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Archive for March 2nd, 2012

Obama raised their debt limit to $400 Billion and it looks like both GSEs are going to use every dime. It also means the taxpayers are on the hook for every penny while Freddie and Fannie have no Inspector General to oversee where the money is going. The taxpayers continue to get screwed as Obama promises “no more bailouts”…except to Freddie and Fannie.

WASHINGTON (AP) — Mortgage giant Fannie Mae said Wednesday that it lost money in the fourth quarter and is asking the federal government for nearly $4.6 billion in aid to cover its deficit.

Washington, D.C.-based Fannie said it lost roughly $2.4 billion in the October-December quarter, stung by declining home prices. Revenue was about $4.5 billion.

The government rescued Fannie and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. Since then, a federal regulator — the Federal Housing Finance Agency — has controlled their financial decisions.

The FHFA needed their own $43 billion dollar bailout so their financial decisions are about as bad as Fannie and Freddie’s.

Taxpayers have spent more than $150 billion to prop up Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates that figure could top $259 billion to support the companies through 2014 after subtracting dividend payments.

Despite these billions of dollars in loses, Freddie and Fannie gave millions in bonuses and it was approved by the Obama administration.

Fannie has received more than $116 billion so far from the Treasury Department, the most expensive bailout of a single company.

Fannie’s bailout money totaled roughly $16.4 billion in 2011 after accounting for dividend payments. That’s up from about $7.3 billion in 2010 but down from about $32.5 billion in 2009.

Fannie officials say losses have increased in recent quarters for two reasons: Some homeowners are paying less interest after refinancing at historically low mortgage rates; others are defaulting on their mortgages.

This is Obama’s fault. See his failed HAMP for proof. Obama is forcing banks to lower interest rates, despite homeowners signing a contract to make their mortgage payments. This is what happens when government interferes and the taxpayers are getting screwed at twice the rate.

“While economic factors, such as falling home prices and high unemployment, produced strong headwinds for our business again in 2011, we continued to grow a very strong new book of business as we have since 2009,” said Michael J. Williams, Fannie’s president and CEO.

How can this be? Obama and DNC mouthpiece Debbie Wasserman Shultz continues to claim the economy has been turned around and millions upon millions of jobs have been created while unemployment continues to be above 8% for the 38th straight month.

When property values drop, homeowners default, either because they are unable to afford the payments or because they owe more than the property is worth. Because of the guarantees, Fannie and Freddie must pay for the losses.

That’s $400 billion in guarantees.

Fannie’s $2.4 billion loss for the fourth quarter takes into account $2.6 billion in dividend payments to the government. That compares with a loss of $2.1 billion in the fourth quarter of 2010.

In November, Freddie requested $6 billion in extra aid — the largest request since April 2010 — after it reported losing $6 billion in the third quarter.

$6 billion in losses + $6 billion in bailouts = $12 billion stolen from the taxpayers.

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This is why the Obama White House, through the radical DOJ, is after Arpaio…

Personally, I want to see Obama’s education records. He has went out of his way to keep those sealed.

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What else would one expect from left-wing loons who believe in population control through the murder of children? Obama has surrounded himself with these types of individuals. See John Holdren or listen to Obama talk about being “punished with a baby.” Humans are a burden for Democrats.

(CNSNews.com) – Health and Human Services Secretary Kathleen Sebelius told a House panel Thursday that a reduction in the number of human beings born in the United States will compensate employers and insurers for the cost of complying with  the new HHS mandate that will require all health-care plans to cover sterilizations and all FDA-approved contraceptives, including those that cause abortions.

“The reduction in the number of pregnancies compensates for the cost of contraception,” Sebelius said. She went on to say the estimated cost is “down not up.”

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Just another story about a George Soros backed group influencing the Obama White House.

From the DC:

The lobby group Free Press, a self-styled “public interest” organization, has worked hard over the years to forge alliances with corporate players and federal bureaucrats directly involved in the political intrigues of DC technology and media policy.

Documents made public through past Freedom of Information Act requests and those obtained by The Daily Caller through an undisclosed source reveal a well-funded, ideologically motivated organization with close ties to Google, the White House, and several federal agencies, including the Federal Communications Commission, the Federal Trade Commission and the State Department.

The regulatory policies Free Press advocates, including net neutrality, benefit the organization’s corporate allies, in addition to the investment portfolios of philanthropists including the group’s most well-known financier, George Soros.

The net neutrality debate was largely one about how to best solve the dilemma of meeting continually increasing consumer demand for the data-intensive services of corporations like Google and Facebook. That growing demand for online bandwidth developed in parallel with the communications technology industry’s own problem: the ever-decreasing supply of available electromagnetic spectrum to license to Internet providers like AT&T, Verizon, Comcast and Sprint.

The ideological rhetoric of political players on both sides of the debate, however, seemed to force consumers and bureaucrats to choose between free speech and free markets.

John Fund, the senior editor of the conservative American Spectator, explained in a 2010 Wall Street Journal column that the concept of net neutrality was birthed as part of a well-funded and intentional effort by a network of liberal foundations, and that Free Press co-founder Robert McChesney’s “ultimate goal” — as stated in a 2009 interview on the Canadian socialist website SocialistProject – was to “get rid of the media capitalists in the phone and cable companies and to divest them from control.”

The policy coordination between McChesney’s group and Google can physically be traced back as early as March 2009. Free Press co-founder and former president Josh Silver had sent out a memo, obtained by TheDC, an invitation to the home of Google General Counsel David Drummond — which advertised a reception where attendees would discuss all things related to the Internet policy of the new Obama Administration:

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She's so mean

The man has no balls.

From Free Beacon:

BILL SIMMONS: I want to talk about sports. You have plenty of time to talk about politics with whoever. How do you have time to follow sports when you have the busiest job on the planet?

OBAMA: Well, first of all, I don’t watch network news or cable news. So in the morning, when I’m working out with Michelle, it’s on SportsCenter. This is the one thing that she allows me

SIMMONS: That’s nice.

OBAMA: — to control is SportsCenter. So that pretty much keeps up the family on whatever has happened the night before.

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It’s a first. It’s the first time someone from the Obama regime said the truth.

From The Hill:

Vice President Biden acknowledged the administration “screwed up” the first iteration of the contraception mandate, which eventually was changed in an atempt to please angry Catholic leaders.

Speaking at Iowa State University on Thursday, Biden, who is Catholic, said the second version of the rule is “where it should have been in the first place.”

“The conscience clause is being honored in its literal sense,” Biden said. “What is happening now is that we have been able to provide what was hard to set up — it got screwed up in the first iteration — in that any hospital, no matter where it is, no matter who runs it, profit or non-profit, religious-based or otherwise, has to provide insurance to their employees like everybody else does,” Biden said.

His comments come the same day the Senate voted 51-48 Thursday to kill a controversial amendment that would weaken the administration’s mandate.

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