Federal Government to takeover F-Mac/Mae.

[The Real Bingo]

This really has nothing to do with people who bought homes they couldn't afford - though, yes, they are pretty stupid. It's about the lenders that took unacceptable risk in allowing these people to take mortgages out on these homes. Now shit is hitting the fan; property values are down, people can't pay off the mortgage, and they jump ship...and guess who's left with the mortgage? You guessed it...Fannie and Freddie.

This is a bailout of stupid people across the board - the lenders, the borrowers, and Fannie and Freddie for allowing these loans to be issued.

[pickel]

Quote:

Originally Posted by The Real Bingo

This really has nothing to do with people who bought homes they couldn't afford - though, yes, they are pretty stupid. It's about the lenders that took unacceptable risk in allowing these people to take mortgages out on these homes. Now shit is hitting the fan; property values are down, people can't pay off the mortgage, and they jump ship...and guess who's left with the mortgage? You guessed it...Fannie and Freddie.

This is a bailout of stupid people across the board - the lenders, the borrowers, and Fannie and Freddie for allowing these loans to be issued.

It IS about the people, Bingo. Regardless of the greedy lenders and banks, etc. , they entered into an agreement that they must have known would bite them in the ass. It's their fault. It was an irrational choice but nonetheless, their choice. Their own lust. Mick Jagger said" You can't always get what you want, but if you try sometimes, you get what you need " And these very same people have the right to vote. Imagine that.

[outlaw2001it]

Give or take. For first time home owners they were probably given the ol' tap dance routine...but as the saying goes "If it's too good to be true...it is". As for anybody else, they knew what they were getting themselves into, and as for the mortage lenders, they knew the risk...but if the company is willing to take the risk, and I (as a realator) don't mind a $30,000 sales bonus...who the f*** cares. Now that it's all biting them in the ass, and people walked away with some hefty bonuses, while the CEO's got canned, and the shareholders (that I have no sympathy for) lost a lot of money. Besides playing the stock market is like playing poker...you win a hand, you lose one, and in this case they lost big.

[pickel]

"I (as a realator) "

Is that like a 'Mortgage" Terminator. LMAO

[Atomic Rooster]

Quote:

Originally Posted by pickel

I say NO QUARTER !!! Screw them ALL. Why should I or anyone else be responsible for someone else's problems ????? Especially when they brought it on themselves. No pity, no sympathy here.

Quote:

Originally Posted by pickel

There's a lot of heartless bastards running around this forum, INDEED

Look yourself in the mirror, fellow members. Are YOU one of them.??? Be Honest ( as much as you possibly can)

[outlaw2001it]

I have sympathy for first time buyers, and those are the one we should be helping out. Anybody else...screw them. Because some of these other people bought into the housing market to make a buck, and now they are losing their money. Oh f'ing well...win some lose, lose some.

[outlaw2001it]

Okay this just in, the Fed took over F-Mac/Mae.
Both agencies will be open for business Monday morning. Dividends on both common and preferred shares will be eliminated in an effort to preserve capital.
The regulators also ousted Richard Syron and Daniel Mudd, chief executive of Freddie Mac and Fannie Mae, respectively.
In their places, two finance veterans will be charged with restoring the mortgage titans to health.
However, the cost of the government intervention remains unclear.

Feds unveil rescue plan for Fannie, Freddie - Sep. 7, 2008

[outlaw2001it]

Treasury Secretary Henry Paulson said in an interview with U.S. radio broadast on Monday that a plan to take control of Freddie Mac and Fannie Mae had been structured in a way to protect U.S. taxpayers.

Freddie, Fannie plan protects taxpayers: Paulson | Reuters

[Pexster]

FNM now at $1.19, down 83%

FRE now at $1.10, down 78%

[outlaw2001it]

Screw the shareholders...before screwing the taxpayers!!!!!!!!!!!!!!!!!!