Same old thing
POSTED: Thursday, November 3, 2011 - 6:42pm
UPDATED: Saturday, November 12, 2011 - 6:48pm
tyler — Ask ye not for what your country can do for you. Ask what you can do to pump more of your hard-earned money into the federal kitty so it can circle the bowl.
With apologies to the late John F. Kennedy.
If you follow news at all, you know there has been a lot of back and forth the past few years years on too big to fail, bailouts, needs more money, blah blah.
Part of all of this has been Freddie Mac and Fannie May, government-backed mortgage companies.
Well, after all the federal about that, now Freddie Mac is bellying up to the bar and wanting more money.
Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter.
Freddie Mac said Thursday that it lost $6 billion in the July-September quarter. That compares with a loss of $4.1 billion, in the same quarter of 2010.
This quarter's $6 billion request from taxpayers is the largest since April 2010.
Freddie's losses are increasing mainly for two reasons: Many homeowners are paying less interest because they are able to refinance at lower mortgage rates. And failing and bankrupt mortgage insurers are not paying out as much money when homeowners default.
Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates it could cost up to $51 billion more to support the companies through 2014.
Just when you thought the government could not ask you for more, they do. And will always because they run the federal show like a crap game in the back ally.
This has to stop. But won't until people are fed up enough to demand it.
That's my point if view, what's yours?
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