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Congressional Republicans set down their marker, promising legislation to wind down Fannie Mae...

Congressional Republicans set down their marker, promising legislation to wind down Fannie Mae (FNMA.OB -3.9%) and Freddie Mac (FMCC.OB -6.2%) over 5 years and end their roles in the private mortgage market. Even if passed in the House, the measure is DOA in the Senate, but represents a starting point for negotiations. "We will not have a policy that is principally designed for the housing industry," says Congressman Hensarling. We'll come back to that quote in a year.
Comments (7)
    , contributor
    Comments (3) | Send Message
    Why should the government destroy the goose which now lays a golden egg? These two enterprises will earn ONE trillion in the next 15 years. Even if I was not a shareholder, as a taxpayer I would not want to kill the Golden Gooses. The only reason that these companies had a problem was because they were asked to accept mortgages with no CREDIT check and NO MONEY down. This horrible game is over.
    JIm Malaxianis shareholder with both companies.
    11 Jul 2013, 02:28 PM Reply Like
  • nahsa
    , contributor
    Comments (28) | Send Message
    Encouraged by the fed, mega banks perpetrated an admitted 200 billion dollar fraud on fnma resulting in the crippling of that company.


    Now comes Congress with this idea the company is operating under a failed model because it was, in concept, a flawed plan...this is very comical.


    What's the fed's solution...confiscate all monies earned and refuse to allow the company to repay the loan.....oh and yeah, install an Obama "easy money" appointee to restart the same game that got us here in the first place....too funny.


    Opinion here is the changing of the takeover contract wont be upheld.
    11 Jul 2013, 02:34 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (9408) | Send Message
    A year from now, right before midterms, they will sing a different tune.
    11 Jul 2013, 02:38 PM Reply Like
  • jake319
    , contributor
    Comments (88) | Send Message
    Destroy the evidence is the republican idea here. Fannie keeps the game even against private banks. Without fanny the market will be the wild west for borrowers.
    11 Jul 2013, 03:06 PM Reply Like
  • dgfurr
    , contributor
    Comments (66) | Send Message
    I guess the House Republicans couldn't stand it that the senate Republicans were beginning to look more stupid than they were. In order to be recognized again as the most inept political body in the world, they had to do something else more futile than the other issues they have passed that have gone nowhere.They are so stupid, they shouldn't even get paid for showing up
    11 Jul 2013, 04:52 PM Reply Like
  • AlphaPhiZeta
    , contributor
    Comments (4) | Send Message
    Corker says on Bloomberg the other day that his new plan protects the taxpayer. Then he admits that his plan only covers a 10% of any losses and the 90% is AGAIN covered by the taxpayers. So why dismantle a working entity just to do the same thing? Oh, F&F will go from public hands to corporate bank hands. All they have to do is cover 10%! And the profits go where and do what? Thank you Mr. Croker, et al, I for one would prefer to keep the success of my F&F bailout investment and the benefits a properly regulated F&F would bring to the country.
    12 Jul 2013, 07:45 AM Reply Like
  • Blitztour
    , contributor
    Comments (67) | Send Message
    OK, I’m not the sharpest tool in the shed or the most sophisticated financial mined on the board, but I’m not stupid either.


    So, let me see if I got this right. After 74 + years, congress wants to dismantle these companies (Fannie and Freddie) who were put in place as part of “The New Deal”, because they bought and insured (as mandated by the Fed) mortgage based investment in which the Fed allowed their buddies at the banks (the same “too big to fail” banks that required massive taxpayer bailouts and were allowed to pay back their loans and return to business as usual) to invent fraudulent instruments that were given AAA ratings by the S&P.


    Would that be accurate?


    And now, that these companies have become profitable and can easily repay this loan, they will not be allowed to do so.


    Meanwhile we shareholders watch the Treasury bleed billion’s from F&F while listening to this cock and bull story about how “congress is taking decisive action to get the taxpayer off the hook” in these GSE debacles? Gimme a break!


    Will that mean that the next time the Banks screw up and fail, the FDIC will not be covering our savings? Because as I see it, that’s the biggest GSE on earth.
    And while some may say “apples and oranges” as far as I’m concerned, there’s no difference!
    If you shoot me in the head, did I die of a bullet wound or lead poisoning? The results are the same.


    The illegal seizure of F&F and the mid stream policy change to deny them the opportunity to repay and return to the public, is another attempt to cremate the body before the America public gets a chance to see what the banks did and hold someone responsible for destroying the economy and sending us in to the worst post war recession, ever.


    They don’t want to debate or have open hearings as to why. They just want to kill them.


    If we let them do this, we might as well embrace Socialism (and selective Socialism at that) cause that’s where we’re goin
    12 Jul 2013, 12:42 PM Reply Like
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