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Tag: Freddie Mac

Jon Stewart Proves Corporations Are Not People, Once and for All

Wednesday’s “The Daily Show” must have had Wall Street banksters reeling, and with good cause. The late night show host offered his audience a litany of infractions corporations, namely banks, have committed and then used their seeming immunity to actual punishment as proof they are not human.

Posted on Dec 5, 2013 READ MORE



AP/Charles Dharapak

It’s Good to Be a Goldman

Here’s a get-out-of-jail-free card, and while we’re at it, take this obscenely huge bonus for having wrecked the economy.

Posted on Feb 1, 2013 READ MORE



Flickr/respres (CC-BY)

Why Freddie Mac Resisted Refis

Freddie Mac, the taxpayer-owned mortgage giant, made it harder for millions of Americans to refinance their high-interest-rate mortgages for fear it would cut into company profits, present and former Freddie Mac officials disclosed in recent interviews.

Posted on Oct 26, 2012 READ MORE



Mike Licht, NotionsCapital.com (CC BY 2.0)

Update: 25 People at the Heart of the Meltdown

At the height of the financial crisis, The Guardian identified 25 bankers, economists, politicians and financial officials who helped bring about the worst economic crisis since the Great Depression. What are they up to now?

Posted on Aug 7, 2012 READ MORE



woodleywonderworks (CC-BY)

The Best, Most Revealing Reporting on the Foreclosure Crisis

The U.S. housing crisis has been going on nearly five years, with still regular revelations about misdeeds by banks and others. Here’s ProPublica’s roundup of standout reporting on the crisis.

Posted on Feb 18, 2012 READ MORE



AP / Cliff Owen

Obama Housing Plans vs. Reality

The Obama administration recently unveiled a string of proposals to help struggling homeowners and get the housing market back on its feet. Here are the latest of them, whether they are anything new and whether they stand a chance of going anywhere.

Posted on Feb 15, 2012 READ MORE



AP / Manuel Balce Ceneta

Meet the Obscure Federal Regulator Who’s Not Helping Homeowners

Fannie and Freddie are required to help homeowners while earning profits so they can pay back the taxpayers who bailed them out. Here is our guide to the little-known federal regulator, Edward DeMarco, ultimately in charge of the two companies. You may have never heard of him, but as The Washington Post put it, he’s “the most powerful man in housing policy.”

Posted on Feb 8, 2012 READ MORE



Flickr / respres (CC-BY)

Report: Freddie Mac Stacked the Deck Against Homeowners

A joint investigation by NPR and ProPublica has rustled up some disquieting trading practices on the part of Freddie Mac that suggest the taxpayer-run mortgage company hasn’t exactly done its darndest to help struggling Americans hold on to their homes—in fact, the opposite may be more the case.

Posted on Jan 30, 2012 READ MORE



AP / Margarethe Wichert / dapd

S&P Downgrades and Banks: Threats to Global Stability

The markets weren’t shocked by last week’s wave of pre-broadcast S&P sovereign debt downgrades. For months, the question wasn’t “if” but “when.” And true to form, just as with the U.S. downgrade, S&P’s reasoning skated the surface of prevailing wisdom.

Posted on Jan 19, 2012 READ MORE


‘Left, Right & Center’: Leaving Iraq, for Better or Worse

What’s America’s legacy in Iraq going to be? Can we read it accurately from this moment, now that the war is “officially” over? Also on this week’s rundown of topics for “Left, Right & Center” panelists Robert Scheer, Matt Miller, Chrystia Freeland and Mark Tapscott are Fannie and Freddie vs. the SEC and a farewell to Christopher Hitchens.

Posted on Dec 16, 2011 READ MORE



Flickr / futureatlas.com (CC-BY)

SEC Slaps Former Fannie, Freddie Execs With Fraud Charges

It’s a start, but let’s hope Friday’s fraud charges against six former higher-ups at Fannie Mae and Freddie Mac don’t represent the only attempts that the Securities and Exchange Commission will make to hold financial executives responsible for the disastrous economic mess that’s still upon us.

Posted on Dec 16, 2011 READ MORE



Gage Skidmore (CC-BY-SA)

Been There, Thought That

Can we please bury the notion that Newt Gingrich is some kind of deep thinker? His intellect may be as broad as the sea, but it’s about as deep as a birdbath.

