« prev   random   next »

4
1

TRUMP ADMIN UNVEILS PLAN TO END GOVERNMENT CONTROL OF FANNIE MAE AND FREDDIE MAC, WHICH BACK HALF OF THE NATION’S MORTGAGES

By OccasionalCortex follow OccasionalCortex   2019 Sep 10, 5:30pm 289 views   24 comments   watch   nsfw   quote   share    


Because of this, expect Banksters to do to Trump exactly what they did to Lincoln and Kennedy!

I love the outright 'protection racket' quality of this (see bolded text in article for an WTF explanation of what I mean).

by Kevin Ryan @unbaisedamerica

The Trump administration has just released a sweeping plan to end more than a decade of government control of two massive companies, Fannie Mae and Freddie Mac, which back half of the nation’s mortgages.

The long-awaited plan would resolve the fates of the two government-sponsored entities, which eleven years ago this week were put into government conservatorship during the global financial crisis.

Fannie Mae was established by the U.S. Congress in 1938 as part of Franklin Delano Roosevelt's New Deal. Freddie Mac was established by Congress in 1970. Both companies purchase mortgages from lenders, and package them into securities to sell to investors. This in turn frees up liquidity for lenders to make additional loans.

In 1992, the Democratic Congress amended the charter of Fannie Mae and Freddie Mac to require them to “have an affirmative obligation to facilitate the financing of affordable housing for low- and moderate-income families”. For the first time, they were required to meet “affordable housing goals” set by the government.

In 1999, Fannie Mae came under additional pressure from the Clinton administration to expand mortgage loans to low and moderate income borrowers by increasing the ratios of their loan portfolios in distressed inner city areas designated in the Community Reinvestment Act. The annual goal for low-income and moderate-income mortgage purchases was increased to 55% of all loans by 2007.

At the time, The New York Times reported that Congress’ new mandate to push the corporations towards the subprime market required “taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporations may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980s.”

Sure enough, when the economy entered into a recession in 2008, Fannie Mae and Freddie Mac were among the hardest hit entities. Taxpayers ended up owning both companies in 2008 when the housing market collapsed and the firms’ losses piled up.

Under the Trump administration’s new plan, Freddie would be turned back into private companies but would be required to pay taxpayers a fee for government protection. It would also open the market up to competitors for the first time.

The proposals will “protect taxpayers,” Treasury Secretary Steven T. Mnuchin said in a statement. “An effective and efficient Federal housing finance system will also meaningfully contribute to the continued economic growth under this Administration.”

Fannie Mae and Freddie Mac represent the last major unresolved business from the financial crisis. Both Democrats and Republicans support ending government control of the companies, though it remains to be seen whether they will come together behind the administration’s plan.


From: https://www.facebook.com/UnbiasedAmerica/posts/1114180432101284?__tn__=K-R

1   APOCALYPSEFUCKisShostikovitch   ignore (43)   2019 Sep 10, 5:33pm     ↓ dislike (0)   quote   flag        

Good.

Disband the cunts.

IT'S CASH! OF! FUCK! YOU!, AMERICA!
2   Tenpoundbass   ignore (15)   2019 Sep 10, 7:32pm     ↓ dislike (0)   quote   flag        

Good I'll be paid off before it kicks in.
3   Ceffer   ignore (3)   2019 Sep 10, 7:35pm     ↓ dislike (0)   quote   flag        

What did they expect when they named the organizations after a stripper and a good ole boy.
4   Fortwaynemobile   ignore (2)   2019 Sep 10, 7:48pm     ↓ dislike (0)   quote   flag        

So that means rates go up, prices down to compensate. Right?

They all sell to FR/FN
5   APOCALYPSEFUCKisShostikovitch   ignore (43)   2019 Sep 10, 8:19pm     ↓ dislike (0)   quote   flag        

FANNIE! and FREDDIE! MUST! DIE!

KICK 'EM!

BITE! 'EM!

STEP ON THEIR FACE!
6   clambo   ignore (5)   2019 Sep 10, 8:26pm     ↓ dislike (0)   quote   flag        

Definitely another great idea from Donald Trump; the US government and the American taxpayers should never be in the mortgage guarantee business.

Someone who has a clue may understand that the govt. helps you go into debt and then you must stay put and pay the property taxes and support society's needs and govt. pensions.
7   Patrick   ignore (0)   2019 Sep 10, 10:26pm     ↓ dislike (0)   quote   flag        

Absolutely.

Trump really does just keep on doing the right thing. God bless the mofo.

How much prosperity, peace, and freedom from rackets will it take to get through to the "orange man bad" crowd?
8   jazz_music   ignore (12)   2019 Sep 10, 11:38pm     ↓ dislike (0)   quote   flag        

Patrick says
How much prosperity, peace, and freedom from rackets will it take to get through to the "orange man bad" crowd?

Trump has achieved cult leader status in a relatively short time.

I can't wait to see his staff's rewrite of the constitution. They are all such billionaires.
9   rjfont   ignore (0)   2019 Sep 11, 2:43am     ↓ dislike (0)   quote   flag        

The government does not belong in the loan business. When that happens loans are not given out based on the ability of the borrower to repay the loan. Instead it's given out based on who votes for whom. That's a bad way to do business.
10   APOCALYPSEFUCKisShostikovitch   ignore (43)   2019 Sep 11, 4:28am     ↓ dislike (0)   quote   flag        

I lived in a cave, mute and starving before Trump invented language, agriculture and the economy.
11   clambo   ignore (5)   2019 Sep 11, 7:36am     ↓ dislike (0)   quote   flag        

What do the Trump haters think of Biden's wish to double the Federal Capital Gains tax to 40%?

