Ace of Spades HQ

December 25, 2009

Obama to Keep Control of Fannie/Freddie
— Gabriel Malor

I'm certain the Obama Administration fully intended for this be lost in the holiday shuffle:

The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress.
The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current term.
But even as the administration was making this open-ended financial commitment, Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009.

The struggling quasi-private mortgage and loan companies have no incentive to clean up their acts so long as they've got the taxpayer's ATM card. President Obama knows this, of course. Cleaning up would mean taking on fewer risky borrowers.

Treasury is re-writing the terms of the agreement when Fannie and Freddie were taken into conservatorship last year because Obama doesn't want to have to ask Congress for another bailout.

Posted by: Gabriel Malor at 03:03 PM | Comments (43)
Post contains 214 words, total size 2 kb.

1
The Amtrak of mortgage financing.

Soon we'll have the Amtrak medicine.

Posted by: Posted by at December 25, 2009 03:06 PM (m8h4o)

2 My christmas gift to America.... irresponsibility!

Posted by: Prez BO at December 25, 2009 03:07 PM (cN5zf)

3 Well, who didn't see this one coming? I'm expecting their next move will be to seize private IRAs/401Ks and roll them into Social Security. After all, it's "for the seniors." Then, they'll be means tested.

Posted by: not the droid you seek at December 25, 2009 03:07 PM (gnSx/)

4 Surely you jest.

Posted by: eman at December 25, 2009 03:13 PM (7dmFm)

O/T

Nigerian tries to blow up Delta plan from Amsterdam to Detroit.

Thanks Barack Hussein Obama! F U

Posted by: KLL at December 25, 2009 03:14 PM (/5Axw)

6 PLANE

Posted by: KLL at December 25, 2009 03:14 PM (/5Axw)

7 KLL. Scroll down.

Posted by: Gabriel Malor at December 25, 2009 03:15 PM (mvfNc)

8 We won suckkas.

Posted by: Detroit dreamin' at December 25, 2009 03:18 PM (R20X4)

9 Christmas Eve release.

The assholery of this administration knows no bounds.

Let's see what Jane Hamsher makes of this. She's on a mission (no doubt she sees herself as the next House minority leader) and doesn't seem to be interested in covering for The Won anymore.

Posted by: AmishDude at December 25, 2009 03:20 PM (/91f8)

10 Gotta love they way they bury the defaulting banks on the weekends, as well.

Posted by: TXMarko at December 25, 2009 03:27 PM (j9eJa)

11 Hey Assholes, Don't think we aren't keeping score. Up Yours, The American Public

Posted by: Vet Missing Parts at December 25, 2009 03:30 PM (MCHyX)

12 One phrase comes to mind: "fat cat buddies on Wall Street".

Posted by: AmishDude at December 25, 2009 03:36 PM (/91f8)

Dear Democrats,

Please consider me, my children and my future grandchildren as a source of "unlimited financial assistance" for all of your failures...

Change IS coming in 2010 and 2012 - I promise.

Posted by: Kadang at December 25, 2009 03:39 PM (BYuzj)

14 Bailouts unlimited for the next three years.

Posted by: Deathknyte at December 25, 2009 03:41 PM (CJS7o)

15
Oh I get it. Since Fannie & Freddie are now basically owned and controlled by the government and are big contributors to Democrats its o.k. to pay Wall street style bonuses to its executives.

Posted by: Blazer at December 25, 2009 03:47 PM (t72+4)

16
Dear Democrats,

Please consider me, my children and my future grandchildren as a source of "unlimited financial assistance" for all of your failures...

We've been considering that for well over forty years now.

Your Welcome.

Posted by: The Democrats at December 25, 2009 03:48 PM (t72+4)

17 i appreciate this info. but i think there are fewer of us here tonight than perhaps on a weeknight. so i hope that mr. malor will re-post this next week or even the week after.

Posted by: kelley in virginia at December 25, 2009 03:53 PM (TEIZr)

18 So, this means Chrissy Doddd and Bawny Fwank get the megabucks...courtesy of US...again?

Posted by: Stillwater at December 25, 2009 04:03 PM (qUdDE)

19 Oh, and yes please bump this one up after everyone's back from Christmas weekend.

Posted by: Stillwater at December 25, 2009 04:05 PM (qUdDE)

20 So it's actually not about curing 'the excesses of the Bush Administration,' but actually keeping those excesses a'goin'?

Help us, Barack Hussein Obama, you're our only hope (and change)!

Posted by: Heartbroken Leftard at December 25, 2009 04:08 PM (MMC8r)

21 Typical behavior for the king of this banana republic. This poor sick country is spinning down the sewer at warp speed.

Posted by: rplat at December 25, 2009 04:09 PM (G1ArL)

22 Oh I get it. Since Fannie & Freddie are now basically owned and controlled by the government and are big contributors to Democrats its o.k. to pay Wall street style bonuses to its executives.

I would bet anything that the same thing will happen with the bureaucrats who run the "health insurance exchanges" or, if it comes into existence, the "public option", since it's almost a given that those turds will be Dems. This, despite the fact that one of the alleged excesses of the health insurance industry is how much they pay their top executives. Nevermind that those executives' salaries are less than .1% of industry revenues, so even if they all worked for free, health insurance costs would still go up the same amount.

Posted by: BS, Inc. at December 25, 2009 04:11 PM (H8eTR)

23 IF we actually had a Congress, there would be investigations.

Posted by: Rewrite! at December 25, 2009 04:13 PM (d7Px0)

24 According to our records, the last time a Democrat gave up a temporary tax or power was NEVER.

Posted by: Library of Congress at December 25, 2009 04:15 PM (d7Px0)

Day or two ago, it was suggested we max out our exemptions for tax withholding-- a *starve the gubmint beast* idea. Sounded good to me, as I had also suggested it in a different thread...

