Wifey enthusiastically applauds (I don’t blame her)
See video below:
2008 – Barney Frank and Chuck Schumer defend and promote FNMA-FMAC
See second video below:
How did Fannie Mae and Freddie Mac get into this awful position where it is bleeding taxpayer dollars and is a huge factor in our financial demise. We seem to have completely forgotten the outspoken supporters of this fiasco. Fortunately, in this modern era of intense media coverage, we have videos at that time of exactly what happened in the US Congress – the primary culprit.
In the meantime, the financial carnage continues with no end in sight and no assumption of guilt by the Congressional perpetrators. They remain in power with no end in sight for their reign, either. Incidentally – prima facie evidence of why we desperately need term limits. How about two 2 year terms in the House, one 6 year term in the Senate?
And just now, the news item below appeared in the newspaper: $112.6 Billion Fannie Mae loss charged to the American taxpayer.
Fannie Mae seeks additional billions Nov 13, 2011
7.8 Billion aid for the third quarter July-Sept 2011. It lost 7.6 billion. Low mortgages rates reduced profits and declining home prices caused more defaults on loans it had guaranteed. Fannie has received 112.6 billion so far!
Then to really add salt to the wide-open wound:
Fannie, Freddie executives score $100 million payday bonus!!
Redacted from article by Chris Isidore @CNNMoney
November 15, 2011
NEW YORK (CNNMoney) — Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.
The top five executives at Fannie Mae received $33.3 million in 2009 and 2010, while the top five at Freddie Mac received $28.1 million. And each company has set pay targets of as much as $17 million for its top managers for 2011.
That’s a total of $95.4 million, which will essentially be coming from taxpayers, who have been keeping the mortgage finance giants alive with regular quarterly cash infusions since the Federal Home Finance Agency (FHFA) took control of the companies in September 2008.
Video – Newly elected Senator Barack Obama:
Video – Congressmen Barney Frank, Senator Chas. Schumer, Alan Greenspan, Pres. GW Bush
(Compiled by Jerome S. Kaufman)