Outrage & OMG NEWS: “US promises unlimited financial assistance to Fannie Mae, Freddie Mac ”

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“Merry Christmas”

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“The Obama administration’s decision to write a blank check with taxpayer dollars for the continued bailout of Fannie Mae and Freddie Mac is appalling,” said Rep. Scott Garrett (R-N.J.), a member of the House Financial Services subcommittee that oversees Fannie Mae and Freddie Mac. “Not only is this a continued bailout of failed entities that need to be privatized to protect the taxpayer, the timing of the announcement is clearly designed to try and sneak the bailout by the taxpayers.”

On Thursday, federal officials defended the administration’s new bailout authority and the compensation packages. They said the pay was necessary to retain talented executives who can oversee the companies’ vast mortgage holdings.
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“The management of these companies involves responsibility for $2 to $3 trillion of mortgage assets,” said Edward DeMarco, acting director of the Federal Housing Finance Agency, the chief regulator of Fannie Mae and Freddie Mac. “It is critical to the taxpayers’ financial interests that these assets be carefully managed in a difficult environment to minimize taxpayer losses.”

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/24/AR2009122401588_2.html

Related Posts:

• Politics, shaky economy create no rush to restructure Fannie and Freddie
• Don’t Underestimate the situation, the United States is destined to fall
• Fannie, Freddie bailout triggers credit default swaps; More than $1 trillion of derivative contracts will need to be settled
• It’s difficult to have optimism when the U.S. is piling on insurmountable debt.
• Let’s try to take an objective view on the situation. (1929 vs 2010)

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