$15 Billion more to Fannie Mae = Total of $110Billion, so far for Fannie and Freddie

Happy Holidays everyone…Fannie Mae are getting an extra $15Billion in errr ‘bailout’ money from the taxpayers.

Last week the Treasury Dept said it was going to pump a extra $15Billion into Fannie Mae.

That brings Fannie’s total bailout to $59.9 billion [2]; together with its sibling Freddie Mac, the toll has risen to $110.6 billion

Fannie lost $18.9 billion in the third quarter and $56.8 billion for the year so far. The company offered a couple of explanations for its continued downward spiral. First and foremost is simply the deterioration of the housing market: Fannie owns or guarantees nearly $3 trillion in mortgages, and borrowers continue to default in rising numbers. But Fannie also said its losses stem from its efforts, as an arm of the government, to modify mortgages for struggling borrowers.

Those costs will only go up in the future, since the government’s foreclosure prevention [5] program still hasn’t resulted in many permanent modifications [6]. Fannie expects to lose money through the program in a number of different ways. First, Fannie will take a loss when mortgages are modified to lower amounts. But Fannie will also be responsible for paying incentive fees (mostly to mortgage servicers) for completed modifications.

Fannie and Freddie’s bailout funds don’t come from the $700 billion TARP, but rather via a housing bill passed in July 2008 [8]. (We track both in our bailout database [4].) Treasury Secretary Tim Geithner has said that Fannie and Freddie could get as much as $200 billion each.

DAYUM!!!!

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Published in: on November 9, 2009 at 8:15 am  Leave a Comment  
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The Obama administration inherited the worst economy since the Great Depression, or the economy turned out to be worse than they thought. Which is it? It can’t be both

Here is a piece by Steve Huntly from the Chicago Sun-Times, that raises all the questions we have today about the love affair that the media and others have with Obama and the thin veil it is hiding behind.

Have you heard the news? President Obama inherited an economic mess from the Bush administration.

You say that’s hardly news? But it’s been the message sounded over and over by the White House. Top Obama adviser David Axelrod said on one of the Sunday news shows, “He walked in the door, we had the worst economy since the Great Depression.” In San Francisco, Obama talked of being “busy with our mop.” White House heavy hitter Rahm Emanuel used the worst-economy-since-the-Depression line on a public TV news show.

Take, for example, all the talk of inheriting the worst economy since the 1930s crisis. That came in response to the news that the federal deficit hit $1.4 trillion.

Yet just a few months ago, the Obama camp was singing a little different tune. It was under criticism for the $787 billion stimulus package it bulldozed through Congress on grounds that massive spending was needed to keep the unemployment rate from breaching 8 percent. When joblessness hit 9.5 percent in June, Vice President Joe Biden said, “We misread how bad the economy was.”

They inherited the worst economy since the Great Depression, or the economy turned out to be worse than they thought. Which is it? It can’t be both

The MSNBC blast against the chamber appears to dovetail with what the Politico newspaper reports is a White House and Democratic effort “to marginalize” the business organization. That echoes the administration assault on the Fox News Channel: It says Fox isn’t a news organization.

The White House trying to dictate who’s a news organization. Democrats out to gut a business group. Obama media allies damning Americans as racist, unpatriotic and treasonous. Is this the America Obama promised when he campaigned to end the cynical and divisive politics of the past?

It raises very good questions and points out some great points and questions the article from CNN asking if the GOP are in trouble, are they, or is it just that so many crazies are getting the “media” spotlight and not the run or the mill normal people that are starting to see more clearly and ask better questions and know when we are getting the run around.

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The budget is in, U.S is $1.42 TRILLION in debt.

The numbers are FINALLY in folks.

The Obama administration on Friday said the government ran a $1.42 trillion deficit in fiscal year 2009.

Merry Christmas kiddies

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Tax receipts for the year fell 16.6% overall, while spending soared 18.2% compared to fiscal year 2008. The causes: rising unemployment, the economic slowdown and the extraordinary measures taken by lawmakers to stem the economic meltdown that hit in fall 2008.

Consequently, the annual deficit rose 212% to the record dollar amount of $1.42 trillion, from $455 billion a year earlier.

But let me guess, this is all the previous administrations fault, forget earmarks, lobbying etc, etc

So of course the mouth peice out of the white house says:

“It was critical that we acted to bring the economy back from the brink earlier this year. As we move from rescue to recovery, the president recognizes that we need to put the nation back on a fiscally sustainable path,” said OMB director Peter Orszag in a statement. “As part of the FY2011 budget policy process, we are considering proposals to put our country back on firm fiscal footing.”

