Fanni Mae and Freddie Mac
Posted on Tuesday, July 15, 2008Fanni Mae and Freddie Mac are America’s two largest mortgage companies. Between them, they own or guarantee half of all the mortgages in the United States, and now they’re in trouble.
Hold on a minute.
Fannie Mae?
Freddie Mac?
Who said Americans have no sense of irony? Their lending system is controlled by two cartoon characters, there’s a cowboy in charge of the government, and something has gone badly wrong in Mortgageland.
Shrub has knocked the country flat on its back, and now Friendly Fannie and Fun-loving Freddie are going to fuck it senseless.
You know, with all the money they spent searching for terrorists, maybe they were looking in the wrong place the whole time.
Stumble it!
July 15th, 2008
that would be really funny if they weren’t gonna fuck us too…..actually, I still find it pretty funny.
July 15th, 2008
As an American, I always follow the advice that you have to laugh or else you’d cry when it comes to our truth is stanger than fiction country.
Countrywide Financial, one of the biggest lender failures, proves they can not only fall prey to their own unpaid mortgage, but they can literally screw everyone to boot. Presenting, Countrywide’s “sex mansion” up for sale:
http://islander.org/5-17-06/hb_porn_house.php
Can I move to Ireland now?
July 15th, 2008
Fannie…
tee hee.
July 15th, 2008
There was an old-fashioned run on IndyMac, a California bank, a few days ago. The Feds insure deposits up to $100,000 but they interviewed a man whose life savings were held at IndyMac. He lost $60,000 just like that. Now I know they tell you what you’re insured for on every statement you get, but you just don’t think this is going to happen in “the world’s greatest country”.
The hard thing is, Indy Mac won’t be the last. All these banks who’ve been peddling these sub-prime mortgages are set to go under too in the next few months.
July 15th, 2008
If you put both names together and jumble up the letters you get this rather apt anagram;
‘George W Bush is a feckin great gimpin chimp who has bollixed the world several times over’.
I forgot to add that you have to translate it into Bulgarian before the letters actually fit.
July 16th, 2008
Normally, I am all about the free market.
However, Mae and Mac hold too much of the mortgage market share to be allowed to fail. Couple this with the fact that the Fed’s interest rate reduction has NOT had it’s desired effect, which was to incent the banks to lower the rate at which they lend money to consumers (instead, it prompted them to lower the rate at which they lend money to each other, greedy fucking bastards), and then the banks decided to stop lending money to consumers by and large; well, let’s just say, if Mae or Mac hold your mortgage, you can’t find anyone who will refinance you because the banks just aren’t playing in that space. You are screwed. If Mae and Mac go under, so will the economy. I don’t like federal bailouts, as it means that I pay for someone else’s mismanagement, but in this case I feel it is warranted, although it will result in a tax increase.