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http://www.businessandmedia.org/articles/2008/20080924145932.aspx

Rep. Barney Frank has done oversight for Fannie Mae for nearly 20 years. He took $40,000 in campaign cash and his former ‘lover’ was a Fannie Mae executive. Where is the media coverage?

He is totally a LOSER!! THe Liberal Media is so corrupt. But, below is an article that explain why the Democrats are at fault and that President Bush tried to do things but was stopped. And it is was written by the NY Times… they actually used to do there job, well somewhat!!

What have Dems learned about protecting taxpayers as you take a ton of money from friends at Fannie Mae?

The dems knew the lesson already. Screw the taxpaper, theyre powerless, & line you own pockets. We’re in power. We’ll protect you. Unless the Dems decide to make you the goat.

Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis.

At a 2004 hearing see Democrat after Democrat covering up and attacking the regulations to protect Fannie Mae and Freddie Mac (their Cash Cows) that are now destroying our economy because the Democrats let them cheat.

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It’s heartening to hear about the project undertaken by students of a government class in Miami, Oklahoma. Their campaign is to keep the departing CEOs of the failed organizations Fannie Mae and Freddie Mac from taking $$$$$$$$ with them. After these CEOs led the organizations to failure, do they deserve suitcases full of money as they depart? These students of an Advanced Placement government class at Miami High School in Oklahoma are trying to make a difference.

Good for them. They realize that they will be the ones to pay for the greed of the older generation. Once the old folks die, these kids will be the ones holding the bag…

How long will it take for fannie mae’s stock to rebound after such a big loss in stock value?

Good question…maybe a year or two, maybe never…

The Federal Government just took control of it to keep the economy from sinking even lower as one of the major lenders was about to declare bankruptcy. If they can do a good job with it, then it might be sooner rather than later, if ever at all.

Only time will tell, and there are no guarantees.

would it be better to re-write all these bad loans that are being foreclosed on to something that the people can handle so that they can keep the homes and keep paying on them - even if they, according to their credit, do not deserve the loan. At least making it affordable to pay it. And then assigning it to a bank or Mortgage company to take it over on the new terms?

Should the failed Fannie Mae and Freddie Mac be allowed to be revived for having bad practices?

Thoughts?

The second alternative is better.
Don’t assign them, let lenders bid for them then leave it between the lenders and the borrowers to work out terms.
F & F will be rewarded for their practices. The Congressional majority approves of them.

Couldn’t be because Obama has two of Fannie Mae/Freddie Mac’s former top dogs as HIS financial advisors, could it? Or that he is #2 in contributions from these two companies?

No media bias, eh? Yeah…RIGHT.

Top dogs like this one?

Aquiles Suarez, listed as an economic adviser to the McCain campaign in a July 2007 McCain press release, was formerly the director of government and industry relations for Fannie Mae. The Senate Lobbying Database says Suarez oversaw the lending giant’s $47,510,000 lobbying campaign from 2003 to 2006.

Obama was way behind in the polls and then Fannie Mae made its announcement of its failure.

Did Obama’ VP Selection Chair Committee person being the same CEO of the failed Fannie Mae JIm Johnson have anything to do with its timing?

No the country is falling apart at the seems..and it seems we need

to get rid of the communist Democrats ..first

and then Obama can just go away..he is not fit to be a senator

but who cares about Fannie Mae..I thought they made good candy

So are Fannie Mae and Freddie Mac now the new poster children for government regulation? The left says they worked just fine till they were privatized in 68 and deregulated under the Bush administration.

Yes.

Even though I personally would have let the market take care of the problem, I do understand that politically congress had no choice but to bail them out.

Government regulation has gotten out of control.

Originally government regulation was limited to protect against things like monopolies and other extremes, but now it has become a monster and the government *literally* has its fingers in everything.

If government spends billions bailing out Fannie Mae and Freddie Mac because of the mortgage and financial crises, does this help the little guy or just tax the little guy to help lenders?

I do not think I agree with Congress taking this approach, and it bothers me that every time there is some sort of financial crisis, they come to the rescue of the lenders at the expense of the borrowers.

Thoughts?

What they did was commit the Federal Government to back up loans made to millions of us small home owners. All the owners of Fannie Mae lost everything. All the stock became worthless.

The only way the federal government would lose everything they “have at risk” is if everybody EVERYBODY quit making their house payments, and nobody wanted to buy the foreclosures. They did assume the backing of a huge number of mortgages and very well could lose some money, but the amount mentioned in the newspapers is dramatically overstated