Posted on Dec 16, 2011 READ MORE


Paulson Congress
AP / Lauren Victoria Burke

Paulson Tipped Hedge Funds About Market Meltdown

Back in July of 2008, when most of us were still blissfully ignorant about the approaching economic apocalypse, then-Treasury Secretary Henry Paulson was very aware of some important market distress signals, and he chose to share some of those with an elite group of financial executives, Bloomberg reported Tuesday.

Posted on Nov 29, 2011 READ MORE



Flickr / World Economic Forum (CC-BY-SA)

Barney Frank to Call It Quits

Want to get a quick read on another American’s politics? Say the words Barney Frank. The Massachusetts congressman has become a distinctive presence in the House of Representatives over the last 32 years, becoming a lightning rod for condemnation and celebration, depending on where you sit. On Monday ... (more) Updated

Posted on Nov 28, 2011 READ MORE


Newt’s Parade

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Posted on Nov 20, 2011 READ MORE



Flickr / Diana Parkhouse (CC-BY)

Mortgage Rates Reach Record Low

U.S. mortgage rates on 30-year fixed loans have fallen to a record low after the Federal Reserve last week announced its plan to reduce borrowing costs by replacing short-term debt with more long-term debt. (more)

Posted on Sep 29, 2011 READ MORE



How the Democrats Killed Roosevelt’s Dream of the Affordable Home

The following excerpt from Robert Scheer’s book “The Great American Stickup” details the perversion of Fannie Mae and Freddie Mac.

Posted on Feb 18, 2011 READ MORE


Left, Right & Center

‘Left, Right & Center’: Mubarak Steps Down; Budget Wars

Egyptian President Hosni Mubarak has resigned in the wake of massive anti-government protests that lasted more than two weeks. What’s next for Egypt after this historic revolution?

Posted on Feb 11, 2011 READ MORE



Flickr / futureatlas.com (CC-BY)

Fannie Mae and Freddie Mac Run Up Huge Tab for Taxpayers

So, remember that whole bailout thing that began a couple of years ago? It’s not over yet, at least not when it comes to those delinquent housing giants Fannie Mae and Freddie Mac. According to new government projections, the Fannie and Freddie bailout fiasco could ... (continued)

Posted on Oct 21, 2010 READ MORE


Falcon
AP / Dennis Cook

The Whistle-Blower They Ignored

There aren’t too many genuine heroes to come out of the banking disaster, but Armando Falcon is one of them—and had he been listened to, a significant part of the housing crisis could have been mitigated.

Posted on Apr 13, 2010 READ MORE


Fannie Mae
foreclosurewearhouse.com

Treasury Digging Deeper for Fannie and Freddie

Who knew the Treasury Department had such deep pockets? Well, besides all of Wall Street, we can put the beleaguered duo that is Fannie Mae and Freddie Mac on the list. The Treasury has obligingly removed the $400 billion cap previously assigned to the funding designated to save the two mortgage firms.

Posted on Dec 24, 2009 READ MORE


BlackRock HQ
AP photo / Mark Lennihan

Our Loss Is BlackRock’s Gain

How much do you know about BlackRock and the hedge funds they manage? Better bone up fast, now that the folks at BlackRock are calling the shots in the government’s trillion-dollar bailout program. BlackRock execs are now directing key elements of the government program at a time when they stand to reap great profits from the fallout of a problem they helped create. 

Posted on May 19, 2009 READ MORE


Freddie Mac
bloomberg.com

Freddie Mac’s Acting CFO Found Dead

The acting chief financial officer for housing lender Freddie Mac, David Kellermann, was found dead Wednesday morning in what appeared to be a suicide. If the death is ruled a suicide, Kellermann will be the seventh high-profile financial services executive to have taken his own life under stress from the current economic crisis.

Posted on Apr 22, 2009 READ MORE


Escape Foreclosure
publicradio.org

Fed Faces Mortgage Challenge

The mortgage market got a lift following Tuesday’s announcement that the Federal Reserve was throwing in with a $600 billion resuscitation bid, but as Fortune’s Colin Barr points out, history offers at least two examples that the road ahead could be rocky.

Posted on Nov 25, 2008 READ MORE


Fannie Mae
foreclosurewearhouse.com

Fannie, Freddie to Give Foreclosures a Holiday

Starting on Nov. 26, mortgage finance mega-firms Fannie Mae and Freddie Mac will take a time out from foreclosures and evictions until Jan. 9—a welcome holiday break for struggling homeowners that hopefully will catch on among other corporate players in the mortgage market.

Posted on Nov 20, 2008 READ MORE


Bank Crisis
AP photo / Mary Altaffer

Finding a Way Out After the Bailout

Wall Street has yet to recover after the economic shocks of recent weeks. Why? Two problems. One we already know: The “plan,” even with revisions, is deeply flawed. The second problem has not been mentioned all that much because it’s pretty scary: Put simply, we have no idea what we’re doing.

