Pinning the Tail on the Donkey

[WillowTree]

When I was a little boy we used to play a game where we wore a blindfold and tried to put a slip of paper on a drawing of a donkey we couldn't see. I thought of that as I watched the chattering class, blindfolded and frantically trying to pin the blame for the Wall Street debacle on everything but the real donkey, the Democrats, whose symbol is. guess what?

Right, a donkey, and that's where the blame lies, on Barack Obama's Democratic Party.

To find the donkey you need to go back to the Clinton administration, which decided that everybody and his kid brother was entitled to a mortgage even when they didn't begin to qualify for a home loan.

Michael Reagan :: Townhall.com :: Pinning the Tail on the Donkey

 

[random3434]

You're a boy?

 

[WillowTree]

You're a boy?

no but Michael Reagan is!!!

 

[random3434]

no but Michael Reagan is!!!

Oh, well I thought that paragraph was yours since it wasn't in quotes.

Wait for it.....................................

 

[WillowTree]

Oh, well I thought that paragraph was yours since it wasn't in quotes.

Wait for it.....................................

good one,,


now,, all better?

 

[random3434]

good one,,


now,, all better?

Well, I'm tired and I'm going to take a nap.









All for you Willow!

 

[WillowTree]

Well, I'm tired and I'm going to take a nap.









All for you Willow!

aren't you sweet? and dosen't it feel all warm and cuddly to applaude a conservative? yes, dear, I thought so... Thank you

 

[random3434]

aren't you sweet? and dosen't it feel all warm and cuddly to applaude a conservative? yes, dear, I thought so... Thank you

Honey, my whole family is conservative. I can dish it out as well as take it!

 

[WillowTree]

Honey, my whole family is conservative. I can dish it out as well as take it!

well, hug em dear..

 

[WillowTree]

[ame=http://www.youtube.com/watch?v=usvG-s_Ssb0]YouTube - Explosive Video, Fannie Mae CEO calling Obama and the Dems the "Family" and "Conscience" of Fannie Mae[/ame]

 

[rayboyusmc]

7 years of bushofuckonomics, and it's still Clinton's fault.

You are pathetic.

 

[rayboyusmc]

When I was young I used to go to the circus and watch the elephant drop huge pile of elephant dung all over.

I wondered who had to clean it up.

 

[WillowTree]

7 years of bushofuckonomics, and it's still Clinton's fault.

You are pathetic.

I know I am pathetic, but I cannot do a darned think about history. It is what it is and it's all on tape. Youse guys just need to suck it up!

 

[HoleInTheVoid]

7 years of bushofuckonomics, and it's still Clinton's fault.

You are pathetic.

Bush tried in 2003 to undo what Clinton set-up.

McCain tried again in 2005.

The dems laughed both times and collected their fat lobbyist checks.

The some crank from Chicago ran for president and hired all the people that made millions off of running those companies into the ground to be his financial policy advisors.

 

[dilloduck]

Bush tried in 2003 to undo what Clinton set-up.

McCain tried again in 2005.

The dems laughed both times and collected their fat lobbyist checks.

The some crank from Chicago ran for president and hired all the people that made millions off of running those companies into the ground to be his financial policy advisors.

How did the dems stop the attempts to fix the system?

 

[HoleInTheVoid]

How did the dems stop the attempts to fix the system?

[Massachusetts rep Barney] Frank contends that he favored "very strong reform" of Fannie Mae and Freddie Mac, even before Democrats took over Congress after the 2006 elections. To adapt a famous phrase, this depends on what the meaning of "reform" is. Mr. Frank did support a bill that he and others on Capitol Hill described as reform. But on the threshold reform issue -- limiting the size of the portfolios of mortgage-backed securities (MBS) that the two companies could hold -- Mr. Frank was a stalwart opponent.