How is that going to affect your future financial well being?

I of course didn't mention that California also has its own Capital Gains Tax.

If you hate Trump you hate yourself if you have any money.
12   ForcedTQ   ignore (0)   2019 Sep 11, 10:02am     ↓ dislike (0)   quote   flag        

Finally, now maybe he will wake the fuck up and stop asking the fed reserve to “lower rates” and instead rescind the damn charter while getting congress to abolish the bill that allowed it.
13   Patrick   ignore (0)   2019 Sep 11, 10:13am     ↓ dislike (0)   quote   flag        

I do find it disturbing that the Federal Reserve is not federal, and has no reserves.

It's a cabal of big banks dedicated to the proposition that no bank in the cabal should be allowed to fail no matter how irresponsibly they lend.
14   FortWayneIndiana   ignore (4)   2019 Sep 11, 10:21am     ↓ dislike (0)   quote   flag        

There's a good book on this for kids called "Creature from Jekyll Island".

https://www.amazon.com/Tuttle-Twins-Creature-Jekyll-Island/dp/1943521026/

Explains to kids really well how government controls value of currency.
15   HEYYOU   ignore (33)   2019 Sep 11, 11:07am     ↓ dislike (0)   quote   flag        

Financial losers can't pay cash for shacks or even the cheap shit they buy.
16   OccasionalCortex   ignore (4)   2019 Sep 11, 2:27pm     ↓ dislike (0)   quote   flag        

rjfont says
The government does not belong in the loan business. When that happens loans are not given out based on the ability of the borrower to repay the loan. Instead it's given out based on who votes for whom. That's a bad way to do business.


Whaddya mean? That is how Venezuela is run and how every Democrat pretty much says they will run things in response to questions like "what do we do about illegals?"
17   OccasionalCortex   ignore (4)   2019 Sep 11, 2:28pm     ↓ dislike (0)   quote   flag        

FortWayneIndiana says
Explains to kids really well how government controls value of currency.


There is a video documentary with the same name.
18   6rdB   ignore (0)   2019 Sep 11, 2:42pm     ↓ dislike (0)   quote   flag        

OccasionalCortex says
Freddie would be turned back into private companies but would be required to pay taxpayers a fee for government protection. It would also open the market up to competitors for the first time.

Excellent and extremely logical.

Lets now wait and see how Media will turn this into ORANGEMANBAD. Any guesses from patnetters?
I propose Talking Point #1 will be TRUMP IS RAYCIST.
19   mell   ignore (3)   2019 Sep 11, 2:56pm     ↓ dislike (0)   quote   flag        

clambo says
What do the Trump haters think of Biden's wish to double the Federal Capital Gains tax to 40%?

How is that going to affect your future financial well being?

I of course didn't mention that California also has its own Capital Gains Tax.

If you hate Trump you hate yourself if you have any money.


Cap gains is already double-taxation for most ordinary investors. Increasing it to 40% is insane. Fuck Biden. Here's an alternative proprosal. Abolish cap gains up to 500K, 10% 500k-1MM, 20% 1MM, 30% 2MM, 40% 5MM+.
20   Hircus   ignore (0)   2019 Sep 11, 3:17pm     ↓ dislike (0)   quote   flag        

clambo says
What do the Trump haters think of Biden's wish to double the Federal Capital Gains tax to 40%?


I wonder if he really means this. IMO it would markedly reduce capital investment, hurting growth ... I would imagine noticeably.

Maybe it's his campaign strategy of making people think he's woke and has some "fuck the rich" gusto in him, but he doesn't plan to really do it.

Still, I don't trust that shit.
21   CornPoptheOriginalGangster   ignore (5)   2019 Sep 11, 3:23pm     ↓ dislike (0)   quote   flag        

We need a Federal "Rocket Bankruptcy" procedure for failing banks, that slices and dices the assets to performing companies faster than Benihana's.

No bailouts, investors suck a dick, performing loans go to performing companies. The only way companies, in the long term, are going to do right is if the investors are freaked out over losing bigly. Not if they are assured sucker taxpayer to the rescue.
22   Hircus   ignore (0)   2019 Sep 11, 3:30pm     ↓ dislike (0)   quote   flag        

6rdB says
Lets now wait and see how Media will turn this into ORANGEMANBAD. Any guesses from patnetters?
I propose Talking Point #1 will be TRUMP IS RAYCIST.


I think by turning it over towards private industry and letting market forces be more dominant, it may naturally gravitate in a direction that makes it harder for poor people to get loans / favorable terms in some cases. This might happen if it becomes less political and more objectively based.

The coincidence that poor people are more likely to be black / brown, will be invoked as usual. It may even end up overall better for poor people, but that doesn't matter - they will just zoom in and focus on some specific aspect supportive of their narrative.

Trump made change > change hurts poor > poor mostly black > raycist change
23   FortWayneIndiana   ignore (4)   2019 Sep 11, 8:49pm     ↓ dislike (0)   quote   flag        

OccasionalCortex says
FortWayneIndiana says
Explains to kids really well how government controls value of currency.


There is a video documentary with the same name.


Ha! I wonder if it's done by same people. This is by libertas group. They are libertarian.
24   OccasionalCortex   ignore (4)   2019 Sep 12, 12:09pm     ↓ dislike (0)   quote   flag        

FortWayneIndiana says
Ha! I wonder if it's done by same people. This is by libertas group. They are libertarian.


https://www.imdb.com/title/tt4624648/

about   best comments   contact   one year ago   suggestions