Robert Scheer: Obama Hires a Hustler

It is refreshing to see HONEST APPRAISAL . In my previous posts about potential Presidential Candidates I wonder how many of the 6 million affected will be changing votes based on this MAJOR piece of the economic puzzle. Remember the political phrase "Its the Economy, Stupid! " ???? I hope that people will not be so willing to vote charisma and appearances and get into the issues this next election. Thanks HUFFINGTON for a great piece.

Robert Scheer: Obama Hires a Hustler: "Paulson's admission in his memoir that he, at the time he was advising the president, still did not know that home mortgages were at the heart of those troubling securities that his former company had marketed to others with such wild abandon.

Were President Barack Obama to ask that question about the origins of this crisis of Tom Donilon, one of his closest aides whom he recently appointed to the critical job of national security adviser, Donilon would find it even more awkward to invoke the defense of ignorance. As the chief lobbyist for Fannie Mae from 1999 to 2005, he was far more intimately involved than Paulson in the manufacturing of this crisis. He successfully pressured Congress to give Fannie Mae the green light to speed past any sound regulation. Indeed, had Congress endorsed the barest semblance of regulation of the Fannie Mae-led housing scam, it would have been stillborn instead of being a very much alive Frankenstein creation.

Fannie Mae paid Donilon, a longtime Democratic Party operative, $15 million to lobby Congress to gut the power of government regulators to check the scandalous behavior in what would have been judged a crime until a majority of pro-Wall Street Republicans and Democrats in Congress rewrote the laws. He was also a top executive at Fannie">>>>>KEEP READING

HOUSING MARKET as Investment: Wrestling with Fannie and Freddie

By Patricia Orsini Sep 17th 2010 @ 11:15AM

Homeownership Declines in Popularity as Safe Investment

The mood of homeowners has not improved much since the beginning of the year. In fact, it's gotten a little darker. Respondents to a new surveyconducted by Fannie Mae shows that 67 percent of respondents consider owning a home a safe investment.

That's a decline of 3 percentage points from the beginning of 2010, when 70 percent felt good about owning a home. In 2003, 83 percent of respondents said that they felt that putting money into a house was a good investment.

"Homeowners and renters alike continue to be wary of taking on risk, and they are less confident in the long-term  outlook for housing," said Doug Duncan, VP and chief economist for Fannie Mae.

There was some good news in the Fannie Mae National Housing Survey" >>>> keep reading by clicking title link above

KEEP reading by clicking on the title link above




By Joseph Picard | September 17, 2010 4:07 PM EDT 

Lawmakers wrestle with Fannie and Freddie - International Business Times:

"Fannie Mae and Freddie Mac, that pair of quasi-governmental mortgage companies often blamed for the housing crisis and subsequent financial meltdown, are prime targets for reform by the Obama administration. But what form will reform take?

Former President and CEO of Fannie Mae Daniel Mudd is sworn in before the Financial Crisis Inquiry Commission hearing on Capitol Hill in Washington, April 9, 2010.

Just as importantly, how will the administration and Congress rid the troubled mortgage giants of the enormous debt they have incurred -- that is, short of lowering it on the backs of American taxpayers?

'Fixing our nation's housing finance system is critically important to our economy and to our country's future,' said Michael Barr, assistant secretary for Financial Institutions at the U.S. Treasury Department.

'A new system must be designed to ensure that our housing finance system is more stable, consumers are protected,"

KEEP READING by clicking on title link above

Home mortgage interest deduction - Is it in DANGER?

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Okay I admit it, I cruise through talk radio stations (minus sports selections) while driving. Today, I had one hour in the car and Rush Limbaugh caught my attention (for at least 15 minutes) with his prediction that the home mortgage interest deduction is in danger of being eliminated by this administration. Hearing this and knowing how my business friends think, well - if I was a dog my ears would have been standing upright with my head cocked to one side!

He gave a synopsis that made sense. According to Rush the news today of how much our country is SPENDING, in giving tax deductions, is a signal that the administration would like to eliminate the POPULAR home mortgage interest deduction from the tax code. I immediately came home and googled my request and VOILA' , I see that there is merit to this prediction.

I have been wondering how long it would be before the tax code was overhauled to effectively raise taxes and now I know... it's just a matter of time before the interest deduction slips away into the night along with other beneficial motives to spend money in directed areas such as eduation. Here are some articles that might give you a bit more information about the changes coming down the pike and not just about the home interest deductions! These articles are about the changes coming in 2011

THE GREAT TAX DEBATE

Home Mortgage Interest Deduction: ezine article

RushLimbaugh.com (subscription)

Stack of Stuff Quick Hits Page

RushLimbaugh.com (subscription) - ‎6 hours ago‎

Get ready, 'cause they're gonna eliminate the mortgage interest deduction

Big tax changes in the works Student loan interest may affect thousands of families. Charitable deductions from IRA's. Many of the tax changes are listed here.