Posted on Oct 15, 2008 READ MORE


Gramm and McCain
momocrats.typepad.com

McCain Calls for End to Big Business Bailouts

And now, this latest dispatch from the U.S. Department of Unintentional Irony: Sen. John McCain spoke out against the Federal Reserve’s recent bids to give life support (read: gigantic amounts of money) to failing financial institutions. Isn’t he the same guy who has looked to Phil Gramm for economic advice?

Posted on Sep 19, 2008 READ MORE


Wall Street crisis
AP photo / Richard Drew

Economic Meltdown: Don’t Say We Weren’t Forewarned

Has the war on terrorism become the modern equivalent of the Roman Circus, drawing the people’s attention away from the failures of those who rule them? Corporate America is a shambles because deregulation, the mantra of our president and his party, has proved to be a license to steal.

Posted on Sep 19, 2008 READ MORE


Left, Right & Center

‘Left, Right & Center’: Fannie and Freddie, Sarah and Charlie

On Friday’s episode of “Left, Right & Center,” show regulars Matt Miller, Robert Scheer and Tony Blankley weigh in about the Fannie Mae and Freddie Mac crisis, the fate of Lehman Brothers and Republican VP nominee Sarah Palin’s one-on-one with ABC’s Charlie Gibson.

Posted on Sep 13, 2008 READ MORE


Palin and McCain
AP photo / Carolyn Kaster

She’s Clueless, He’s Worse

Ignorance is bliss, which perhaps explains Gov. Sarah Palin being so confidently wrong about the root cause of the federalization of most of the nation’s mortgage market. But what is Sen. John McCain’s excuse?

Posted on Sep 9, 2008 READ MORE


Paulson and Lockhart
AP photo / Susan Walsh

Fannie and Freddie’s Double Whammy

With a stunningly vicious pair of blows, the faltering world economy—the Godzilla of this year’s presidential race—has made the candidates look small. Why hasn’t this looming crisis been part of the presidential debate?

Posted on Sep 9, 2008 READ MORE


Markets Respond to Fannie, Freddie Takeover

Investors have been throwing money at stock markets the world over following the news that Fannie Mae and Freddie Mac have been placed under federal conservatorship. Some analysts are confident that the move will stabilize the mortgage giants and, in turn, a tanking housing market. With hundreds of billions of taxpayer dollars on the line, let’s hope they’re right.

Posted on Sep 8, 2008 READ MORE


Fannie Mae
foreclosurewearhouse.com

Bailout Time for Fannie and Freddie

Congress to the rescue! Mortgage lending giants Fannie Mae and Freddie Mac are being propped up in their time of dire need, thanks to a bill passed Saturday that will lift the world’s two largest financial institutions out of immediate danger and help some homeowners handle mortgage crises.

Posted on Jul 28, 2008 READ MORE


Bush and the Reagans
AP photo / Kevork Djansezian

The Real Legacy of the ‘Reagan Revolution’

McCain campaign co-chair Phil Gramm is right: We have “become a nation of whiners.” But who is whining more than the bankers that former Sen. Gramm’s financial deregulation legislation benefited? The very bankers who now expect a government bailout, such as those at UBS Investment Bank, where Gramm found lucrative employment.

Posted on Jul 15, 2008 READ MORE


Wall Street Socialism Meets Disaster Capitalism

Freddie Mac and Fannie Mae were always more foul than fish, says Robert Borosage, and the bailout announced by the Treasury secretary over the weekend will mean “private speculators, having driven the stock down, will clean up on the upside.”

Posted on Jul 15, 2008 READ MORE


Bush
AP photo / Ron Edmonds

Bush Angling to Help Fannie and Freddie

President Bush is still insisting that the U.S. economy is in generally good shape, even as he asks Congress to support legislation to help Fannie Mae and Freddie Mac, while insisting in the same breath that he’s not proposing a “bailout” for the ailing mortgage companies. Hmmm.

Posted on Jul 15, 2008 READ MORE


Fannie Mae
foreclosurewearhouse.com

The Rise and Fall of Fannie and Freddie

Although certain Washington denizens from both sides of the aisle might have been thrown when the two government-backed mortgage finance companies, Fannie Mae and Freddie Mac, hit the skids last week, several of their current and former colleagues had long seen the crisis coming.

Posted on Jul 12, 2008 READ MORE


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