robbing peter to pay paul: Robbing of Peter to Pay Paul; Time to Pay Peter?
- 05/08/13 06:37 AM
Robbing of Peter to Pay Paul; Time to Pay Peter? Does this mean payback time for Peter? Fannie Mae reports $17.2B profit for 2012 or How Does the U.S. Quit Housing When Fannie, Freddie Rake in Billions? And if you believe Peter will ever get paid back, then read this! Fannie Mae Profit May Swell Treasury Coffers as Debt Limit Looms
If you'd like to read a few from earlier in the series: More Robbing of Peter to Pay Paul! Robbing Peter to Pay Paul; And You & I are Peter! Part XV!!!!!! Robbing Peter … (6 comments)
robbing peter to pay paul: Robbing Peter to Pay Paul; And You & I are Peter! Part XV!!!!!!
- 04/03/13 04:00 AM
Big Banks Get Tax Break On Foreclosure Abuse Deal It has been a while since we posted in this series, but leave it to the Big Banks and Uncle Sam to continue to feed us material! "WASHINGTON (AP) — Consumer advocates have complained that U.S. mortgage lenders are getting off easy in a deal to settle charges that they wrongfully foreclosed on many homeowners. Now it turns out the deal is even sweeter for the lenders than it appears: Taxpayers will subsidize them for the money they're ponying up. The Internal Revenue Service regards the lenders' compensation to homeowners … (4 comments)
Fannie, Freddie laying groundwork for better housing finance system This comment just fires us up!
“Fannie Mae has been a leading source of liquidity since the start of the economic crisis, and we’re working hard to support the ongoing housing market recovery,” said Timothy J. Mayopoulos, president and chief executive officer of Fannie Mae.
Who has been the source of Fannie's funds? That's right! You and me, the taxpayer!
This news just out of the Wall Street Journal sounds great. Cost of Bailing Out Fannie and Freddie Expected to Fall Sharply "Fannie MaeFNMA +0.38% and Freddie MacFMCC +1.15% are expected to begin repaying taxpayers for their bailout faster than initially projected, in part because of an improving housing market." So it reminded of us of our series on Robbing Peter to Pay Paul. Robbing Peter to Pay Paul; And You & I are Peter! Part XIII! So is Peter Getting Paid Back? Remember we are all Peter, … (5 comments)
robbing peter to pay paul: Robbing Peter to Pay Paul; And You & I are Peter! Part XIII!
- 07/11/12 06:34 AM
Robbing Peter to Pay Paul; And You & I are Peter! Part XIII! We have been saying this for a long time, but who listens? Back during the bubble, all the banks were doing 1st & 2nd mortgages for 100%, "liar loans", sub-prime, etc. After the mortgage and real estate meltdown who became the number 1 lender for buyers with little or no down payment? FHA became the sub-prime lender of choice. Is it any wonder to read news like this? FHA loans post higher delinquencies, foreclosures
"For the year ending March 31, FHA-backed loans 90 days or … (4 comments)
robbing peter to pay paul: Robbing Peter to Pay Paul; And You & I are Peter! Part XII!
- 06/21/12 06:35 AM
Robbing Peter to Pay Paul; And You & I are Peter! Part XII! It has been a while since I added to this series. But yesterday's Hernando County news out of Florida made me decide it was time. Hernando County sues Fannie Mae, Freddie Mac On the face of it this sounds like an interesting suit. Fannie & Freddie are not true government entities, so let's sue and make them pay the transfer taxes on deed transfers. As the article states, Michigan has successfully won this argument in a suit. So this is a win for the Counties? Maybe. But even … (2 comments)
robbing peter to pay paul: Robbing Peter to Pay Paul; And You & I are Peter! Part XI!
- 12/18/11 10:57 PM
Robbing Peter to Pay Paul; And You & I are Peter! Part XI! Well Sunday morning it looked like a done deal, but as of Sunday night there is hope: Boehner Opposes Two-Month Extension to Payroll-Tax Cut Why is this a good deal? Because they are not satisfied with a two month extension - they want 12 months! Not only is it paid by premiums on loans backed by Freddie and Fannie. It is paid for by buyers, as I warned in: Robbing Peter to Pay Paul; And You & I are Peter! Part X!
