Out-frigging-rageous!!!!!! Fannie Mae $3 Billion fraud.

[uscitizen]

OHH wow 3.3 billion, not even as much as we just plain lost track of in Iraq.

Whare is the right wing outrage over that? And it was not even providing jobs and housing in America.

 

[NYcarbineer]

You tell me what private business would have allowed $3,000,000,000 in losses over 6 years AND NOT DO ANYTHING ABOUT IT???????

Fannie and Freddy are private businesses.

...and since they are,

what the Right is complaining about in this whole Fannie/Freddy mess is:

The mess happened because private businesses were NOT SUFFICIENTLY REGULATED.

Ironic, eh? ...the Right conceding that lack of regulation of the private sector can lead to economic devastation...

 

[flacaltenn]

You tell me what private business would have allowed $3,000,000,000 in losses over 6 years AND NOT DO ANYTHING ABOUT IT???????

I can name one private business that did that and didn't do anything about it.

Fannie Mae.

Not only did Fannie not do anything about it - they did not inform authorities either. Probably because they didn't want to upset the fantastic corrupt arrangement they have with the government.

Man - this is an outstanding example of why government does NOT belong in private enterprise and the results of what happens when they do.

Fannie Mae WAS a private business, dude.

You could buy stocks in it and everything.

Maybe you need to go read a book?

No editec --- Fannie is Frankenstein's bride.. A zombie of monstrous construction.. All of it's chief execs are political appointees being patronized for their service. (J. Gorelick was the one who defended the "wall between FBI and our other intelligience services" in the 9/11 commission spinbook -- for instance).

It's primary products are GUARANTEED by the US treasury.

Represents the worst of capitalism/socialism. It PRIVATIZES the profit from these GSEs, but SOCIALIZES the risk and losses by these orgs..

Go buy a book... Same for NYCarbineer... COULD be privately done. This wasn't even close..

 

[JohnA]

It's functioning EXACTLY as Obama and the Dems want it to.

Can someone please tell me the difference between Fannie and Freddie? And then I want a Follow up.

dude they are both govt agency ripping the public of caused by big brother govt interfering in matter it knows nothing about

fannie has bee around since the 1930 s and was formed with GOOD INTENTIONS to ease the availability of money available for morgages but like all govt run system it got abused lost money ( our tax money ) because each succeeding govt used it for political reasons and eventally it was sold to investors
there for to give it competition ??( can you imagine the govt talking about competition ) feddie was formed in the 1970 by the know all interfering govt again creating a massive amount of govt jobs for the boys
just one more in a long line of govt created /run agencies that spend our tax dollars without any accountabilty
to see more
Mortgages - The Difference between Freddie Mac, Fannie Mae and Ginnie Mae - Personal Finance - Financial Education Center for Investors - BlueCollarDollar


remember the govt does.nt have any MONEY but they are happy spending yours