Video: Barney Frank Clueless On Fannie, Freddie Future (Bloomberg Interview Feb. 9)
Feb 25, 2011 at 11:25 AM
DailyBail in barney frank, barney frank, fannie and freddie, fannie mae, financial reform, financial regulation, freddie mac, gse, hypocrisy, reform

Editor's Note: The video is 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)...


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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