Blame Fannie Mae and Congress for the credit mess

National Center for Policy Analysis
by staff

09/24/08

The vast accumulation of toxic mortgage debt that poisoned the global financial system was driven by the aggressive buying of subprime and Alt-A mortgages, and mortgage-backed securities, by Fannie Mae and Freddie Mac. The poor choices of these two government sponsored enterprises (GSEs) — and their sponsors in Washington — are largely to blame for our current mess, says the Wall Street Journal. How did we get here?

//tinyurl.com/4d8ggg



Let them go bankrupt; save a trillion dollars

Heartland Institute
by Jim Johnston

09/24/08

Congress, the Treasury, the Securities and Exchange Commission, and the Federal Reserve are hell-bent to bail out the housing and financial industries and then regulate them into rigor mortis. All this with no judicial review and a bill for taxpayers on the order of $700 billion to $1 trillion, not including higher inflation. It makes the funding for the Iraq war look like chump change. Is there an alternative? The answer in one word is yes...

//tinyurl.com/4updu3


Informant: Thomas L. Knapp

--------

Bailouts: the wound that will keep on hemorrhaging

by Devvy Kidd

Clearly, we have made huge strides in educating our fellow Americans about fiat currency and sound monetary policy, but without real newspapers in this country, most Americans don't know the truth. It's also crystal clear that members of Congress, with few exceptions, are clue less. I think it's safe to say that many of those who do know, don't have the courage to go up against the most powerful money cartels in the world; the rest are simply crooks who profit from a corrupted monetary system. Over the decades, Congress has been perfectly willing to forfeit their authority, violate their oath of office and.......

//www.newswithviews.com/Devvy/kidd396.htm

--------

In case you missed it:

Fannie Mae Eases Credit To Aid Mortgage Lending

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

//tinyurl.com/4ulb87


From Information Clearing House



//freepage.twoday.net/search?q=credit+mess
//freepage.twoday.net/search?q=financial+system
//freepage.twoday.net/search?q=mortgage
//freepage.twoday.net/search?q=Fannie
//freepage.twoday.net/search?q=Freddie+Mac
//freepage.twoday.net/search?q=GSEs
//freepage.twoday.net/search?q=Wall+Street
//freepage.twoday.net/search?q=Federal+Reserve
//freepage.twoday.net/search?q=housing
//freepage.twoday.net/search?q=taxpayer
//freepage.twoday.net/search?q=bailout
//freepage.twoday.net/search?q=com/Devvy

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