Government-Backed Lender Fannie Mae Lost $75 Billion Last Year, Wants $15 Billion More In Federal Support

The GSE’s , i.e. Fannie & Freddie, are now Federal agencies with guarantees. Having said that, the liabilities, costs, and guarantees are nowhere to be found in the budget. Enron like accounting to be sure. The debt to GDP ration is 130%, if these expenses are “on the books”. I believe a Congressman has legislation pending to do just that. This is the opaque and cryptic nature of our federal government and all taxpayers are being defrauded.Those who look at Greece as a Sovereign debt crisis, are only at kiddie land.ABC and all major news organizations should be asking questions of why the liabilities of American citizens are kept off the books? And support should be given to any lawmaker who proposes legislation make transparent the true nature of the debt crisis headed our way .

Never fear.
Obama is ever so generous with our money.
He gave Fannie/Freddie a blank check on Christmas Eve.
And the MSM kept it quiet, to cover for him.
I don’t know who is hurting America more–Obama or the MSM.

When Obama is throwing one of his fake outrage hissy-fits, he never blames F/F
for causing the economy to tank.
And now that his rich friends on Wall Street have threatened to support Republicans, Obama has dropped his “fatcat” populist routine aimed at bankers/Wall Street.
Obama has sliding principles–which means he really doesn’t have any.

Obama has sliding principles–which means he really doesn’t have any.
Posted by: kyle | Feb 26, 2010 7:38:30 PM
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You’ve become so used to the lying, posturing and posing from the Republican right that you can’t tell the real thing anymore.

The person responsible for regulating Fannie and Freddie was Bush appointee and former school chum James Lockhart.
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This little chestnut gets repeated every chance tierra gets. Lockhart was appointed in June 2006 and he still is part of the TARP oversight committee under Obama. So you might want to ask Obama why that big, bad Lockhart is still around. What about all those years that Fannie/Freddie was protected by Dodd and Frank? What about all the oversight that Bush tried to initiate in 2003? Republicans can take some blame as well. But, seriously who got richer from Fannie Mae than Franklin Raines and Jamie Gorelick?

And he was paid very well to regulate Fannie and Freddie – and it was his responsibility.
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Not as well paid as Frank Raines and Jamie Gorelick.

Ahh, the amazing Friday afternoon hide-the-news Dump. Ain’t it somethin’?
The Summit carnival also helped create cover while Congress renewed the Patriot Act without a moment’s hesitation — you remember that supposedly terrible law that was screamed about all through 2008 by the very people in charge now? yeah, that one. Passed without a whimper by the Dems.
The audacity of hypocrits is breathtaking.
And speaking of misleading, sanctimonious hypocrits, take a bow, Tierra. Trying to blame Fannie and Freddie frauds on Pres. Bush is the worst kind of lie.
He was blocked from making them solvent by the WorstCongressEver (part I, class of 2007), and so when they collapsed in 2008 they were put under Mr. Lockhart’s agency for oversight.
But if you wonder about Fannie and Freddie problems, why not ask Mr. Emmanuel, he who constantly whispers in our president’s ear. He made hundreds of thousands serving on Freddie’s board during the phase where they were having to pay out fines for fraud. He could probably tell you all about how we have come to this miserable spot.
Bah!

Apparently, at least to me, a commentor whose name is another name for a crown, is being repeatedly disingenious and appears to be a paid hack for a certain political party, shamefully. Funny, my party dosen’t need such a phoney to represent us. We all know what we are talking about and we actually believe what we say! So give it up twinkle-head!

Passed without a whimper by the Dems.
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All Dems aren’t liberals, but for the record…
Fox News: “Many liberals in the House opposed the controversial act, saying it tramps Constitutional protections and civil liberties.”
ACLU: “Congress refuses to make reforming the Patriot Act a priority and continues to punt this crucial issue down the road,” said Laura W. Murphy, Director of the ACLU Washington Legislative Office. “Once again, we have missed an opportunity to put the proper civil liberties and privacy protections into this bill. Congress should respect the rule of law and should have taken this opportunity to better protect the privacy and freedom of innocent Americans. We shouldn’t have to live under these unconstitutional provisions for another year.” …In addition to reforms needed regarding the three provisions that were just extended, the National Security Letter (NSL) statute, which was broadened with passage of the original Patriot Act, must be narrowed.
Dennis Kucinich:”This legislation extends three problematic provisions of the PATRIOT Act and, at the same time, leaves some of the most egregious provisions in place, absent any meaningful reform and debate.”
Electronic Frontier Foundation: “The one silver lining? Despite a push by Republican leaders for a four-year extension, the renewed provisions are now set to expire in one year. So, although this battle’s been lost, the effort to roll back PATRIOT’s worst excesses is far from over. Thank you to everyone who took action to support PATRIOT reform this past year; we hope that you’ll continue the fight with us in the next year.”

