Rescue legislation has sailed through the House, aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac. 

The 272-152 vote reflected a congressional push to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market.

Hours before the vote, President Bush dropped his opposition to the measure, which now is on track to pass the Senate and become law within days.

The White House swallowed its distaste for $3.9 billion in grants for devastated neighborhoods. In return, the administration got both the power to throw Fannie Mae and Freddie Mac a lifeline and the legislation Republicans long have advocated to rein in the government-sponsored mortgage companies.

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1,094 hits 4.0 (2 votes) Share Favorite | Flag 13 years ago by KikiPeepers

Is it the American government's responsibility to bail out mortgage companies Fannie Mae and Freddie Mac?
Rescue legislation has sailed through the House, aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac.

The 272-152 vote reflected a congressional push to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market.

Hours before the vote, President Bush dropped his opposition to the measure, which now is on track to pass the Senate and become law within days.

The White House swallowed its distaste for $3.9 billion in grants for devastated neighborhoods. In return, the administration got both the power to throw Fannie Mae and Freddie Mac a lifeline and the legislation Republicans long have advocated to rein in the government-sponsored mortgage companies.

http://www.nysun.com/related_result...


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13 yrs ago, 9 mos ago - Thursday 7/24/08 - 1:52:26 PM EST (GMT-5)
wow, 100 percent of people agree with me, yay, ha
13 yrs ago, 9 mos ago - Thursday 7/24/08 - 8:41:56 PM EST (GMT-5)
Hell NO! The taxpayer is just bailing out another corrupt system of CEO's who ran shoddy lending practices and got rich in the process for themselves. Let some other investors buy into them.
13 yrs ago, 9 mos ago - Thursday 7/24/08 - 8:49:59 PM EST (GMT-5)
Probably not.
13 yrs ago, 9 mos ago - Thursday 7/24/08 - 8:51:12 PM EST (GMT-5)
No. If Fannie Mae and Freddie Mac love each otther so much, maybe they should get married.
13 yrs ago, 8 mos ago - Monday 9/8/08 - 3:24:49 PM EST (GMT-5)
It will be interesting to see what the new president will do...

Wall Street may cheer Fannie, Freddie bailout
13 yrs ago, 8 mos ago - Friday 9/19/08 - 4:53:22 PM EST (GMT-5)
Interesting to see who has been getting big campaign donations from Fannie Mae and Freddie Mac PACs...

http://www.opensecrets.org/news/200...

McCain and Obama are both on the list receiving $21,550 and $165,400 respectively...




13 yrs ago, 8 mos ago - Sunday 9/21/08 - 11:08:35 AM EST (GMT-5)
This is what they're calling it...

Fannie Mae Announces Reorganization
13 yrs ago, 8 mos ago - Monday 9/22/08 - 12:02:01 AM EST (GMT-5)
No. People need to learn how to read the fine print.
13 yrs ago, 8 mos ago - Monday 9/22/08 - 5:06:25 PM EST (GMT-5)
They shouldn't but it may get even worse if they don't.
13 yrs ago, 6 mos ago - Thursday 11/13/08 - 10:50:49 PM EST (GMT-5)
Now they want more?!

Fannie Mae warns of insolvency
13 yrs ago, 6 mos ago - Thursday 11/13/08 - 11:51:05 PM EST (GMT-5)
On Friday 9/19/08 - 4:53:22 PM CowDung wrote:
Interesting to see who has been getting big campaign donations from Fannie Mae and Freddie Mac PACs... [link] McCain and Obama are both on the list receiving $21,550 and $165,400 respectively...


How is it ethical for Freddie Mac and Fannie Mae to make campaign contributions? That's absurd.
13 yrs ago, 6 mos ago - Friday 11/14/08 - 1:37:49 PM EST (GMT-5)
On Friday 9/19/08 - 4:53:22 PM CowDung wrote:
Interesting to see who has been getting big campaign donations from Fannie Mae and Freddie Mac PACs... [link] McCain and Obama are both on the list receiving $21,550 and $165,400 respectively...
On Thursday 11/13/08 - 11:51:05 PM Courtbebe wrote:
How is it ethical for Freddie Mac and Fannie Mae to make campaign contributions? That's absurd.


