We are moving rapidly to the point where people buy their houses directly from the state. That’s really scary!
By Daniel at 27 December, 2009, 11:16 am
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I live in Beijing and am shocked to realize that the US housing system is now far more Socialist than China’s. Welcome to the United Socialist States of America, otherwise known as the Obama Nation.
This is the mantra of Hussein’s brand of socialism
Privatize profits and Socialist losses. The government will own most of homes through it’s entities.
quote from MW:
TEL AVIV (MarketWatch) — The U.S. Treasury agreed to provide Fannie Mae and Freddie Mac with as much capital as they need over the next three years, in an effort to reassure the investors who bought the giant mortgage companies’ debt, The Wall Street Journal reported.
…
The new terms enable the Treasury to increase its support for the companies by the amount of the two companies’ net losses over the three years beginning Jan. 1.
http://www.marketwatch.com/story/treasury-lifts-cap-on-aid-to-fannie-freddie-wsj-2009-12-25
quote from seekingalpha:
Mark Hanson has been on this since the beginning: if you haven’t read his stuff, here’s a nice treatise of why we are nowhere near recovery in the housing market. Read it and weep - Timmy has.
By the way, if you’re wondering what sort of trash Fannie (FNM) and Freddie (FRE) are holding, here’s what Mark says about their “underwriting quality” during the boom years:
“Many lenders, especially the big banks, had in-house DU and LP underwriting ‘trainers’ that would go around to the various mortgage branches and teach underwriters how to ‘trip’ the systems in order to achieve automated loan approvals when a declination was certain, or simply get fewer approval conditions on a loan that was borderline. Getting a loan approval out of DU/LP on a borrower with a 100% DTI — with limited documentation required on the automated findings — was not uncommon”
http://seekingalpha.com/article/179841-fannie-freddie-what-does-treasury-know
Charlie Rangel has always been one of Fannie’s and Freddie’s biggest supporters in Congress. Here’s what Rangel is up to now:
Here’s something I just put together that you won’t find anywhere else:
(10/15/09) “Republican members of the House last week attempted to oust Rangel from his powerful chairmanship of the House Ways & Means Committee for the duration of a House Ethics Committee investigation into alleged ethical misconduct surrounding his real estate investments and dubious personal financial disclosure reports.”
So, If Rangel has to pay for his real estate investments, he will force other’s to pay through the nose for theirs:
Rangle authored the Tax Extenders Act of 2009 (HR 4213), which just passed on 12/10, and “would more than double the taxes on carried interest received by general partners in real estate partnerships because the carried interest would no longer be taxed as capital gains at 15%, but as ordinary income with rates as high as 35%.”
“That’s a huge increase at a time when the industry is on the precipice, so to speak,” says Thomas Bisacquino, president of the NAIOP, the Commercial Real Estate Development Association. “There really isn’t any real estate-related group that supports it. We’re trying to stimulate the industry. We feel it would create a huge impediment.”
“Changing the current capital gains treatment of carried interests would undermine job creation and have a negative impact on commercial real estate values, which would devastate local property tax revenues and put pension fund investments at risk,” says IREM’s senior legislative liaison Vijay Yadlapati. “Just as importantly, such a policy would slow the national economic recovery.”
So why would Members of Congress pass Rangel’s bills? Why won’t members of Congress investigate Rangel? It is because he is the candy man. He has bought his fellow members with the money he has donated to them (bribed them with). Here are just his top twenty donations:
Rep. Leonard L Boswell (D-Iowa) $56,000
Rep. Jim Matheson (D-Utah) $45,000
Rep. Chet Edwards (D-Texas) $42,000
Rep. Jim Marshall (D-Ga) $38,000
Rep. Earl Pomeroy (D-ND) $36,000
Rep. Dennis Moore (D-Kan) $36,000
Rep. Corrine Brown (D-Fla) $35,500
Rep. John Barrow (D-Ga) $33,000
Sen. Kirsten Gillibrand (D-NY) $29,000
Rep. Melissa Bean (D-Ill) $28,000
Rep. Eric Massa (D-NY) $28,000
Rep. Harry E Mitchell (D-Ariz) $28,000
Rep. Baron Hill (D-Ind) $27,000
Rep. Joe Courtney (D-Conn) $26,000
Rep. Rick Larsen (D-Wash) $24,000
Rep. Rush Holt (D-NJ) $24,000
Rep. Larry Kissell (D-NC) $23,000
Rep. Joe Donnelly (D-Ind) $22,000
Rep. Mary Jo Kilroy (D-Ohio) $22,000
Rep. Paul E Kanjorski (D-Pa) $21,000
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Look at the pattern people:
First, nationalize the mortgage industry. Turn screws periodically to tighten control while maintaining the illusion of protecting the “free market.”
Second, nationalize the education industry. Eliminate private student loans. When all funding comes from federal government, control of all branches of education (including major influence over private universities) will be greater than in any post Soviet-era state.
Third, nationalize health care. Dumbass insurance companies are waking up (TOO LATE, losers!) to the fact that they are now quasi-nationalized too. But that bill is as good as law and these guys are toast. What, no chess players on the Boards of these companies? No one looked more than one move ahead.
Fourth, through cap and trade (or whatever it mutates to next), nationalize energy, transportation (already partly accomplished via “bailouts” in Detroit) and big chunks of industry (poster child: Jeff Immelt).
Is this slo-mo Fabian socialist takeover clear to you all now? It can all be accomplished within Obama’s first term. It hardly matters that he won’t get a second. This would take 20 years to unravel.
- Kelli K
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“I live in Beijing…”
Then shut the hell up.