Who's in?

Posted by: Stillwater at December 25, 2009 04:16 PM (qUdDE)

26 Why isn't Rahm the ballerina being investigated for his work at these institutions? Follow the money folks.

Posted by: RJ at December 25, 2009 04:36 PM (2jp4I)

27 Obama is doing everything he can think of to totally trash the American economy. It's so obvious it's pathetic.

Posted by: Soap MacTavish at December 25, 2009 04:36 PM (554T5)

Will Acorn be sending its thugs to picket outside the Mae/Mac execs' homes as they did to AIG's in Conn?

Posted by: JB at December 25, 2009 04:38 PM (KPgtG)

29 Starve me? Surely you jest, I can throw you in jail prole. Now get back to telling me how wonderful I am.

Posted by: Harry Reid at December 25, 2009 04:40 PM (4F2XM)

30 When the American people find out all the good things in this decision they will be overcome with joy. Joy and gladness for all we have done for them.

Posted by: Harry Reid at December 25, 2009 04:43 PM (4F2XM)

Will Acorn be sending its thugs to picket outside the Mae/Mac execs' homes as they did to AIG's in Conn?

Posted by: JB at December 25, 2009 08:38 PM (KPgtG)

Now why would Rahm call 'em and tell 'em to do that silly?

Thats hired muscle.

Posted by: Blazer at December 25, 2009 04:45 PM (t72+4)

I'm sure this was cleared by the "Pay Czar"

Yup, and I'm sure they earned every last penny

Once again 52ers, thanks for nothing

Posted by: kbdabear at December 25, 2009 04:55 PM (7FgWm)

33 Didn't His Holiness do a news dump on Thanksgiving as well?

Posted by: Beppo at December 25, 2009 04:59 PM (kw/a+)

At some point someone on our side is going to stand up and say enough is enough. The Government will then try and arrest them in some sort of big flashy bust "Waco" style. It will go horribly wrong of course. However this time I don't think people are going to sit idely by while the ATF burns a house full of children alive.

That is how the next revolution is going to start. Not on purpose, but by accident.

The thing we need to remember is that once we get back into power we need to purge every single lefty out of any position of power. Not just in Government either, but Judges and schools and basically every where that they could have the smallest shred of influence.

Posted by: southdakotaboy at December 25, 2009 05:07 PM (v2xqA)

35 "Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009."

WHERE'S THE OUTRAGE! WHERE ARE THE "FAT CAT" COMMENTS?

Posted by: GarandFan at December 25, 2009 05:16 PM (ZQBnQ)

36 Why isn't Rahm the ballerina being investigated for his work at these institutions?
------------------------
Believe it or not, far lefty Jane Hamsher is asking the same question and calling for Rahm's resignation. The Obama presidency, built on illusions, has begun its collapse.

Posted by: arhooley at December 25, 2009 05:37 PM (VOhD+)

37 Barney Frank's boyfriend was part of the fiasco, yet Barney is still a big cheese. Rahm's hands are all over the crap, yet instead of cleaning it up, they open the spigots for more corruption.

And of course double the stimulus money has been directed to Democrat districts, often through union hands. Government workers make almost double what private workers make. These crooks use taxpayer money to reward the Dem' pals, and punish those that don't submit.

ACORN is working on their own army, but it is the army of backroom deal making lawyers that move the big money around. All these connections at so many levels of government ... favored contracts with huge goodies hidden and/or diverted or embezzled.

Those groupie lawyer crooks are in our midst, and are overconfident they will never be stopped. I'm guessing when the lower middle class feel the crunch, their local thieving lawyer pricks might be the first targets.

Posted by: bill at December 25, 2009 07:53 PM (waEDp)

How can he do this? How does he get around the purse strings power of Congress?

I can't see how this Constitutional.

Posted by: Cowboy at December 25, 2009 08:15 PM (Gclmc)

39 Obama: I am altering the deal. Pray I don't alter it any further.

Posted by: MNM at December 25, 2009 09:12 PM (6uiGq)

40 oh wonderful, so basically, what you are telling me is that obama and his cronies, you know the guys that wrecked the housing market to begin with, are going to continue running the show? hmmm, sounds like an incoming shit bomb to me.

Posted by: mistress overdone at December 25, 2009 09:25 PM (M4IOE)

41 Something is going to happen that is bad. This administration has really just gone way too far. I've always been an Independent and willing to survive Carter abd wait for a Reagan but I find myself 100% behind a new Confederacy. I pray that Southern and/or Weatern States will put their Guard troops on their borders and tell the Feds to go to Hell. I never dreamed that in my lifetime I would even consider such a thing. I'm an old man; If I've felt pushed this far, what is going on with folks that were always far to my Right? Those that militarized when Barry of the Socialist New Party first took power? These beltway people don't realize that there is a push-back coming. Apush that could destroy the Nation. They have got to stop.

Posted by: Danger Will Robinson at December 26, 2009 02:08 PM (dtJc/)

42 Thanks for sharing this! Bishop Jordan Personal Growth

Posted by: laws of thinking at March 22, 2011 05:56 PM (ANwOD)

43 quite good in fruit of use outskirt of natural water area, fill what to add changeable condition.

Posted by: supra footwear at April 17, 2011 01:40 AM (mz6Q3)

Hide Comments | Add Comment | Refresh | Top

Comments are disabled. Post is locked.

85kb generated in CPU 0.0687, elapsed 0.2322 seconds.
64 queries taking 0.2158 seconds, 171 records returned.
Powered by Minx 1.1.6c-pink.