan for world domination. They shall inherit the earth as a result of our greed and stupidity.
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HamletsMill
All Myth is Astronomy
12:46 AM on 05/06/2010
I personally like President Obama very much as a person. I would invite him to my house anytime. But he is getting his head handed to him. We are in deep, deep trouble. I now think the system is so broken that it cannot ever be fixed. The country is completely ungovernable. Everyone is nuts. The best we can hope for now is a new very successful Political Party forming over the next 10-25 years by each of the 6,000 counties in the United States. It will rise up out of the Internet. That is, if we can last that long without turning into Greece.
12:31 AM on 05/06/2010
It is really expensive and the problem has no end in sight. where is the money going? there gotta be some money eating shark out there. in Billions.
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HUFFPOST SUPER USER
WeCanDoMore
Enjoying a fact based reality.
12:18 AM on 05/06/2010
Just pay off the troubles mortgages. Tax payers will stay in their homes and won't need impossible to get re-fis, and the banks will get funds, and the greedy banker won't get his hands on the $$$.
12:14 AM on 05/06/2010
NO MORE BAILOUTS.

Enough.
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HUFFPOST SUPER USER
William Young
The GOP is the enemy of America!
12:05 AM on 05/06/2010
No bailouts, let them FAIL!!!!
12:03 AM on 05/06/2010
Nobody in that building out of a job. And I'm sure they're getting big bonuses too
11:59 PM on 05/05/2010
Dear Fred E. Mac -
Thank you for your recent application submission to the National Bank of Taxpayers. Your request was carefully considered, and we regret that we are unable to approve your application for the following reasons:

Equity: Since your market capitalization has decreased to $918 million over the past 2 years, your request for for $10.6 billion clearly exceeds our 80% loan to value requirement. You may qualify for a smaller loan at a higher interest rate, provided that you are willing to pay private mortgage insurance. Please contact one of our agents to inquire.

Credit Report: Your FICO score fails to meet our minimum requirements due to the $61.3 billion of debt currently owed to the Bank of American Taxpayers. You have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice.

We apologize that we are unable to assist at this time. You may wish to pursue alternative sources of financing; the HARP and HAMP programs have successfully provided assistance to an underwhelming 3% of the 8 million Americans they were intended for. Feel free to re-submit your application in 12 months time, as our lending process is constantly under review. Thank you again for your interest.

Sincerely,
National Bank of Taxpayers
12:25 AM on 05/06/2010
Well done! :-))
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MarsAmbassador
Per angusta ad augusta
12:46 AM on 05/06/2010
Great post! Fanned!
11:45 PM on 05/05/2010
The failed logic behind progressive ideology is exemplified in the failures of Fannie & Freddie

http://archives.hud.gov/news/2000/pr00-317.html

"Under the higher goals, Fannie Mae and Freddie Mac are anticipated to acquire an additional $488.3 billion in mortgages that will be used to provide affordable housing for 7 million more low- and moderate-income families, many of them minorities, during the next 10 years. Those new mortgages and families are over and above the $1.9 trillion in mortgages for 21.1 million families that would have been generated if the current goals had been retained."

"These new regulations are among a series of actions HUD has taken to increase homeownership in under-served areas, particularly among minority Americans. Though America's homeownership rate is at a record high level of 67.7 percent, there is a disparity between the rate for white borrowers and others. The homeownership rate for whites is 74 percent, while it is 46 percent for both Hispanics and African-Americans. "

"These new regulations will greatly enhance access to affordable housing for minorities, urban residents, new immigrants and others left behind, giving millions of families the opportunity to buy homes or to move into apartments with rents that they can afford," HUD Secretary Andrew Cuomo (Clinton Appointed Secretary of HUD)

This is the kind of thinking that ruins the economy for everyone.
11:48 PM on 05/05/2010
The GSEs buy mortgages issued by banks, thrift institutions and other mortgage lenders, and then package the loans and sell them to investors as mortgage-backed securities. When Fannie Mae and Freddie Mac buy mortgages from lenders, they provide lenders with cash needed to issue new mortgages. Congress has given GSEs special advantages - such an exemption from all state and local taxes except property taxes, and an exemption from Securities and Exchange Commission registration requirements. In addition, the ties of the GSEs to government has helped them obtain the highest credit rating to reduce their borrowing costs, and has boosted investor confidence in the two companies, thereby helping to increase their earnings"
12:26 AM on 05/06/2010
http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902626.html

Fannie and Freddie finance about 40 percent of all U.S. mortgages, with $5.3 trillion in outstanding debt. Owned by private shareholders but chartered by Congress, they are exempt from state and local taxes and receive an estimated $6.5 billion-a-year federal

Since HUD became their regulator in 1992, Fannie and Freddie each year are supposed to buy a portion of "affordable" mortgages made to underserved borrowers. Every four years, HUD reviews the goals to adapt to market changes.

In 1995, President Bill Clinton's HUD agreed to let Fannie and Freddie get affordable-housing credit for buying subprime securities that included loans to low-income borrowers
InYourWorld
Progressive, educated, redneck but fan of no party
11:37 PM on 05/05/2010
There are 41 lobbyists in Obama's White House, 7 from the financial sector. Does anyone really expect much to happen with reform? It wont happen when the foxes are dictating fiscal policy for the hens.
11:33 PM on 05/05/2010
Fannie and Freddie ARE GOVERNMENT . . . they have been used by politicians for years on their everyone has the right to be a homeowner.
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11:32 PM on 05/05/2010
The big banks are the villians and need to be reformed despite the fact that they have repaid the tarp loans. Fannie and Freddie, the real culprits (together with the Fed and Congress) continue to suck up taxpayer dollars and don't need reform. These organizations have been the playground of the politically connected and the executives have been hugely rewarded for their incompetence. Go figure.
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loki
cheap politicians for sale
11:15 PM on 05/05/2010
If Citi Mortgage Representatives were telling me the truth, which I doubt as they seldom do, Freddie and Fannie would save billions a year if they would stop outsourcing loan servicing to Citi Mortgage. As they are the worse possible attempt at loan service representatives in the history of loan services. Plus the fact that they apparently intentionally are trying to drive some home owners into foreclosure, like BoFA did,. But, since Citi group is overseen by the same people who controlled the fed reserve over the last 25 years, I doubt Fred or Fan will discharge their service for a more reliable, more honest service provider.
12:06 AM on 05/06/2010
Are you telling us that all of the financial problems at Freddie and Fannie generate from the use of Citi Group for loan services?
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10:50 PM on 05/05/2010
If congress doesnt give them the money then I suspect the fed will give them a back door bailout.
InYourWorld
Progressive, educated, redneck but fan of no party
11:38 PM on 05/05/2010
Ya think? Fannie and Freddie sit on the Board for the Federal Reserve (a private bank). Thanks to Rahm for trying to black legislation to audit the Fed and make it transparent. Looks like fiscal policy is about what it was a few years ago.
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11:58 PM on 05/05/2010
I just wonder when the fiscal responsibility starts. The legislation working its way through congress will make a bailout permanent giving oversite to the fed. I just wonder if they do this before or after they pass "reform". I have to ask how much is enough, when do we throw our hands up