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battmannJan 30, 2012
We bailed out people betting on our doom! Get rid of these f**ks!
casf1bJan 30, 2012
Not Obama as your president and Democrats in charge. They are here to "help the poor" -- with your last dime of savings.
eraptorJan 30, 2012
Obama and the Democrat's aren't responsible for Freddie Mac's business decisions, that culpability falls to Freddie Mac executives ALONE since they are the one's holding a major conflict of interest. Those executives SHOULD be fired for holding that conflict of interest.
But, by all means, blame people who AREN'T responsible since it will help get the useless weasels, YOU support, elected to our federal government.
kaelyiestaJan 30, 2012
Worse, the various government bailouts themselves were part of the mechanism used to short us.
theglassguy4Jan 30, 2012
Freddie Mac can Kiss my ass
casf1bJan 30, 2012
They are the govenment. They already own your ass.
theglassguy4Feb 2, 2012
sorry but NOBODY owns my ass
jpsy422Jan 30, 2012
The author of this article is using his knowledge of MBSs to trick you into thinking that this is a story.
Any MBS owner is making the same bet. The idea behind an MBS is that when anyone pre-pays their loan (either by making a larger than necessary payment or refinancing), the future value of the MBS investment falls, so in essence, every investor that owns an MBS is betting against the ability for any piece of that MBS to refinance.
And if you have a 401K or a private investment company handling your investments, you most likely own an MBS, since they are relatively lower risk and yield a decent return. Which means that you are making the same bet.
kamtsaJan 30, 2012
Please don't confuse the socialists with facts.
vitriolandangstJan 30, 2012
NPR is funded by ADM, Monsanto, DuPont, Koch industries, Chase, and a lot of other pirates, robber barons and miscreants. It hasn't been Socialist for a decade since it got defunded and had to depend on COMMERCIAL sponsors.
A lot of those sponsors USED to be on investigated by this once Public service, but apparently, they just stopped doing EVIL things since they became sponsors.
>> Your point about Socialism should be that these USED to be Government funded things but they fell apart AFTER THEY NO LONGER WERE primarily government funded.
vitriolandangstJan 30, 2012
The Mortgage Lenders ALSO hedged against risky loans by buying options to short their own loans or "hedging." Too many options or "puts" and you drive the value of the holding down and you get a positive feedback loop that is worse than the risky debt to begin with -- especially since the Banks were able to treat these bets as a deposit and use THOSE deposits to make more bets.
Since they are banks, they have the privilege of loaning out 10X or more than they take as deposits.
The PROBLEM is making huge sums of money merely betting one way or the other without adding real value. If EVERYBODY consistently wins without creating value -- what you actually created is a Bubble that is eventually going to pop.
>> So there is a WHOLE LOT OF STUFF you have to ignore, before being shocked that Freddie or Fannie are acting like a regular business. Regular business is LEGALLY doing crooked and shady stuff -- because they paid politicos good money to make it legal.
Loki520Jan 30, 2012
i am going to go out on limb here and say that nobody is "shocked" at the level of greed and corruption. most people don't understand what you are talking about when you talk about fractional reserve banking so its not that they are ignoring it, they just don't know about it.
akronJan 30, 2012
Have you seen enough yet, or are you still unsure that the government does NOT have your best interest in mind?
battmannJan 30, 2012
I'm going to bet that the feds are going to overtake your bulls**t shadow company, bitches!
Closed AccountJan 30, 2012
Freddie is a tosser - negative tosser.
limitgovJan 30, 2012
Freddie Mac is a government agency that helped bring about this financial crisis. They should be terminated.
casf1bJan 30, 2012
And people keep trusting politicians and the political Left when they say government is going to protect you and not ultimately prey on you.
vitriolandangstJan 30, 2012
Freddie Mac got turned into a BUSINESS and that means it needs to make a profit.
All the nonsense trying to blame them for EVERYTHING, overlooks the fact that their failings weren't caused by government -- it was caused by the Republicans forcing it to be more corporate.
I COULD have told you that people couldn't refinance because the banks KNOW the economy isn't going to pick up until there is a massive stimulus.
