Should the Fed Help Fannie & Freddie?
Posted: Sun Jul 13, 2008 10:33 amBy helping the predatory lenders this does nothing to prevent people from losing their homes.
Life's what you make it.
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Posted: Sun Jul 13, 2008 10:33 amPosted: Sun Jul 13, 2008 11:14 amPosted: Sun Jul 13, 2008 11:32 am<p align="justify">Helltotheno[}:)]
Posted: Sun Jul 13, 2008 11:36 amNo
Posted: Sun Jul 13, 2008 11:55 amBy helping out these 2 institutions all they are doing is delaying the inevitable. The U.S. economy is crumbling and all the government can do is apply bandaids. I hate to be all gloom and doom folks but hold on tight in the coming weeks and months. It's going to be one bumpy ride.
Posted: Sun Jul 13, 2008 12:03 pmObviously, if they don't, you can forget buying a home unless you have Rockwood money. If they go under without any government help, you might consider withdrawing all your money from the bank and stuffing it under the mattress because banking as you know it will be done. The impact on owners AND renters would be enormous. I don't think most people realize what would happen if they collapse.
Posted: Sun Jul 13, 2008 12:12 pmI agree 100% with Coop.
Reform is certainly necessary soon but allowing them to collapse would be catastrophic.
We didn't sell a lot of records, but somehow we left an impression.
-Johnny Ramone-
Reform is certainly necessary soon but allowing them to collapse would be catastrophic.
We didn't sell a lot of records, but somehow we left an impression.
-Johnny Ramone-
Posted: Sun Jul 13, 2008 12:40 pmDitto
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Posted: Sun Jul 13, 2008 3:23 pmMy mortgage company was siezed by the FDIC yesterday: IndyMac Bank (IMB)! [:p]
The Treasury Department and Federal Reserve are going to prop up Fannie Mae and Freddie Mac, as they are part of the government...
It's time for MikeP to call his long lost relative, Treasury Secretary Henry Paulson, and call in those chips he's been holding... [;)]
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The Treasury Department and Federal Reserve are going to prop up Fannie Mae and Freddie Mac, as they are part of the government...
It's time for MikeP to call his long lost relative, Treasury Secretary Henry Paulson, and call in those chips he's been holding... [;)]
<a href="http://photobucket.com" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Smallerglokstadt.jpg" border="0" alt="Photo Sharing and Video Hosting at Photobucket"></a>
Visit Club Impact's website, where "Style colides with Action:" www.clubimpact.us
Posted: Mon Jul 14, 2008 1:16 amcoop said it well. Also, this is huge. Mae & Mac manage/own over 50% of the mortgages in the U.S. That the effects have rippled so high up is telling.
Posted: Mon Jul 14, 2008 2:30 am[quote][i]Originally posted by glokstadt[/i]
<br>My mortgage company was siezed by the FDIC yesterday: IndyMac Bank (IMB)! [:p]
[/quote]
Sorry to hear that man. They were recruiting the heck out of me for about the last 60 days. Thankfully I said no, since having gone through that in August (First Magnus shut down- largest lender in Arizona) I don't think i could do it again.
<br>My mortgage company was siezed by the FDIC yesterday: IndyMac Bank (IMB)! [:p]
[/quote]
Sorry to hear that man. They were recruiting the heck out of me for about the last 60 days. Thankfully I said no, since having gone through that in August (First Magnus shut down- largest lender in Arizona) I don't think i could do it again.
Posted: Mon Jul 14, 2008 2:54 am[quote][i]Originally posted by coop41[/i]
<br>[quote][i]Originally posted by glokstadt[/i]
<br>My mortgage company was siezed by the FDIC yesterday: IndyMac Bank (IMB)! [:p]
[/quote]
Sorry to hear that man. They were recruiting the heck out of me for about the last 60 days. Thankfully I said no, since having gone through that in August (First Magnus shut down- largest lender in Arizona) I don't think i could do it again.
[/quote]
I remember you telling me about Magnus... the only good thing would be you'd have been working in Pasadena (IndyMac HQs) and nearer to where I live. [:)] Drinks and concerts galore!!! [:p]
On a more serious note, now that BoA bought Countrywide (#1 lender), I'd have to look, but IIRC IMB was number 2 or 3?
Such is the fall-out of "stated income," "100% financing, no money down" loans, and the current devaluation of real estate.
<a href="http://photobucket.com" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Smallerglokstadt.jpg" border="0" alt="Photo Sharing and Video Hosting at Photobucket"></a>
Visit Club Impact's website, where "Style colides with Action:" www.clubimpact.us
<br>[quote][i]Originally posted by glokstadt[/i]
<br>My mortgage company was siezed by the FDIC yesterday: IndyMac Bank (IMB)! [:p]
[/quote]
Sorry to hear that man. They were recruiting the heck out of me for about the last 60 days. Thankfully I said no, since having gone through that in August (First Magnus shut down- largest lender in Arizona) I don't think i could do it again.
[/quote]
I remember you telling me about Magnus... the only good thing would be you'd have been working in Pasadena (IndyMac HQs) and nearer to where I live. [:)] Drinks and concerts galore!!! [:p]
On a more serious note, now that BoA bought Countrywide (#1 lender), I'd have to look, but IIRC IMB was number 2 or 3?
Such is the fall-out of "stated income," "100% financing, no money down" loans, and the current devaluation of real estate.
<a href="http://photobucket.com" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Smallerglokstadt.jpg" border="0" alt="Photo Sharing and Video Hosting at Photobucket"></a>
Visit Club Impact's website, where "Style colides with Action:" www.clubimpact.us
Posted: Mon Sep 15, 2008 7:30 amThe dominos keep falling. Lehman, Merril Lynch...who's next?
AIG, WaMu, Wachovia???
Just heard HP is cutting 24,600 jobs.
Will unemployment reach 10% or more?
DOW under 10,000????
AIG, WaMu, Wachovia???
Just heard HP is cutting 24,600 jobs.
Will unemployment reach 10% or more?
DOW under 10,000????
Posted: Mon Sep 15, 2008 8:33 amFannie and Freddie run into the ground, other banking institutions failed partly because the SEC looked the other way when it came to accountability, the Fed clueless...
Is this the same government you want in charge of your health care?
<a href="http://www.djcraig.net/los_angeles_dj">DJ Craig</a>
Is this the same government you want in charge of your health care?
<a href="http://www.djcraig.net/los_angeles_dj">DJ Craig</a>
Posted: Mon Sep 15, 2008 10:06 am[quote][i]Originally posted by djcraig[/i]
<br>
Is this the same government you want in charge of your health care?
<a href="http://www.djcraig.net/los_angeles_dj">DJ Craig</a>
[/quote]
Medicare and Medicaid has worked fine for many years.
<br>
Is this the same government you want in charge of your health care?
<a href="http://www.djcraig.net/los_angeles_dj">DJ Craig</a>
[/quote]
Medicare and Medicaid has worked fine for many years.