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NOVEMBER 4, 2010, 8:48 P.M. ET
Fannie, Freddie Overhaul Could Cost $685 Billion
By NICK TIMIRAOS
The total cost to rescue and then overhaul mortgage giants Fannie Mae and Freddie Mac could reach $685 billion, according to estimates published Thursday by Standard & Poor's.
Fannie and Freddie have already cost taxpayers nearly $134 billion, but S&P analysts said Thursday that the government could ultimately be forced to inject $280 billion into the firms because of a slowdown in the housing market.
Any entities that might replace Fannie and Freddie would need new start-up funding that would go beyond the money already committed.
A consensus of academics, industry officials and investors has coalesced around the idea of using the government to provide explicit guarantees for securities backed by mortgages that meet certain standards. Tough questions loom over how those guarantees would be structured and priced and what entities would provide them.
Fannie, Freddie Overhaul Could Cost $685 Billion - WSJ.com
obama's wall street regulatory reform, his #3 domestic priority (#2, cap and trade, died in the senate and took quite a few house dems with it), EXEMPTS fannie and fred
Wall Street Reform: A Summary of What's In the Bill - Political Hotsheet - CBS News
housing, which more than anything else brought us all here, is still no basement in sight, millions more foreclosures coming
and HALF THOSE OBAMA BAILED OUT thru hamp have ALREADY REDEFAULTED
Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg
no wonder germany's g20 rep, referring to bernanke's HALF TRILLION DOLLAR infusion announced this week, called us policy "clueless"
from politics to foreign policy to economics, this white house has no idea what it's doing
all but the fringe recognize
party on, purblind
Two years ago in London, Mr. Obama and his economic team were greeted at the G-20 summit as something akin to rock stars. At the G-20 in Seoul next week, "they're not going to have a lot of allies," said Alan Auerbach, an economist at the University of California, Berkeley, who has close ties to the White House.
On some economic issues, the trip will play out as Mr. Obama against the world, with the U.S. president as one of the last adherents to Keynesian economic policies, which promote the use of deficit spending and tax cuts to spur economic growth.
tell it to the germans, chinese, brazilians, thais, south africans...
My Way News - Fed bond move spurs backlash from Asia to Europe
FT.com / China - China tees up G20 showdown with US
Obama Faces Chillier Reception Abroad - WSJ.com
Prof, if Cap and Trade was #2 priority, why did financial reform go through first?
The Democrats were warned again and again about the trouble brewing at Fannie and Freddie, especially after they were caught cooking the books so the execs could get the biggest bonuses they could.
Pay special attention to Barney Frank at the 1:30 mark and on. He said he see no problem with Fannie and Freddie and even if there were, we don't bail 'em out.
Here they are in late 2004 defending Fannie and Freddie insisting nothing was wrong. History have proven them SO very wrong. The taxpayers may be on the hook for $280 Billion Dollars when all the warning signs were there years before the crash when something could have been done about it.
This was a headline in the NY Times in 2003.
Fannie Mae's Loss Risk Is Larger, Computer Models Show - New York Times
Fannie and Freddie were even absent of oversight in the Democrats Financial reform bill they passed. This leave the door open and the taxpayers on the hook for future bailouts of F&F.
if Cap and Trade was #2 priority, why did financial reform go through first?
Why are they they first to purchase our debt the second demand for their exports falls by the waistside?
So why didnt the Republican president, republican congress, republican senate do something about it?
Sorry I forgot about the all powerfull supreme being Barney "Superman" Franks, the single most powerfull man in the world,
you'd have to ask them
Obama defends Fed decision to print more dollars in face of growing criticism - Yahoo! News
Obama sidesteps question on Fed monetary policy - Yahoo! News
Germany attacks US economic policy - CNN.com
GLOBAL ECONOMY-Obama returns fire after China slams Fed's move | Reuters
Barack Obama can?t escape economic debate - John Maggs - POLITICO.com
At issue is a U.S.-led proposal to prohibit currency manipulation of the kind that U.S. officials say China uses to give its exports an unfair advantage over U.S. made products.
Doesn’t it “look hypocritical,” Obama was asked at the news conference, to make that demand after the United States last week announced a $600 billion plan to boost U.S. economic growth that will have the effect of driving down the value of the dollar?
again, you'd have to ask them
meanwhile, those from whom you seek clarification have some questions of their own
So why didnt the Republican president, republican congress, republican senate do something about it?
Sorry I forgot about the all powerfull supreme being Barney "Superman" Franks, the single most powerfull man in the world,
And this is somehow different than if the Republicans were in charge? I'm sure I was on the hook for a lot of those bailouts and crap. Republocrats all want the same thing, protection of the status quo and the aristocracy; even at the cost of the People.
How can the US maintain a stable currency
So why didnt the Republican president, republican congress, republican senate do something about it?
Sorry I forgot about the all powerfull supreme being Barney "Superman" Franks, the single most powerfull man in the world,
I'm not talkintg to them; i have asked you twice. How can the US maintain a stable currency when we have a current account balance greater than $300,000,000,000? The Fed has yet to intervene in the forex market, so the manipulation nonsense is off base.
Ever heard of filibuster. Bush did not have a filibuster proof senate like Obama had
No doubt, but that does not explain why Republicans blame Barney Frank for Frannie and Freddi Mac does it. He was and is in CONGRESS not the senate.
As long as Obama keeps increasing the deficit and keeps printing money we can't.
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