But O-man himself? I’m sure on airforce one somewhere heading to Oprahs house for dinner. NomNomNom.

Published in: on October 16, 2009 at 2:20 pm  Leave a Comment  
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Detroit homeless get more stimulus money

Ahhh when will it ever end?

Detroits homeless, yep, homeless and low-income residents get another opportuniy at getting some millions more of the stimulus money.

Why oh why???

It isto help those almost becoming homeless to pay some bills and those who are homeless to find housing?

Soooo the homeless can get housing, but wont be able to get a job because of the poor economy in Detroit and will be homeless again?

So instead of using the stimulus to help shelters and education and courses for the homeless to keep them occupied during the day, we are just going to throw money at them.

How many of the homeless are homeless because of mental issues??? Just sayin?

I guess you do infact have to pay for those votes afterall

If you would like to know about the Application guidlines, click here

feralreserve

Published in: on October 8, 2009 at 7:50 am  Comments (1)  
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Round 3. Ding, Ding, Ding. ACORN are at it again.

Its almost comical at this point. ACORN are caught yet again with another video tape and judging by the outfits, especially the guy, how on earth did they not think they were on candid camera?

This time in Brooklyn, NY James O’Keefe, 25, (the pimp) and partner Hannah Giles, 20, who posed as a prostitute, received advice from ACORN workers on how to launder their earnings and avoid detection from law enforcement officials while running a prostitution business.

Seriously, I’m opening a brothel and getting ACORN ex employees to run it for me. They clearly know what they are doing.

The ACORN worker says “You have to find another name for it, honesty is not going to get you the house. You can’t say what you do for a living.”

“You know, what goes on in the house we don’t care,” one counselor said. “We just help you with the mortgage.”

Well can they help me with my mortgage?

Counselor Volda Albert suggested that Giles open two accounts at separate banks, depositing no more than $500 each a week to ensure few eyebrows are raised. And so what to do with the rest of the money? Keep it, she says.

Finally there has been some back lash with this as it seems the voter fraud was not enough to deter the Census Bureau, but they have severed its ties with the group, whose members had been hired to do canvassing during the 2010 census.

So, should ACORN be dismantled?

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Published in: on September 14, 2009 at 8:06 am  Leave a Comment  
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You Lie! guy raises lots of cash and won’t be saying sorry anymore

Unless you live under a rug everyone knows that Joe Wilson was the one who yelled out You Lie! to O-man at his speech last week. Ironically coinsiding with the release of the Bush shoe thrower.

Well Wilson has gone on to raise more than $2million and now he wont be apologizing anymore.

So as you know the Dems are furious and plan to censure Wilson if he refuses to apologize on the House floor this week.

“I am not going to apologize again,” the South Carolina Republican said on “FOX News Sunday” when asked about pending disciplinary steps against him by the Democratic-controlled House of Representatives.

Wilson said he already apologized to Obama and that the president accepted it. However, he insisted that Obama “was misstating the facts,” and that Democratic leaders in the House were “playing politics” by continuing to focus on the issue.

Well looks like the Healthcare agenda was over shadowed by not only “Crowleygate”, but now “Liargate”.

I guess the Boos and Lies shall continue to go on in congress inside and outside the house….the story continues. All I really want to know is how the hell are we going to afford $900billion to fix healthcare and when is someone going to show me a step by step program of how exactly they are going to fix this thing and where the money is going to be allocated?

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Published in: on September 13, 2009 at 3:18 pm  Leave a Comment  
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How do you like your Tea Party?

I have been to a tea party rally, when the I was furious about the way the bail out money was being spent and the outrageous oversights the government had to handing out the money which then accounted for million dollar bonuses from the tax payers for people that in essence ran their business poorly and I had to sit there as congress tried to put the fingers back at these people about taking the money while taking little to no responsibility for it.

I had gone because I had read they were a bunch of concerned citizens that were mad about the way the tax money was spent, and darn it, I was as well.

It was not a massive crowd,like the one in D.C that had around 2 million but certainly in the low thousands, what surprised me, was it had more people that hang to far right. I was hoping it was more of the average citizen wanting a group that you could get behind and could sit on both sides of the fence. A group of citizens to tell dems and republicans that we were mad about wastefullspending.

The amount of spending and earmarks in congress is far too large and far too much and there is no accountability.

