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Barney Frank: Fannie & Freddie Are Kind Of A Public Utility

I know Barney’s statement comforts all of us and helps us to sleep at night in the knowledge that our government (being run by radical leftists) owns somewhere around 50% of the homes in the country.

Rep. Barney Frank: Lenders Fannie and Freddie now a ‘public policy instrument’

Mortgage giants Fannie Mae and Freddie Mac are now basically a “public policy instrument” of the government, Rep. Barney Frank (D-Mass.) suggested Tuesday.

Frank, the chairman of the House Financial Services Committee, asserted that the companies, which were taken over by the U.S. in September 2008, have become an extension of the government’s policy-making tools.

“Remember now that Fannie and Freddie have been converted,” Frank said during an appearance on CNBC. “Part of the losses of Fannie and Freddie are that since the housing collapse, Fannie Mae and Freddie Mac have become a kind of public utility.”

Frank made that claim in response to reports that the government may lose as much as $400 billion from its conservatorship of Fannie and Freddie, assistance that was made available when the home loan companies were put on the brink of collapse due to the subprime mortgage crisis.

Barney talks about the twins at 4:10.

13 thoughts on “Barney Frank: Fannie & Freddie Are Kind Of A Public Utility

  1. It isn’t the government that is losing that 400 Billion, it s WE THE PEOPLE who are losing it. Just think, you didn’t realise that while you were slaving away at your 9 to 5 that you were founding another public utility , did you? And unlike the water co. or the power co., you have no choice as to whether you can control your usuage of the product. You must leave it in the hands of whomever the pols appoint to decide how much to spend or give away.

    Let’s just hope that Frank doesn’t put another boy friend in charge as he did with Moss.

    1. Lee – what really, really, really, burns me is that I rent and will probably never be able to afford my own home. I accept that – but using my tax dollars on something I have no shot in hell at? I would be better off not paying my taxes – keeping that money and then I might be able to buy a home.

      1. Diamond, I know exactly how you feel. After working and paying for a home for years, when I finally got it paid off I had to sell it to pay for outrageous medical treatments. It is almost as if I had never owned a home at all.

        I tried looking at it as trading my home for my life and rehabilitation but sometimes I think about the tricks pulled at Fannie Mae and Freddie Mac, knowing that I will never own another home, and seeing my tax dollars now going to provide homes for others, it makes my blood boil.

        1. and it was an awesome trade!!! What makes my blood boil is that because of the income tax, our government has gone from controlling 8% of GDP to something like 80%. I need to find that post and graph again.

      2. LM, your contributions from this site should qualify you for a no-doc loan. You would be able to get several years in a home after paying the first 2 payments (this allows them to repackage and sell the loan). Then take them to court when they try to throw you out after 2 years of non-payment (See AIB radio on talkshoe.com).
        LOL

        1. Here is the link, talkshoe is a competitor of Blog Talk Radio.
          http://www.talkshoe.com/talkshoe/web/talkCast.jsp?masterId=48361&pageNumber=1&pageSize=15
          The Wed shows talk about county assemblies (alternates to the court system), but there is a lot of chaff. Maria (the hostess) has been on a piracy kick for about 2 months. (How to accuse the judge & prosecutor as a pirate for not following their own rules with regard to foreclosures.) The penalty for piracy is life in prison – period!

          The Friday shows are also really interesting and focus on a case Rod Class has in DC Here is PHN interview which kind of summarizes the the Fri/Sat shows:
          http://www.blogtalkradio.com/patriotsheartnetwork/2009/11/04/drive-the-nail
          The Sat show is: http://www.talkshoe.com/talkshoe/web/talkCast.jsp?masterId=17898&cmd=tc
          Enjoy !!

  2. i get so tired of “washington speak”….

    entitlement/free gov’t money
    bailout/free gov’t money
    deficit neutral

    as they never mention where the money comes from to fund programs and to cover spending so it remains “deficit neutral”, there are millions of people that truly don’t understand their budgeting gimmicks…..
    (evidenced by the woman in the video that was in line to get her “free obama money”)

  3. And all these corrupt politicians are getting rich off taxpayers money and resigning with pockets full of money as the ship sinks. Payback will come, but not soon enough….

  4. So to take advantage of these public utilities we need to take a loan out for 150% of the value of our home and then walk away from it. Does that make sense???

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