These numbers are inaccurate, by probably an extra zero, because none of these institutions have written down their assets...securities...to current market rate.
They claim "they don't know" what they are. Congress gave them an ultimatum a couple of months ago to mark down their portfolios. Just days before I believe it was a Friday before the changes on Monday, the large Australian Bank marked down and sold for a huge loss, their US holdings...at 10 cents on the dollar.
That's why they were so "surprised" at Fannie and Freddie...and why the Carlyle Group dude will be in charge and no one will lose their job, except the top two and they'll be well taken care of because They Know.
Some experts think these securities worth somewhere between 10-30 cents on the dollar. But no one knows for sure.
Congress backtracked because they said it was not the time to change the rules...and because it would adversely affect the market.
No joke.
anonymous coward User ID: 499187 9/7/2008 6:56 PM
Re: WTF !! WTF !! WTF !! WTF !!! NTY .- FANNIE/FREDDIE : THE MOST EXPENSIVE RESCUE EVER FINANCED BY TAXPAYERS !!!
kinda resembles massive welfare aid to elligals with ankor babies and chain migration relatives..cost 400 billion over 50 yrs...no end in sight...................tax exemp catholic church pays housing bills for illigals....no end in sight..welfare and wick feeds em and gives them housing vouchers.free medical...while they gradully overtake our towns our jobs our schools our bussinesses then our locol goverments over time , with high birthing rates and heavy handed crime tactics directed against us, to 'drive us' from our towns over time..it has already happened in the west.they now are on the move the the southest and north east with he same srategy...they the mexicans laught about it all the time, how they gonna reconquista the south west from americans......and still congress is asleep and canot figure out what to do.....thier free lawyers keep us at at bay ..and unable to stop them from overtaking new territories again and again....
Matrix User ID: 495941 9/7/2008 6:58 PM
Re: WTF !! WTF !! WTF !! WTF !!! NTY .- FANNIE/FREDDIE : THE MOST EXPENSIVE RESCUE EVER FINANCED BY TAXPAYERS !!!
And now out of the two parties poised to take the white house who are both responsible for the mess 1 will be voted in again as the lesser of two evils, two sides of the same lobby group sponsored coin. When are the sheople going to realize that there are no lesser of two evils? No matter how you cut it, evil is evil and you will get what you pay for by following the tradition of putting foreign controlled private companies who are only interested in the bottom line in control of the money supply, first by inflation and then by deflation, who will deprive we the people of all wealth, to the point that their children will have woken up homeless on the Continent that their forefathers have conquered.
The declaration of independence is over, what the founding fathers tried to establish has been undone, now America will live the reality that their forefathers died trying to avoid. The Boston tea party movement has now been nullified, the foreigners have established hidden taxes of foreign entanglement war and foreign debt driven inflation to replace those which so long ago threatened to destabilize the colonies, to kill off the very spark of independence that burned in the hearts of a free land and home brave nation.
The Bush administration has successfully acted to avert the potential for major financial turmoil!!
Quoting: Anonymous Coward 498998
yea it appears we are paying for this man's mistakes
Listen to what he says before each crack up. This man created alot of crap and the American public is paying for it.
He can't even get the word "defeat". "Decency" is another he falls apart on. I think it's more of a reflection of self realizing that everyone is going to see his defeat and lack of decency.
Anonymous Coward User ID: 499186 9/7/2008 7:16 PM
Re: WTF !! WTF !! WTF !! WTF !!! NTY .- FANNIE/FREDDIE : THE MOST EXPENSIVE RESCUE EVER FINANCED BY TAXPAYERS !!!
Does every state have to secede from the corporation of the USA to spell this message out to those who are corrupt, and still trying to steal our money, our kids money, our grandkids & great greadkids money ?
It's time to put a stop to this. We need a way to reform the United States of We the People. We have to take the pacifier away from the corporation of Bush/PNAC & the NWO.
And, we had better do it fast!
NEW YORK (Reuters) - Standard & Poor's and Fitch Ratings on Sunday cut the ratings on preferred stock of troubled housing finance companies Fannie Mae and Freddie Mac to junk status after dividends were eliminated in a takeover by the U.S. government.
S&P boosted its outlook on their "BBB-plus" subordinated debt ratings to positive from negative amid signs interest payments would not be affected. Fitch is reviewing its "AA-minus" rating on the subordinated debt.
The Treasury is taking an equity stake in the government-sponsored enterprises to shore up their financial stability, and placing them under conservatorship to manage their business of providing money to the U.S. housing market.
The preferred stock ratings dropped to "C" from "BBB-minus," according to the S&P statement. It was the second cut by S&P in less than two weeks.
Fitch also lowered the preferred stock rating to its "C/RR6" designation, from "BBB-minus."
