"Don't appoint an Inspector General until 2011. This is when the 10 year statute of limitations is up and I'll be free"
This is why the Obama administration will not address the Freddie/Fannie situation until 2011. The Democrats are big supporters of the Freddie Mac and Fannie Mae programs, despite their being one of the reasons for the housing bubble bursts. Both programs were bailed out already and continue to cost the American taxpayers billions.
The bad news? Fannie just lost $16.3 billion, it’s 10th consecutive quarterly loss. The bad news? Fannie wants another taxpayer-sponsored bailout. The bad news? Obama and Timothy Geithner will hand over more of your money to this corrupt GSE.
Bloomberg reports:
Fannie Mae will seek $15.3 billion in U.S. aid, bringing the total owed under a government lifeline to $76.2 billion, after its 10th consecutive quarterly loss.
The mortgage-finance company posted a fourth-quarter net loss of $16.3 billion, or $2.87 a share, Washington-based Fannie Mae said in a filing yesterday with the Securities and Exchange Commission.
Fannie Mae, which owns or guarantees about 28 percent of the $11.8 trillion U.S. home-loan market, has been hobbled by a three-year housing slump that wiped 28 percent from home values nationwide and led to record foreclosures. The company, which posted $120.5 billion in losses over the previous nine quarters, and rival Freddie Mac were seized by regulators in September 2008.
“Our financial results for 2009 reflected the continued adverse impact of the weak economy and housing market, which has resulted in record mortgage delinquencies and contributed to our recording significant credit-related expenses and net losses during each quarter of the year,” Fannie Mae said in the filing.
For the full year, Fannie Mae’s loss widened to $74.4 billion from $59.8 billion in 2008.
If that isn’t bad enough, did you know that Obama hasn’t appointed an Inspector General to watch over the taxpayer’s bailout of Freddie and Fannie. The T.A.R.P. bailouts has an Inspector General but neither of these mortgage giants do. Did you also know that Obama’s Chief of Staff, Rahm Emanuel, use to be on the board of directors of Fannie Mae where he made a lot of money?
Just another Obama scandal being ran on the American taxpayers. Freddie and Fannie continue to lose money and nobody is investigating it thanks to Obama’s refusal to appoint an Inspector General. It seems the Obama administration is waiting for the 10 year statue of limitations to take effect.
Read liberal blogger, Jane Hamsher’s article about this corruption. This is what you call Chicago-style politics and the corruption is deep in the Obama administration.
[...] Cover-Up for Rahm Emanuel 2/26/2010 Scotty Starnes’s blog reports, “Obama hasn’t appointed an Inspector General to watch over the taxpayer’s bailout of [...]
[...] Cover-Up for Rahm Emanuel 2/26/2010 Scotty Starnes’s blog reports, “Obama hasn’t appointed an Inspector General to watch over the taxpayer’s bailout of [...]
[...] The bailouts for Freddie & Fannie continue. This is what happens when you have a President who refuses to assign an Inspector General to oversee these billion dollar bailouts to these huge GSEs. This also happens because the Democrats raised Freddie and Fannie’s debt ceiling to $400 billion, leaving the taxpayers on the hook forbailout after bailout after bailout. [...]