Great news just keeps coming. You are the proud owners of 295,307 houses. Your friends at Fannie, Freddie and the FHA are doing a bang up job supporting the housing market. Since this latest crisis started in 2008, they have increased the amount of homes you own by 125%. These fine agencies were supposed to support the housing market by guaranteeing mortgages given to credit worthy consumers. How did that work out for ya?
In reality, these agencies were directed by government drones to backstop any loan to any deadbeat with a breath and the ability to scratch an X on a loan document. The entire housing market has been a giant fraud since the year 2000. One problem. You are paying for the fraud. Not the banks. YOU!!!
Freddie reported their annual “earnings” (ha ha ha) last night. They had another outstanding year. They ONLY lost $14 BILLION of your tax dollars last year. You may think that doesn’t sound so hot, but the drones running this piece of shit were thrilled. The prior year they had lost $21 BILLION of your tax dollars.
At this pace, they get back to breakeven in the year 2150. I know I’m confident they are capable of losing at least another $200 billion of our tax dollars before their finished.
Obama declared that it is the best time to buy, there is no inflation, and this Libyan thing should blow over shortly. By the way, he supports gay marriage now.
Dave says:
I wonder if I could get you taxpayers to buy my house so I can move to Arizona.
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25th February 2011 at 10:04 am
MuckAbout says:
In your dreams.. WTFs wrong with Florida? AZ got no water. I’ve got potable water under my feet about 50 down. There’s all the water you can pump about 2 feet down but you’d have to aerate it, filter it and ad a drop of clorox to it for it work safely.
I’ve seen those huge concrete ditches they run around Phoenix and Tucson and when the source for those dry up (as it is), all Southern AZ will revert to rock, greasewood and roadrunners.
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25th February 2011 at 12:01 pm
Voir Dire says:
Lest we forget: “Bankers Get $4 Trillion Gift From Barney Frank”: by David Reilly
http://www.bloomberg.com/news/2009-12-29/bankers-get-4-trillion-gift-from-barney-frank-david-reilly.html
A member bank of that illicit, unconstitutional entity known as the Federal Reserve started the whole ball rolling with a study that purported to show pervasive discrimination in mortgage lending, but was concocted to create another massive expansion of federal power and debt despite our federal Leviathan’s long illustrious history of failure in social engineering with regards to “rights to housing.” The Money Masters’ over at the Fed Res are the ultimate insiders, because they know ALWAYS down the road when the whole experiment invariably implodes, their ownership of our corrupt whores/politicians ensure that the sucker taxpayers’ are the ones left holding the bag.
Here’s financial writer Peter Brimelow (this shows how far back the scheming by the economic tapeworms goes):
“I really did co-write the first one, for Forbes magazine on Jan. 4, 1993. The Federal Reserve Bank of Boston had just published a study purporting to prove definitively that mortgage lenders were discriminating against minorities, the hot cause of the day.
But when my brilliant co-author, Leslie Spencer, asked the Boston Fed’s research director, Alicia H. Munnell, what minority default rates were, she said proudly that census tract data showed that they were equal to whites. When Leslie pointed out that this actually proved there was no discrimination, because the lenders had somehow weeded out the credit risks down to the same acceptable level, Munnell was dumbfounded and had to concede (on tape) that she did not, in fact, have definitive proof of discrimination at all.”
http://www.marketwatch.com/story/wall-street-washington-collusion
“The Hidden Clue” by Peter Brimelow and Leslie Spencer
http://www.vdare.com/pb/050105_hiddenclue.htm
“The entire housing market has been a giant fraud since the year 2000.”
Actually, the entire history of our federal behemoth’s involvement in housing has been one colossal clusterfuck:
“Obsessive Housing Disorder
Nearly a century of Washington’s efforts to promote homeownership has produced one calamity after another. Time to stop.” STEVEN MALANGA
http://www.city-journal.org/2009/19_2_homeownership.html
Meanwhile, the banksters’ and their brethren politician crooks’ really are laughing all the way to banks in Litchenstein, Grand Cayman & such. See: “Bloomberg Has $290 Million In Offshore Accounts” http://gothamist.com/2010/04/21/report_bloomberg_has_290_million_in.php
And:
“The billionaire mayor’s foundation has transferred some $400 million to offshore funds in widely known tax-sheltering countries like the Cayman Islands, Cyprus, Mauritius and Bermuda, according to the Bloomberg Family Foundation’s tax forms.”
http://www.huffingtonpost.com/2010/04/22/bloomberg-i-dont-control-_n_548454.html
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25th February 2011 at 5:07 pm
Kill Bill says:
Shocking that the bleachers [not really] for ‘Free markets’ arent actually for free markets at all.
Privatized the profits and socialize the risk [debt]
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25th February 2011 at 7:07 pm