Fannie Mae wants $7.8B from us

[Joseph]

WASHINGTON (AP) — Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to cover its losses in the July-September quarter


I don't understand this. I truly do not. The logic, the mathmatics, the economics of it. I'm lost


At what point do we say no ? At what point do our representatives get up off their knees, reach down between their legs and find something that resemble testicles ?


http://news.yahoo.com/fannie-mae-los...221752510.html

[Argentsum]

The federal government does not pay $7.8 billion. We pay, and this translates to $26 per every person in the U.S. More like over $50 for every taxpayer and this is for one quarter. Feddie and Fannie were created to make housing more affordable. Instead I'm making mortgage payments for other people as I am a tax payer.

I'm not even covering the home owners. I'm bailing out bad loans made by disinterested banks that were in turn dumped on government lending institutions. This is nothing more then theft. Its not even well disguised theft. Worse we are paying for the incompetence, stupidity, and short sighted greed of everyone involved in the housing market.

We can't move forward and out of this mess until this corruption is allowed to fail and the guilty punished.

Oh crap...I'm starting to sound like the ticker-guy.

I'm done.

[Joseph]

The federal government does not pay $7.8 billion. We pay, and this translates to $26 per every person in the U.S. More like over $50 for every taxpayer and this is for one quarter. Feddie and Fannie were created to make housing more affordable. Instead I'm making mortgage payments for other people as I am a tax payer.

I'm not even covering the home owners. I'm bailing out bad loans made by disinterested banks that were in turn dumped on government lending institutions. This is nothing more then theft. Its not even well disguised theft. Worse we are paying for the incompetence, stupidity, and short sighted greed of everyone involved in the housing market.

We can't move forward and out of this mess until this corruption is allowed to fail and the guilty punished.

Oh crap...I'm starting to sound like the ticker-guy.

I'm done.

+1. I truly have no idea what the real impact will be if FM is allowed to fail - you know, allowed to fail like we're always allowed to fail.

Everybody, with the exception of our illustrious leaders, knows we're truly screwed, and its simply a matter of time before the US begins to resemble a bad remake of "The Road", but what happens on the street where we live our lives ?

No doubt the execs will get bonuses and parachutes, the politicians here in my state, will continue to have pool parties and fund raisers, while they discuss austerity programs -

[Juristic Person]

Yeah, well I would like Fannie Mae to send me some "aid" to cover MY losses.

When am I gonna get my $50,000 check?

[Argentsum]

Yeah, well I would like Fannie Mae to send me some "aid" to cover MY losses.

When am I gonna get my $50,000 check?

Fannie Mae only helps banks (offload toxic mortgages).

[southfork]

Overheard Bernake to say: NOTE TO SELF, PICK UP ANOTHER TANKER OF GREEN INK