All profit-driven companies will seek to make a profit. If Freddie Mac is hurting people -- that's just business. If you don't want it to hurt people -- than buy back it's stock and make it the VERY SUCCESSFUL institution that helped poor people finance homes.Comment is buried, click here to see the rest.
kaelyiestaJan 30, 2012
What nonsense. This is such a poor attempt at diverting blame that I am embarrassed to read it.
Freddie Mac did not get turned into a business. Being a GSE is sufficient proof of that. It is no different than a front for the state. Businesses try to get wealth but so do many types of organizations, so a more specific distinction is required to describe them specifically. Business then can be described as an organization trying to get money without any monopoly on the use and permission to use violence against innocent people. So, if the means of such acquisition of money is to lie, cheat and steal via government granted monopoly, subsidization and regulation, then it cannot be blamed as a business at all. This is because its nature is not business, but sanctioned violence. Government violence, specifically.
Blame the source of the problem. Stop hiding behind loaded words like 'profit' as an excuse to avoid the actual trouble. Recognize the specific actions that caused this and call things by their proper names: government violence dominates this issue. Getting money is not a valid smoking gun to show it is business that is to blame, because it does not exclude government. The violence in this equation however is clear proof that it is government and not business that is at fault.
spuy767Jan 30, 2012
This is a non-story. It's basically saying that Freddie Mac has bought mortgages. In so many words. Its disingenuous title tries to pretend that something sinister has gone on here, but it hasn't.Comment is buried, click here to see the rest.
Loki520Jan 30, 2012
the story says a little more than just "they bought mortgages". it actually says
"Freddie Mac has invested billions of dollars betting that U.S. homeowners won't be able to refinance their mortgages at today's lower rates" and also
"Freddie Mac prevented households from being able to take advantage of today's mortgage rates — and then bet on it" and
"Freddie Mac's own financial health improves when homeowners can't refinance." and
"Plus, in 2010 and 2011, Freddie didn't just hold a simple pile of loans. Instead, for hundreds of thousands of home loans, it used Wall Street alchemy to chop these loans up into complicated securities — slices of which were sold in financial markets." meanwhile
"even though Freddie is a ward of the federal government, its top executives are highly compensated. The Freddie Mac official then in charge of its investment portfolio, Peter Federico, made $2.5 million in 2010, and had target compensation of $2.6 million for last year — the time period during which most of these inverse floater investments were made."
kamtsaJan 30, 2012
You are right, Freddie and Fannie should be shut down.
Closed AccountJan 30, 2012
odd, we come from the opposite end of the argument and arrive at the same conclusion.
vitriolandangstJan 30, 2012
Wait, every damn bank on Wall Street has a CEO making millions -- WTF?
You single out Freddie because it has some prior Government funding -- but the ROOT OF THE PROBLEM here is that it is a For Profit entity now.
>> It also didn't cause the 2008 economic issue and neither did the $65 Billion in mortgage defaults that the "sub prime" crisis represented.
People are so f**king ignorant on this issue blaming the victims, because Bank of America, Chase, AIG, Hoovers, Goldman Sacks and all other CROOKS who made off with Billions pay good money to make sure you are misinformed.Comment is buried, click here to see the rest.
Loki520Jan 30, 2012
are you responding to my post vitrio?
vitriolandangstJan 30, 2012
I'm only responding to the article quote "Peter Federico, made $2.5 million in 2010" -- that the author does not put in context.
EVERYBODY in the money game is highly compensated, and Freddie is in the money game now since it's been made a public company.
I'm saying "You" in the oblique reference to the article -- because I'm not sure if you are endorsing the opinion or not.
Our Fed Chairman would CRY tears of blood if he ever had Peter Fredrico's money.
Loki520Jan 30, 2012
it would seem that you should respond in general to the thread, unless you are trying to imply that i am somehow one of these people that are "so f**king ignorant" on this issue. i was just straightening out spuy767's misinformation. do i think any of these assh**e bankers deserve that kind of compensation??? hell no, but that don't make me ignorant.
raineydoreenJan 31, 2012
Gov. should help this home owners win this fight. Everyone has the right to own a home and not consistently buried to huge debt.
jimsmmJan 31, 2012
It is sad that people can't refinance!
jimsmmJan 31, 2012
I am Jim Bolduc and from New Hampshire. I am in the real estate business. It is sad that people will not be able to refinance their mortgages.
mikewindekJan 30, 2012
There should be many, many people in jail because of this.