No doubt. They are financially going under but still giving away money? That's kind of fishy.
13 yrs ago, 6 mos ago - Friday 11/14/08 - 1:48:26 PM EST (GMT-5)
On Friday 9/19/08 - 4:53:22 PM CowDung wrote:
Interesting to see who has been getting big campaign donations from Fannie Mae and Freddie Mac PACs... [link] McCain and Obama are both on the list receiving $21,550 and $165,400 respectively...
On Thursday 11/13/08 - 11:51:05 PM Courtbebe wrote:
How is it ethical for Freddie Mac and Fannie Mae to make campaign contributions? That's absurd.
On Friday 11/14/08 - 1:37:49 PM KikiPeepers wrote:
No doubt. They are financially going under but still giving away money? That's kind of fishy.


It also seems a bit fishy that Rahm Emanuel was on the board of Freddie Mac...

http://abcnews.go.com/Blotter/story...



13 yrs ago, 6 mos ago - Friday 11/14/08 - 5:50:23 PM EST (GMT-5)
The whole thing is ridiculous. The point of capitalism is totally undermined by government bailouts. In America, if your company fails, it fails. That's what free enterprise is all about. Getting the government all involved in business matters is closer to socialism than capitalism.
13 yrs ago, 6 mos ago - Friday 11/14/08 - 10:27:11 PM EST (GMT-5)
So you really think it's going to change under Obama's watch?
13 yrs ago, 6 mos ago - Friday 11/14/08 - 11:57:35 PM EST (GMT-5)
I guess we'll have to wait and see. So far I get the impression he's not for the bailouts but I don't know what he's going to do.
13 yrs ago, 6 mos ago - Saturday 11/15/08 - 12:18:18 AM EST (GMT-5)
What gives you that impression? Bush is the one making the statements that the bailouts need to stop...

13 yrs ago, 6 mos ago - Saturday 11/15/08 - 1:06:07 AM EST (GMT-5)
Only because they just now realized it won't work
13 yrs ago, 6 mos ago - Saturday 11/15/08 - 2:57:59 AM EST (GMT-5)
On Friday 9/19/08 - 4:53:22 PM CowDung wrote:
Interesting to see who has been getting big campaign donations from Fannie Mae and Freddie Mac PACs... [link] McCain and Obama are both on the list receiving $21,550 and $165,400 respectively...
On Thursday 11/13/08 - 11:51:05 PM Courtbebe wrote:
How is it ethical for Freddie Mac and Fannie Mae to make campaign contributions? That's absurd.
On Friday 11/14/08 - 1:37:49 PM KikiPeepers wrote:
No doubt. They are financially going under but still giving away money? That's kind of fishy.


I'm not sure if they are contributing to campaigns now, but that wasn't what I was opposed to.

They are government sponsored. How can they get financially involved in politics? Would people be okay with the State Department, the FBI, etc making contributions?
13 yrs ago, 6 mos ago - Saturday 11/15/08 - 9:16:22 AM EST (GMT-5)
On Saturday 11/15/08 - 1:06:07 AM KikiPeepers wrote:
Only because they just now realized it won't work


No, it's more along the lines of it being necessary for the banks so that they could keep capital available for lending and such. Bailouts for the automakers and everyone else that's trying to line up for free money aren't nearly as important to the economy as a whole...
13 yrs ago, 6 mos ago - Saturday 11/15/08 - 1:52:07 PM EST (GMT-5)
Don't you think those companies are unethical for knowing the government will bail them out to save the economy? It's like giving them free reign.
13 yrs ago, 4 mos ago - Sunday 1/4/09 - 4:27:09 PM EST (GMT-5)
13 yrs ago, 4 mos ago - Sunday 1/4/09 - 4:41:26 PM EST (GMT-5)
On Saturday 11/15/08 - 1:52:07 PM KikiPeepers wrote:
Don't you think those companies are unethical for knowing the government will bail them out to save the economy? It's like giving them free reign.


Did the financial companies purposely get themselves into financial trouble, knowing that they would get free money from the government to bail them out?
13 yrs ago, 4 mos ago - Sunday 1/4/09 - 5:12:06 PM EST (GMT-5)
You never know
13 yrs ago, 4 mos ago - Sunday 1/4/09 - 5:16:22 PM EST (GMT-5)
On Sunday 1/4/09 - 5:12:06 PM KikiPeepers wrote:
You never know


I would think that very few business people will purposely drive a business into the ground in the hopes of a government bailout to rescue them. It just doesn't make sense...


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