FANNIE AND FREDDIE: Future uncertain

THE HILL: Tax Cuts Mortgage

and there is more

Get Rid of Tax Breaks for Homeowners? No Way!

Video: News Update: Geithner: Housing system needs government support

SmarTrend News

Wonkbook: Geithner gives Fannie and Freddie clues; major health care regs ...Washington Post (blog)

Fannie Mae, Freddie Mac and Missing Real Estate Agents Housing Watch

Wall Street Journal

all 1,308 news articles »

Experts: US can no longer afford housing tax breaks

SO WHAT DO YOU THINK????? With talk of bailing out those with underwater mortages, tax hikes coming and the huge deficit - what are your plans? Which way should the country go? Do we still want to encourage home ownership?

Underwater? Upside Down Equity?: Never Fear Obama's Here: buying votes in America

An August Surprise from Obama? | Analysis & Opinion |: "Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion. Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obama’s loan modification effort. HARP was just extended through June 30, 2011.

The move, if it happens, would be a stunning ">>>>>>Keep reading

This Editor's OP: And you all know how much the bailouts helped JOE the Homeowner last year - right? Too bad it take s low approval ratings and an upcoming election in November to get the polticians working on the problems. Of course one nice side benefit - all those pesky loans that have fraud rift through them will now be absorbed into the system.

photo public domain

Fannie Mae frauded zillions of Homeowners: Watch how it makes $$ from YOUR carbon credits

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In a departure from the normal posting here, consider this: You don't think what happened to American homeowners and their mortgages has anything to do with you? You can watch this slide show from a popular blog and see how the fraud works in foreclosures. You can also scroll down and watch the video from my previous post about how the mortgage providers profit from short sales and foreclosures.

Evidently, if you can fraud one group of people successfully then you can go on to fraud even more. Not everyone thinks that the majority of home loans was a cesspool of fraud, but many think it has been a fraud nightmare for years. Left unchallenged power corrupts, and with big money at stake power and greed make a frightening partnership.

FANNIE MAE is now planning to do with CARBON CREDITS what it did with the mortgage market. In its first step Fannie Mae has obtained patent rights for system to trade household energy into carbon credits...Be AFRAID be VERY AFRAID

For years its been drilled into us to save... and now they will profit big time READ the article here:

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HEAT OF THE MOMENT

Disgraced Fannie Mae deep in carbon scheme

Mortgage giant set to collect millions marketing homeowners' energy savings

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Posted: June 25, 2010
11:10 pm Eastern

By Jerome R. Corsi
© 2010 WorldNetDaily

With the Obama administration pushing for cap-and-trade legislation, former Clinton and Obama adviser Franklin Raines has positioned the government-sponsored mortgage giant Fannie Mae to make millions by selling carbon credits from American homes.

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Not much to link to in news with short time on the weekend.. BUT WATCH for news about the FBI / Obama sweeps for bank fraud. Basically making fraud mortgages go back to originator if I heard the news correctly.

FANNIE MAE and FREDDIE are now OFF the stock exchange. 5 -10 years ago they were hot investment stock and now they are deader than a doornail for investing.

My Realtor friends say to watch for HUGE fall out with new avalanche of mortgages. One of my Realtor friends feels the banks are just holding back on some foreclosures. YOU tell us what you think................

Housing Bubble - MORE Foreclosures Coming

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Dr. Housing Bubble Blog

May 11th, 2010

Housing never really improved – 10 charts showing the United States housing market is entering the second wave of problems. 1 out of 4 people with no mortgage payment in the last year are still not in the foreclosure process.

To put it bluntly, the U.S. housing market today is in deep water. Nothing exemplifies the transfer of risk to the public from the private investment banks more than the deep losses at Fannie Mae and Freddie Mac. Fannie Mae announced a stunning first quarter loss of $13.1 billion while Freddie Mac lost $8 billion. At the same time, toxic mortgage superstar JP Morgan Chase announced a $3.3 billion profit for Q1. This reversal of fortunes has been orchestrated perfectly by Wall Street. Since the toxic assets were never marked to market, the big losses have been funneled to the big GSEs (and as we will show in this article, now makes up 96.5 percent of the entire mortgage market). In other words, banks are making profits gambling on Wall Street while pushing out mortgages that are completely backed by the government.

>>>>>>>>>>>>>>KEEP READING THIS ARTICLE WITH CHARTS>>>>>>>>>>>>>>