They convinced people to take out mortgages that they couldn't pay back, then sold those obviously bad mortgages to many middle-class people through pension funds etc, and then bet that they would fail!
Win-win for the bankers, lose-lose for the middle class.
http://ratracefreedom.net/
Closed AccountJan 30, 2012
And this is how you get from socialism to fascism. just like the nazis, promise the worker bread and circuses, then use state-directed "private" corporations to fleece the masses, brilliant!Comment is buried, click here to see the rest.
kamtsaJan 30, 2012
By Godwin law, you just failed. http://en.wikipedia.org/wiki/Godwin's_law
vitriolandangstJan 30, 2012
You know what ELSE the Nazis lied about? Being Socialist.
They got rid of Unions for crying out loud.
Their sin was giving monopoly power to corporations, invading other countries, and killing lots of people.
The Problem with Fannie and Freddie is that they are NO LONGER Socialist. End of story. They just act like every other thieving bank on Wall Street.Comment is buried, click here to see the rest.
Closed AccountJan 30, 2012
True, it was a lie, like all socialism, which every time tried has ended in mass graves and starvation.
vitriolandangstJan 30, 2012
Yes, I see how Germany, Netherlands, Sweden and a few other European nations are burying massive numbers of starving people.
Stop being a fool for free -- you are taking from the mouths of people who are hired to do this blogging thing you are failing at.
Closed AccountJan 31, 2012
i live in Budapest and see men well dressed/shaved digging in garbage for aluminum cans.
Closed AccountJan 31, 2012
ok, so Germany, the only country who did not get their credit downgraded is on your side. perhaps you are the 1%?
battmannJan 30, 2012
I have one story that could show what some people are going thru at home too other than the petty excuses corporates make up for sympathy. Back in 04-05' i had an option to buy a friends home for 50,000$, i didnt have the cash at the time, but two years after that somehow the same house in the area were being appraised at 100,000$ , in two f**king years and also in a low-class area! Goes to show the strings that were being pulled all around by those so called working for the states! Next: I met a mother of three two years ago, who had been abused by her husband who choked her, threatened her and manipulated her for the past ten years since she had kids with this douche. He dragged out their divorce for two years while promising to give her a run down 25,000 house now(she being a house mother taking care of three kids for past ten years). I remember him kicking in her front door on xmas two years ago and trying to attack me. but the dumb ass didnt know how to fight his arms all flailing in the air while coming at me i just moved has arms and put him in a gullitine and wrenched up on his f**king throat so he couldnt breath and dragged his ass out to the front yard like that wanting to break his neck,but witholding and held him like that till i decided he was out of energy! Then after letting him go he came back and shook my hand! WTF? Who the f**k does that? Anyway, my girlfriend has been put through hell because of this manipulative f**king gentlemen(pardon the pun meant no bias opinion towards anyone else) She got her divorce finally three months ago. I stood by her through the whole thing. Her ex would go on vacations and constantly lie to not have to see his own children and so that he wouldn't have to give her her monthly child payments. I've even seen his new girlfriend with a busted lip that he gave her, all while this douche goes around beating up women and using and doing whatever he can. Must be nice for a douche like this to beat up women, make them and their kids lose their homes to foreclosure because the f**king system takes too f**king long to get rid of f**king losers in a divorce! So thank you system for ruining my relationship too you f**king piece of goddamn s**t. Anything or any f**k in hollywood, or anywhere that wants to steal,take, hog, inimidate,ruin, or piss on thing else that i have? Wish i had broken his f**king neck then!Comment is buried, click here to see the rest.
battmannJan 30, 2012
...All while her house has black mold, roaches a dog, three cats and her three kids and she's just beat after get abused for the past ten years on a cheatin as husband. It sucks when someone I care doesn't even know how to be themself because of the years of abuse they've been thru, but i can only relate because I've been through my own! They all have asthma now because of the condition of their house too, last winter we were sick for two-three months!Comment is buried, click here to see the rest.