Treasury, Fed to prop up Fannie Maie, Freddie Mac if needed....

[danaf]

http://news.yahoo.com/s/ap/mortgage_giants_crisis

Isn't that nice?

Too bad the fed doesn't prop the rest of us up. Instead, our government has made it so difficult for us to file bk, that most of us are scared to death of filing and on pins & needles throughout the entire process.

Thank God for sites like this that educate people and help minimize some of the fear about filing.

[keepmine]

On top of the IndyMac news from Friday evening, this has the potential to get nasty in a hurry.
But, let's quit whining-we know it's all mental!

[JRScott]

Freddie and Fannie collectively hold over 5 trillion in mortgages, in essence if the Feds step in like they did for IndyMac it means doubling the current national debt.

[bmrigs]

Freddie and Fannie collectively hold over 5 trillion in mortgages, in essence if the Feds step in like they did for IndyMac it means doubling the current national debt.

Of course the Federal Reserve will step in and bail out another financial institution so as to reassure the confindence of the American sheeple that the banks and their deposits are secure. All Americans must understand this important fact: All banks in this country operate in insolvency under Fractional Reserve Banking. This is the process of loaning out many times over, perhaps 10 to 20 times what the banks have in deposits. If everybody goes to withdrawl their money at the same time the banks will close its doors and the scam is exposed.

[JRScott]

Oh I believe they'll bail them out, in fact I believe they'll end up bailing out so many that the crushing debt will basically kill us economically.

[Mom2one]

http://news.yahoo.com/s/ap/mortgage_giants_crisis

Isn't that nice?

Too bad the fed doesn't prop the rest of us up. Instead, our government has made it so difficult for us to file bk, that most of us are scared to death of filing and on pins & needles throughout the entire process.

Thank God for sites like this that educate people and help minimize some of the fear about filing.

That is EXACTLY how I feel about it Danaf. I am scared out of my mind. I don't mind paying back in a 13, but why do they have to make it so damn difficult. It is on my mind all the time what my payment is going to be.

Chrissy

[banca rotta]

http://news.yahoo.com/s/ap/mortgage_giants_crisis

Isn't that nice?

Too bad the fed doesn't prop the rest of us up. Instead, our government has made it so difficult for us to file bk, that most of us are scared to death of filing and on pins & needles throughout the entire process.

Thank God for sites like this that educate people and help minimize some of the fear about filing.

Sadly our national debt is the result of the fed trying to prop up all of us. When B. Hussein Obama gets elected he will prop up even more folks.
So will Mcain.

Filing bankruptcy is more difficult but not impossible. There was a time debtors were thrown in prison. After thinking about that suddenly bk reform isn't all that bad considering the benefits of it.

[Priceless ProSe]

Freddie and Fannie collectively hold over 5 trillion in mortgages, in essence if the Feds step in like they did for IndyMac it means doubling the current national debt.

The key difference is this is in house debt, as opposed to the rest of the national debt which arises from interest on foriegn borrowed monies. The national debt is increased each year by an amount that is almost exactly equal to the interest we (the gov) is paying on these loans. What they do is budget all of the money for junk we would never approve, and then ask for bond money for schools and the like. This bond money is borrowed from other countries. Just a thought. I think these big banks actually take the lumps for the rest of us (granted they also bleed us dry). When we buy houses for 300k and then walk away from the house at 150k it is the government that allows us to do so with just a slap on the wrist in the form of bad credit. Just imagine if there really was no BK and defeciency judgements were granted in every case.

[fltoo]

[QUOTE=danaf;175524][url]Isn't that nice?
Too bad the fed doesn't prop the rest of us up. Instead, our government has made it so difficult for us to file bk, that most of us are scared to death of filing and on pins & needles throughout the entire process.


And we should be scared to death to make sure we don't get into the mess again. The fed is propping us up by giving us an out. Be thankful instead. Even when people don't learn their lesson, they let you do it again in 8 years!!!

[Easyforpp]

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[dtrrr1ho]

Great

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