"The downgrade of the preferred stock reflects the subordination of the preferred to any Treasury interest and interest payments are unlikely to resume in the foreseeable future," the Fitch analysts said in a statement. "Thus, any recovery is expected to be minimal."
S&P and Fitch also affirmed their "AAA" senior debt ratings of the GSEs, which sell billions of dollars in the securities to investors around the world.
Peace
Anonymous Coward User ID: 422489 9/7/2008 7:41 PM
Re: WTF !! WTF !! WTF !! WTF !!! NTY .- FANNIE/FREDDIE : THE MOST EXPENSIVE RESCUE EVER FINANCED BY TAXPAYERS !!!
Does every state have to secede from the corporation of the USA to spell this message out to those who are corrupt, and still trying to steal our money, our kids money, our grandkids & great greadkids money ?
It's time to put a stop to this. We need a way to reform the United States of We the People. We have to take the pacifier away from the corporation of Bush/PNAC & the NWO.
And, we had better do it fast!
yea it appears we are paying for this man's mistakes
Listen to what he says before each crack up. This man created alot of crap and the American public is paying for it.
He can't even get the word "defeat" out or "Decency" he falls apart on. I think it's more of a reflection of self realizing that everyone is going to see his defeat and lack of decency.
Quoting: Anonymous Coward 422489
Anonymous Coward User ID: 422489 9/7/2008 7:43 PM
Re: WTF !! WTF !! WTF !! WTF !!! NTY .- FANNIE/FREDDIE : THE MOST EXPENSIVE RESCUE EVER FINANCED BY TAXPAYERS !!!
snip
US President George Bush says mortgage giants Freddie Mac and Fannie Mae have been taken over because they posed "an unacceptable risk" to the economy.
Oh, and he just figured this out, and that its OKAY that it will be taken out of US?
Does every state have to secede from the corporation of the USA to spell this message out to those who are corrupt, and still trying to steal our money, our kids money, our grandkids & great greadkids money ?
It's time to put a stop to this. We need a way to reform the United States of We the People. We have to take the pacifier away from the corporation of Bush/PNAC & the NWO.
And, we had better do it fast!
yea it appears we are paying for this man's mistakes
Listen to what he says before each crack up. This man created alot of crap and the American public is paying for it.
He can't even get the word "defeat" out or "Decency" he falls apart on. I think it's more of a reflection of self realizing that everyone is going to see his defeat and lack of decency.
Quoting: Anonymous Coward 422489
Father like Son, I just cannot believe what is happening. This is worse than poopie pants, Congress should not let this happen.
Pacnwguy User ID: 498736 9/7/2008 8:03 PM
Re: WTF !! WTF !! WTF !! WTF !!! NTY .- FANNIE/FREDDIE : THE MOST EXPENSIVE RESCUE EVER FINANCED BY TAXPAYERS !!!
and new CEO is from Carlyle, the global machine controlled by the Bushes.
Quoting: Anonymous Coward 499028
And the worst part is that hundreds of thousands of retirees had most if not all of their life savings invested in this supposedly "safe" investment as a GSE.
SATAN User ID: 492467 9/7/2008 8:12 PM
Re: WTF !! WTF !! WTF !! WTF !!! NTY .- FANNIE/FREDDIE : THE MOST EXPENSIVE RESCUE EVER FINANCED BY TAXPAYERS !!!
If you AND your wife still have a job and excellent credit. I know some people who have gone from 850 to 650 in the last few months because of the economy.
TexasNurse User ID: 397729 9/7/2008 8:15 PM
Re: WTF !! WTF !! WTF !! WTF !!! NTY .- FANNIE/FREDDIE : THE MOST EXPENSIVE RESCUE EVER FINANCED BY TAXPAYERS !!!
That's just great!! Here I am a single mother trying to put my son through college.. now my taxes are gonna' go up.. so some asshole and his high maintenance wife can buy their fucking Humvies and Gucci bags!!
The saddest part of it all is that I will go to work and mention this to someone at work and I will get the customary blank stare. Or I've had one of them tell me that "I only pay attention to what bothers me" and you give it up. Everybody I know doesn't really give a shit about anything outside their doorstep. So I show up here all the time to discuss and read about these things with everybody here. This is only the latest porking we are getting from Bushco. Don't know about all of you but I've grabbed my ankles to much here lately that I've worn the suckers out.
Notice how all this shit goes down after closing bell and during the weekend when there's no news to talk about on TV...so nobody knows anything unless they spend a lot of time online at sites like this. Everybody I know was watching football this afternoon. What is that saying about fiddling while Rome burns???? Highway to Hell
Jeanne User ID: 499229 9/7/2008 8:29 PM
Re: WTF !! WTF !! WTF !! WTF !!! NTY .- FANNIE/FREDDIE : THE MOST EXPENSIVE RESCUE EVER FINANCED BY TAXPAYERS !!!
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