In fact, Mr. Frank was publicly arguing for an increase in the size of their combined $1.4 trillion portfolios right up to the day they were bailed out. Even now, after he's been proven wrong about a taxpayer guarantee, he opposes Treasury's planned reduction in the size of the portfolios starting in 2010, according to a quote attributed to him in this newspaper last week. "Good luck on that," he reportedly said. Mr. Frank's spokeswoman hung up the phone when we sought confirmation Tuesday.

The MBS portfolios have long been both the chief source of the systemic risk posed by the two mortgage giants and of the profits that so handsomely enriched shareholders and officers alike for decades. Without the extreme leverage inherent in those portfolios -- which the companies borrowed heavily, at taxpayer-subsidized rates, to accumulate -- their federal takeover might never have become necessary.

For years, Mr. Frank and other friends of Fan and Fred opposed not only bills written to limit the size of their portfolios, but any bill that in their view gave an independent regulator too much discretion to order a reduction. This was true of the reform that his House committee passed last year. Only when the White House caved to Mr. Frank and dropped its earlier insistence that a reform bill rein in the portfolios did Mr. Frank move his bill.

In his letter, Mr. Frank also repeats his familiar claim that Fannie and Freddie are vital because they support "affordable housing." This is political smoke. The awful irony of Fan and Fred is that they have done very little to assist affordable housing. Most of the taxpayer subsidy has gone to enrich shareholders and Fannie managers, as a 2003 study by the Federal Reserve shows.

Barney's Rubble - WSJ.com

 

[Mr. Shaman]

When I was a little boy we used to play a game where we wore a blindfold and tried to put a slip of paper on a drawing of a donkey we couldn't see. I thought of that as I watched the chattering class, blindfolded and frantically trying to pin the blame for the Wall Street debacle on everything but the real donkey, the Democrats, whose symbol is. guess what?

Right, a donkey, and that's where the blame lies, on Barack Obama's Democratic Party.

To find the donkey you need to go back to the Clinton administration, which decided that everybody and his kid brother was entitled to a mortgage even when they didn't begin to qualify for a home loan.

Michael Reagan :: Townhall.com :: Pinning the Tail on the Donkey

January 7, 2013

Fannie Mae
STOMP$
Bank Of America!!!​

"Bank of America Corp on Monday entered an $11.6 billion settlement to end Fannie Mae's claims that the bank improperly sold it mortgages that later soured, and to resolve problems with foreclosures, the companies said.

The settlement is a major step for Bank of America toward resolving claims from investors who want the bank to buy back loans that its Countrywide Financial subsidiary sold to them during the housing boom, many of which later went bad.

The agreement largely covers the $11.2 billion of claims that government-owned finance company Fannie Mae had against the bank, which represented about 44 percent of the bank's total pending claims at the end of the third quarter.

Bank of America, which bought Countrywide in 2008, still needs court approval for an $8.5 billion settlement with private investors and is locked in litigation with insurer MBIA Inc over mortgage-related claims.

The settlements, other charges, and a series of asset sales the bank also announced Monday will result in Bank of America posting only a small profit for 2012's fourth quarter. The bank is due to report results on January 17.

Bank of America is paying $3.6 billion to Fannie Mae and buying back $6.75 billion of bad loans from the mortgage company to clear up all claims that government-owned Fannie Mae had made against the bank. Bank of America is buying the loans for the value of their outstanding principle, and will immediately record a loss on them."

. .


. . . . . .

"Uh...uh...uh...uh....."​

 

[Mr. Shaman]

January 7, 2013

#1 BU$HCO Financial
FUCK-UP!!!!​

"The mortgage settlements just keep coming. On Monday morning, Bank of America said it reached an agreement to resolve virtually all existing and future claims that it (and mortgage lender Countrywide, which BofA bought in 2008) misrepresented the quality of home loans it sold to Fannie Mae from 2000 through 2008. In the deal, Bank of America (BAC) is paying $3.6 billion in cash and is also repurchasing about 30,000 mortgages for $6.75 billion. That money all goes to Fannie Mae, the government-sponsored enterprise that taxpayers bailed out in the financial crisis."

No-strings-attached bail-outs!!!!

GOOD THINKIN', DUMBYA!!!!!