This one works a little different, but the twist is still there! Should Fannie, Freddie Help Pay for Tax Relief? "Congress is considering tapping troubled mortgage giants Fannie Mae and Freddie Mac for cash — and that has the real-estate industry upset. Major real estate industry groups on Thursday urged lawmakers to reject an attempt to raise money to renew a payroll-tax cut by raising fees charged by Fannie and Freddie, the mortgage giants that have been under government control for more than three years. A move … (8 comments)
Fannie, Freddie Executives Defend Pay “The top executives of Fannie Mae and Freddie Mac were set to defend large cash pay packages approved by federal regulators before a congressional panel on Wednesday, one day after lawmakers took steps to put employees at the mortgage giants on a federal pay scale.” ““Given the widespread economic hardship facing so many in our nation, I fully understand why the American people are upset about executive compensation,” particularly with companies that received heavy taxpayer support, said Charles E. Haldeman Jr., … (6 comments)
robbing peter to pay paul: Robbing Peter to Pay Paul; And You & I are Peter! Part VII!
- 11/16/11 09:15 AM
Will Congress Give Depleted FHA More Market Share? "Taxpayers are finding that there may be a bill to pay one day for the government’s role in backing low down payment mortgages, even as Congress appears ready to double down on the agency backstopping those loans."
"On Tuesday, the Federal Housing Administration is set to report annual finances showing that the agency barely has enough cash to cover anticipated losses. Meanwhile, Congress looks poised to take steps that will increase FHA’s role in the housing market." I am sorry. But jumbo mortgages with only 3.5% down? Isn't that what got … (0 comments)
Freddie Mac reports Q3 loss, asks for $6B in aid Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates it will cost at least $51 billion more to support the companies through 2014, and as much as $142 billion in the most extreme case. Here is the SAD news: Fannie and Freddie are required to pay 10 percent dividends on the government money they receive. Freddie paid $1.6 billion in dividends to the Treasury … (0 comments)
robbing peter to pay paul: Robbing Peter to Pay Paul; And You & I are Peter! Part V!
- 10/25/11 01:05 PM
Robbing Peter to Pay Paul; And You & I are Peter! Part V! Oh no! Here we go again! Another acronym another program. This one HARP! Somehow I wonder if it is an indication of the angels singing or "playing" for help! Great news for homeowners, great news for the real estate market, great news for the economy, right? Revised HARP Could let More Owners Refinance Well let's look at one of the details. It only applies to Fannie Mae and Freddie Mac mortgages. But Fannie & Freddie own ~ 1/2 of mortages so so still good news right? … (6 comments)
robbing peter to pay paul: Robbing Peter to Pay Paul; And You & I are Peter! Part IV
- 09/28/11 01:54 AM
Robbing Peter to Pay Paul; And You & I are Peter! Part IV This drives me crazy!! BOA sells near worthless mortgages to Fannie - see Part III. And Fannie fails to force BOA to take back the worthless ones they securitized earlier! And now since Fannie is in receivership, we have the fox watching the chickens! Mortgage settlement was hasty, agency says "Government regulators may have cost taxpayers billions of dollars by settling mortgage-related claims with Bank of America before addressing questions about the methods used to evaluate the loans involved, according to a government report due out Tuesday.Senior … (7 comments)
robbing peter to pay paul: Robbing Peter to Pay Paul; And You & I are Peter! Part III; Or is it a Short Sale Rant?
- 09/15/11 08:40 AM
Robbing Peter to Pay Paul; And You & I are Peter! Part III; Or is it a Short Sale Rant? Not sure what category to put this one. These are my past Robbing Peter Posts: Robbing Peter to Pay Paul; And You & I are Peter! Part II I am not sure, but I think this belongs in the category of: Robbing Peter to Pay Paul; And You & I are Peter! Part III Had a short sale listing for 18 months with several offers that fell through due to high BPOs versus market price. You all know the drill. Even made an … (3 comments)
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Robbing of Peter to Pay Paul; Time to Pay Peter? 
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