Where is a group that people from both sides can meet and at least come together on one thing, that dispite where the problem started, the spending that is going on and the mistakes and costs of bailouts and earmarks are far too much and needs to stop. During the rally I attended, it was not as bad as many you see on T.V and for the most part is shameful, swastikas at a rally is not needed and if you ask me, shows immaturity.

Now before you jump on me about that, swastikas were also shown at anti Bush rally’s, so no side here is any better than the other.

Earmarks are dirty and if you ask me, its just another form of thug money. In essence, you give someone some earmark money to get a vote for something they say they dont believe in, but “pay them off” to get the vote.

Its disgraceful and should not be allowed to happen at the tax payers expense or even be a practice. Period.

Do I think that the health care system he is broken. The is no doubt in my mind it is.

Does it scare me that its going to cost $900billion dollars and makes me want to scream at someone. Yes.

Why?

I’m confused about this bill passing and people wanting it to pass, especially after the bail out fiasco.

I dont understand why we dont take a step back and see what is driving up the costs and take it from there. Is it outrageous because of malpracice law suits? Is it outrageous because health care companies are walking away with trillions of dollars in profits? Does it need some price regulation and is not adjusting to regular market prices, for example, when you receive a copy of the bill that goes to your insurance companies, a x-ray is billed to them (or even to yourself) for the cost of $120 per xray, you cannot tell me a resonable price for a xray is $120, technology is far too advanced for it to still be that cost. Just go to a department store and see how much less expensive camers, computers and T.V’s are now to what they were 20 years, 10 years or even 2 years ago.

I dont know, perhaps I am wrong, but before throwing money at this thing, dont you think it makes sense to take a step back and see what it driving up the costs first?

I would just hate to see us throwing money at this and then finding out 4 months down the track the the money was just wasted because of some ‘oversight’ and if we do throw money at it, it is accounted for and anything found to be wastful, must be paid back

Am I wrong?

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Bank Exec moves into $12 million beach front home, rent free!

This is a juicy story.

So, there was a forclosed home in Malibu which had been surrended to Wells Fargo.

The couple signed the property over to Wells Fargo last spring, and the bank subsequently denied requests to show the house to prospective buyers said a local real estate agent.

Well this is a very small and exclusive gated community and neighbours still look out for each other and was aware of the foreclosue, so they found it very weird that a car was often parked there, since last May

The neighbours then asked the guards who was always at the house and the guard gave them Guyton’s name as they had issued her a parking pass.

They got the number plate off the car and investigated.

It turns out the car was registered to a Cheronda Guyton a Wells Fargo senior vice president responsible for foreclosed commercial properties

CAUGHT!!!!

The nerve of that lady, yet a Genius in a strange way

I vertainly hope that Wells Fargo have paid off any bail out money

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Published in: on September 11, 2009 at 12:22 pm  Comments (1)  
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Timmy Geithner says: System ‘back from brink’

Timmy testified Thursday that the financial system has “stepped back from the brink,” allowing the government to wind down some programs designed to calm jittery markets. He said we need to go from rescuing the economy to repairing and rebuilding the financial system”

Not that I thrown a life vest or anything but, the first thing I’m doing is sending Merill Lynch this story, because judging by my 401k no one has told them yet.

He said that Treasury will:

•Not need to tap a $750 billion contingency fund budgeted earlier this year on top of last year’s $700 billion bailout fund. (Looks like they will need that money set aside for Health care)

•End a program this month to guarantee money market mutual funds, a program that once covered more than $3 trillion in fund assets. (The need the extra cash to cover the ear marks)

•Scale back to no more than $30 billion from $100 billion the amount that Treasury will ante up as part of a public-private program to buy toxic loans and investments from financial institutions. (Goody, I get to own more crap stuff)

He then goes on to say that the government wouldn’t make the mistake of declaring premature victory and putting “the brakes on too early.” As unemployment is still too high, the economy is weak, lending is still very low except for those fannie and Freddie Guys and businesses are still finding it hard to get credit.

Looks like I wont be sending Merrill Lynch this story after all. So what was the good news Timmy? I seemed to have missed it

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Swiss have the better Economy, U.S comes in second

Switzerland knocked the United States off the position as the world’s most competitive economy.

Why?

The crash of the U.S banking system left it wide open to be exposed to some serious weaknesses

Even though the Swiss Economy dipped into recession last year, too and had to bail out its largest bank UBS. But its economy is holding up better than many peers and most banks are relatively unscathed by the crisis, which drove U.S. banks into bankruptcy.

Anyone know of any jobs in Switzerland?

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