Fannie May and Freddie Mac

[mustang50lx]

Fannie May and Freddie Mac taken over by the US Government. One more step toward Socialism. (I am sure all the Democrats are happy about that.) Totally unconstitutional take over. You think if I have a business worth less than what I owe the Government is going to bail me out. I don't think so. Another thing I don't get is that I have heard nothing about any company officials getting indited for anything. I have heard this will cost taxpayers Trillions with a T to fix. Hope you didn't spend your tax refund because they want it back now.

[wick]

Its just bullshit.

[Troll]

Hell, Uncle Sam took care of the crazy and lazy for years now. Why not the stupid, too???

I have a real good question about this? What happened to all the Private Mortgage Insurance? I never could figure this out. The bank told me if I default on the loan, they call the PMI company and they come out and do the foreclosure. Why did the bank even need this anyway? And, why did I pay for their insurance? It's not like a car if you have to repo it, you can move a car. You probably can't move your house.

So, why didn't these PMI companies go down the tubes instead of the lenders? And, don't tell me all those peeps had 20% to put down!!! (That's usually the percentage of equity you need to keep from paying the PMI).

Then, after I paid that shit for 2 years, I said hell with this and had a guy come out and re-assess the house. I paid him 200 bucks and he said, "What number you need?" I told him and he sent the assessment in at $800 over my number. What a total crock of bullshit anyway.

////rant off. sorry.

[mustang50lx]

The reason I heard they mortgage co. crashed is they #1. Giving loans to people who couldn't pay them back. Like as in people with no jobs or income. #2. Loaning 300K on a 50K house. The houses were going up in value so fast they wouldn't lose money. Then the housing market crashed thanks in no small part to rising fuel and food costs. When the market crashed and people couln't afford the mortage payments anymore Fannie and Freddie got stuck with many 50K houses they loaned 300K on. Bad business for sure. They deserve to go out of business and some probably deserve jail time. Instead how about if we the people bail them out.

[89gt308]

another good one is there giving a $7500 tax break for first time home buyers, then have 15 years to pay the $7500 back.

[94svtcobra]

mustang50lx your right about the food and gas stuff, but theres more to it than that. Many mortage brokers and real estate agents created a false increase in the housing market. just to give an example a normal ranch or split entry that would sell for roughly 80-100K were selling in places like cali for 500K+ they knew that they werent worth it, but the bigwigs at the realestate companies wanted to make their numbers look good. so basicly it brakes down to our economy is struggling, the people who were selling the houses told the sellers that they were more than they truely were, and the people buying the homes were taking advantage of the mortage brokers handing out money they really shouldnt have been. GREED will come back to bite u in the ass, unfortunetly alot of people are laughing their way all the way to the bank, while the normal working class is hurting because of what they did

[94svtcobra]

also a side note, if you talked to anyone in the real estate world about fred and fan years ago, they would have told you they were gonna go under at some point just because of how they were running the company, just sucks it had to happen now