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Obama to propose eliminating Fannie Mae, Freddie Mac - CBS News

Obama is making a bold war statement here.....I don't know what to think about this. I feel like it's a good thing since F&F Mac was the leading cause of all of the fraudulent loans, and the golden Parachutes everything that started the catalyst of the downturn of our economy....

He is putting it in the hands of Private business though....I don't know what to think of this.

What do you think?

Is Obama finally looking out for a brotha?:woot:
 

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The lack of knowledge truly amazes me sometimes. I bet this is the first you've ever heard of FM & FM.
 

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I haven’t read up on this yet but the realist (cynic?) in me says if he’s putting anything in the hands of any private business it’s got to be a business that donated lots of money to his campaign and is now getting the payoff promised and will make gazillions off of this. Obama is all about government control so if he’s letting a private entity take control of this it’s the only reason I can see.
 

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Correct me if im wrong but my understanding of how the whole system works is that a fannie and freddie buy mortgages from lenders so the lenders have more money to lend. Fannie and freddie then package these mortgages up as mortgage backed securities that are bought and sold on the open market.

Since they're both quasi government agencies since they're backed by the government but a publicly traded company they have advantages that a true private company would not have.

Putting it in the hands of a private company is good news in my head because if a private company makes bad investments they go out of business but that's assuming they won't get bailed out.

At the same time, I would think this would tighten up the requirements to buy a house which would slow growth in the housing market but would make it more stable.

The housing bubble was caused by a number of things but a big part of it was people buying houses they had no chance of being able to afford. The banks did the mortgage because they would get sold to fannie and fredsie and f&f did it because they knew the government would pay for their bad choices.

Like I said earlier, if I'm wrong or missed something please correct me.

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Not to mention that the loans were required to be given out under the fair lending act. Basically the govt said "yeah, if you're gonna give out loans, you have to give them out to everybody", so they did. And when *surprise* people who couldn't afford their loans couldn't keep up on the payments, they defaulted, causing the mess we're in now.

FWIW back in 2006 I was making $14/hr. I was approached by several lenders who tried to convince me I could afford a $200k mortgage on that because of balloon payments that are low now but absurdly high in the future. Basic logic and reasoning skills were all that was needed to avoid predatory lending practices, and kept my credit score above 700.
 

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Obummer is a crooked ass scumbag that does nothing unless it involves him or his campaign donors getting rich.

It's not complicated.
 

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Get off of my lawn Dammit
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Correct me if im wrong but my understanding of how the whole system works is that a fannie and freddie buy mortgages from lenders so the lenders have more money to lend. Fannie and freddie then package these mortgages up as mortgage backed securities that are bought and sold on the open market.

Since they're both quasi government agencies since they're backed by the government but a publicly traded company they have advantages that a true private company would not have.

Putting it in the hands of a private company is good news in my head because if a private company makes bad investments they go out of business but that's assuming they won't get bailed out.

At the same time, I would think this would tighten up the requirements to buy a house which would slow growth in the housing market but would make it more stable.

The housing bubble was caused by a number of things but a big part of it was people buying houses they had no chance of being able to afford. The banks did the mortgage because they would get sold to fannie and fredsie and f&f did it because they knew the government would pay for their bad choices.

Like I said earlier, if I'm wrong or missed something please correct me.

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Obama is gearing up to push banks to make loans to people who cannot afford them......................again. He is not about tightening up requirements. He's about getting loans to people the banks know NOT to lend to.


"I'm also acting on my own to cut red tape for responsible families who want to get a mortgage but the bank is saying no," Mr. Obama said last month....


Obama's definintion of "responsible" is quite different than is yours and mine.
 

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When me and my fiance bought our house they would have given us a mortgage for probably twice as much as we were comfortable buying and that was a little over a year ago so its still going on.

It the end its the responsibility of the BUYERS to make sure they can afford it. Novel concept.

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Get off of my lawn Dammit
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When me and my fiance bought our house they would have given us a mortgage for probably twice as much as we were comfortable buying and that was a little over a year ago so its still going on.

It the end its the responsibility of the BUYERS to make sure they can afford it. Novel concept.

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Agreed but when the banks are strong-armed into giving loans to people whose credit history proves they are not responsible and buy lots of things they cannot afford, it's trouble for the rest of us.

I remember when I bought my house the realtor was acting like I should be looking at houses twice as much as the one I bought. I seriously wanted to tell her to get f*cked.
 

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I agree with you. I'm hoping people have learned from the past (I'm probably being optomistic) and we don't start giving out mortgages to people who can't afford them again.

Put it in the private sector and let the market sort it out.

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It the end its the responsibility of the BUYERS to make sure they can afford it. Novel concept.
Agreed but when the banks are strong-armed into giving loans to people whose credit history proves they are not responsible and buy lots of things they cannot afford, it's trouble for the rest of us.

I remember when I bought my house the realtor was acting like I should be looking at houses twice as much as the one I bought. I seriously wanted to tell her to get f*cked.
What the hell guys. Who said you could bring logic into an emotional decision about a financial decision???

Seriously though it's insane what people think they can afford versus what they can. Working for $10/hr doesn't mean you can afford a house, no matter what the loan officer tells you.
 

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Get off of my lawn Dammit
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What the hell guys. Who said you could bring logic into an emotional decision about a financial decision???

Seriously though it's insane what people think they can afford versus what they can. Working for $10/hr doesn't mean you can afford a house, no matter what the loan officer tells you.


:lol:


Wait until Venom gets here. Logic will be no more.
 

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What do you think?

Is Obama finally looking out for a brotha?:woot:
I think Obummer doesn't care about a brotha at all.
I can't imagine why you think he does.

Must be his brown skin. I honestly can't think of another reason.
 

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What the hell guys. Who said you could bring logic into an emotional decision about a financial decision???

Seriously though it's insane what people think they can afford versus what they can. Working for $10/hr doesn't mean you can afford a house, no matter what the loan officer tells you.
My apologies....won't let it happen again
 

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Discussion Starter #17
I think Obummer doesn't care about a brotha at all.
I can't imagine why you think he does.

Must be his brown skin. I honestly can't think of another reason.
Maybe I am holding out hope that Obama is the genuine guy I shook hands with and said what's up at Golden Corral in my hood....

Maybe I am hoping he does care about what the people need.
Thanks for the Fannie/Freddy mac info honestly I didn't know some of that stuff.

House prices are over inflated anyways.....Especially in this area.



the daily garbage from the troll of the site

without fail you post silly semi-current event nonsense EVERYDAY
What is your problem with me man, I didn't know you thought this way
:Boxing: it's like you trying to stir the pot
 

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You do realize his whole persona is probably an act? You would think when he's in his second term that'd he'd stop with the campaign speeches and go accomplish something.

At the end of the day he is someone who is really good at public speaking and that's about it. All flash no substance.

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Lol, he also said the banks need to give out credit easier... Sounds like we heard it that before.
 

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OP, Moron as usual, Nothing to see here, Move along.

Secondly, When was the last time the government got involved in anything that came out less fucked up than when they got involved?

Go away, Get out of my business, Get out of my bedroom, Get out of 99% of my life, and stop fucking up every thing.
 
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