But dont worry obama said he has saved the economy and we have seen the worst of this recession.
Posted by: Susan T
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We’ve seen the worst of nothing. And that was before we had to pay for the magnitude 9 earthquake we just caused!

progressive mama wrote: “Meanwhile, Geithner says Fannie and Freddie reforms are coming next year. ”
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Unbelievably BOLD action here…such great leadership…where do we write the thank-you notes to geithner and his boss oBama for tackling this problem NEXT year. Fannie lost $75 billion and wants another $15 billion to cover their ongoing fraud. Just imagine how much more we would be on the hook for, if geithner decided to wait for say, two years before reforming Fannie and Freddie.

Dennis Kucinich:”This legislation…
Posted by: progressive mama
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LOL. Mr Idiot himself.
Fact is, a few years ago, on another site, I was rather fond of a red-line Kucinich supporter!

Mr Idiot himself.
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He’s consistent. And I think, brave. And I love those kind of passionate, consistent spirits– the ones that can’t be bought and sold. To you that may be idiotic, but someone would have to think your judgments prudent and fair or wise in some way to think that matters when making their own evaluations.

Posted by: smartlillena | Feb 27, 2010 10:51:33 AM
I didn’t say otherwise. the question is are other voters swayed by your hyperpartisan denigrating opinions?
Moreover, your name calling doesn’t change the fact that Kucinich was a liberal who spoke out, or that voters voted for him.

Posted by: smartlillena | Feb 27, 2010 10:51:33 AM
I didn’t say otherwise. the question is are other voters swayed by your hyperpartisan denigrating opinions?
Moreover, your name calling doesn’t change the fact that Kucinich was a liberal who spoke out, or that voters voted for him.
Posted by: progressive mama
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I’m not trying to sway anyone. That is what the ‘essay posters’ think they are doing by cherry picking public opinion. -That’s not working too well, is it?-
Health reform is popular.
This bill isn’t.
Politicians aren’t.
Trillion dollar price tags are even less popular.
After coming off this ’10 trillion jobs saved or created’ garbage (don’t give me the CBO, they can’t unring that bell) the majority doesn’t take this man’s word for anything. Pelosi/Reid’s word even less. Do you really think the climate hi-jinx aren’t bearing on voters’ opinions of this crowd? They ARE the people in charge but, make no mistake, they are listening to their constituents, as a whole. Just as my representatives are listening to their constituents (me).
That’s how they get/lose their job.
* No one here has more hyperpartisan denigrating opinions than ???

* No one here has more hyperpartisan denigrating opinions than ???
Posted by: smartlillena | Feb 27, 2010 11:43:07 AM
Republicans.

I’ve nothing personal against Kuceenich. Unlike mr ubama, he’s definitely no phony. But my judgement seems to be fairly solid. It is clearly in the majority. You seem to have the shaky judgement.

Richard Hass has said that we need all the money we can keep to pay for the illegal war in Iraq. We need to steal their oil to keep our SUV’s tanked up going to a tea beggar meeting. America the home of the idiot! Ok, we still need trillions to rebuild Iraq while our country falls apart. We need to barrow more money from the Chinese so that we can buy oil from countries that hate us. Did I say Palin was an idiot. Oh well, what choice do we have.

the dems told the agency to loan to deadbeats with 0 down, no income verification and acted shocked at the defaults. then they gave their hack a 100 million dollar retirement golden parachute. stop giving money to people ,and firms that go broke. tarp was bad, Auto was nothing but a gift to the UAw for voting democratic

“…then blame it on the democrats for saying it was wrong in the first place.”
I blame Palin!

H A N G Thieves