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« Taxpayer Owned Freddie Mac Loses $19.8 Billion In 2010 | Main | Goldman Sachs Owes You $3 Billion »
Friday
Feb252011

Video: Barney Frank Clueless On Fannie, Freddie Future (Bloomberg Interview Feb. 9)

Editor's Note: The video is full-size...it just appears small before playing.

Video - Barney Frank talks Fannie and Freddie with Bloomberg - Feb. 9, 2011

Frank has no idea what he wants to do with Fannie and Freddie and the whole government-guaranteed mortgage debacle, but he takes Republicans to task for not moving forward with real reform now that they have a majority in the House.  Republicans made much hay over the lack of GSE reform in the financial "reform" bill, but now, Frank says, they won't even move forward on the bill they put forward last year, when they were in the minority.

Unfortunately, the upshot of this clip is that Republicans and Democrats will continue to blame each other, will continue to lie about their own hand in making the mess, and nothing will get done unless and until it suits the large banks.  Of course, this is all a moot point at this point in time, because Fannie and Freddie have already played their role as a toxic dumping ground for the banks' dodgy mortgages and taxpayers will already be writing a check for over $150B to cover losses incurred so far. To us, that sounds like check, checkmate, and ballgame.

Watch Geithner introduce White House plan for Fannie Mae (last week)...

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Fannie, Freddie bailout: $153 billion ... and counting

by Chris Isidore

NEW YORK (CNNMoney) -- When the dust settles, the federal bailout of Fannie Mae and Freddie Mac will be the most expensive government rescue of the financial crisis -- it already stands at $153 billion and counting.

Even as the Obama administration unveiled its plan for reforming the firms, experts agree taxpayer losses are going to continue to climb, no matter what Congress eventually decides to do with them.

The Federal Housing Finance Agency, the government body that oversees the two mortgage giants, has estimated that losses through 2013 will require Treasury to pour another $68 billion to $210 billion into the firms on top of the money already used to prop-up the firms and the housing market.

"Regardless of what they do, even if they were to change their status tomorrow, none of that will change the losses that will be coming due on their existing book of business," said Guy Cecala, publisher of Inside Mortgage Finance, an industry trade publication.

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Reader Comments (8)

This person is in our government ? People, WAKE UP !! NO ONE KNOWS WHAT THE HELL THEY ARE DOING IN WASHINGTON ANYMORE !! WALL ST. IS RUNNING THIS COUNTRY, LOOTED THE TREASURY & TAXPAYER ........ GUTTED OUR INDUSTRIAL BASE ......... IT'S OVER, PEOPLE !! IT'S ALL OVER EXCEPT THE CRYING ! DO NOT PAY / THERE IS NO SUCH THING AS NATIONAL DEBT, IT'S ALL MADE UP BY THE BANKS TO KEEP US IN POVERTY. DEFAULT & THE U.S. TREASURY CAN ISSUE OUR MONEY ! ....... YOU KNOW, LIKE THE OLD DAYS BEFORE A CENTRAL BANK TOOK POWER FROM THE PEOPLE ! ............... WE'RE GOING BACK TO THE CONSTITUTION............ THOSE FOUNDING FATHERS WEREN'T SO DUMB.
Feb 16, 2011 at 11:08 AM | Unregistered Commenterlynnybee
Feb 16, 2011 at 11:10 AM | Unregistered Commenterjohn
Feb 16, 2011 at 11:11 AM | Unregistered Commenterjohn
Yes, this is too much! AmeriKa, AmeriKa. What has happened to our once moral and hard working nation. It has been pimped out by socialists and governmental goon squads. AmeriKa, AmeriKa is headed down the tubes.
Feb 17, 2011 at 6:41 AM | Unregistered CommenterScott-O-
Frank uses the word CONSERVASHIP'. What does that mean?
They were put into Conservaship in 2008 and have been doing OK since? with no loses?
Feb 25, 2011 at 1:31 PM | Unregistered CommenterB Wicker
Barney Frank has too much time on his hands to work on the real issues. Is he trying to run for governor of Maine??????

http://www.onlinesentinel.com/news/expo-spreads-info-on-medical-weed_2011-02-26.html

You may want to look at my 11:11 post before reading this.
Feb 27, 2011 at 10:46 AM | Unregistered Commenterjohn
freelance writer
Nov 26, 2011 at 9:40 PM | Unregistered CommenterLidiaSmith

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