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Fannie, Freddie to be seized

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  • #76
    Okay...now it is even more personal. My second mortgage company just froze all their HELOCs across the board.

    It is bad enough that the mortgage crisis has killed my career and put me in a job making a fraction of what I was before. Now the safety net I had has been pulled.

    Where the **** is my bailout plan?
    "I am sick and tired of people who say that if you debate and you disagree with this administration somehow you're not patriotic. We should stand up and say we are Americans and we have a right to debate and disagree with any administration." - Hillary Clinton, 2003

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    • #77
      I heard about the millions these two CEOs are getting as severance packages. The news story said they were contractually entitled to the packages because they could only be fired for "good cause."

      THEY FRIGGIN' BANKRUPTED THEIR COMPANIES!! IS THERE ANY BETTER CAUSE THAN THAT?!?!

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      • #78
        My grandmother apparently had a fair amount invested in one of these two, enough to the point that my mother is worried about her.

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        • #79
          That sucks, dude.
          I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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          • #80
            Where the **** is my bailout plan?
            You're the little guy. You get to say "thank you sir, may I have another?"

            I'm sorry, man.

            -Arrian
            grog want tank...Grog Want Tank... GROG WANT TANK!

            The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

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            • #81
              Originally posted by Zkribbler
              THEY FRIGGIN' BANKRUPTED THEIR COMPANIES!! IS THERE ANY BETTER CAUSE THAN THAT?!?!
              Any SANE person would think so.
              It's almost as if all his overconfident, absolutist assertions were spoonfed to him by a trusted website or subreddit. Sheeple
              RIP Tony Bogey & Baron O

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              • #82
                Oops...

                http://www.ft.com/cms/s/0/59477edc-7f5f-11dd-a3da-000077b07658.html?nclick_check=1


                Insurers and banks face huge CDS losses

                By Aline van Duyn in New York

                Published: September 10 2008 23:30 | Last updated: September 10 2008 23:30

                The default of up to $500bn of Fannie Mae and Freddie Mac credit derivatives contracts triggered by the US government’s seizure of the mortgage groups could result in billions of dollars of losses for insurance companies and banks who offered credit insurance in recent months.

                The potential losses, as well as uncertainty about exactly how the derivatives contracts will be settled and unwound, is putting strains on the unregulated $62,000bn credit derivatives market, which has been a target of regulators worried about the hidden risks it could hold for the financial system.

                The exact number of credit default swaps – a kind of insurance against debt default – outstanding on Fannie Mae and Freddie Mac are not known, reflecting the private nature of the sector. However, according to the latest estimates from dealers and analysts, there could up to $500bn of contracts outstanding.

                Michael Hampden-Turner, credit strategist at Citigroup in London, estimates there are $200bn-$500bn of outstanding CDS and other credit derivatives referencing Fannie and Freddie.

                This would make their default the biggest the market has encountered. The previous record was held by Delphi, the US carparts maker that went bankrupt in 2005 and which had about $25bn of CDS.

                Currently, the recovery value of the Fannie Mae and Freddie Mac CDS is expected to be about 95 cents in the dollar, leading to a potential 5 per cent loss for insurance companies or banks who offered protection against a default. On CDS worth $200bn-$500bn, losses would come to $10bn-$25bn.
                I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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                • #83
                  On the Bandwagon

                  Now that Fannie and Freddie have been bailed out, the US Automakers want a bailout too. They are asking for $50 billion in subsidized loans from Uncle Sam. Apparently when you are heavily in debt and are having a hard time paying back your loans, the answer is to borrow even more money.
                  “It is no use trying to 'see through' first principles. If you see through everything, then everything is transparent. But a wholly transparent world is an invisible world. To 'see through' all things is the same as not to see.”

                  ― C.S. Lewis, The Abolition of Man​

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                  • #84
                    Originally posted by rmsharpe
                    This is starting to remind me of the old Soviet Union; look at the people at the top getting the golden parachutes while the stockholders get golden showers... this isn't the free market, this is collectivism.
                    Soviet Union? Can I have some of your acid?
                    Graffiti in a public toilet
                    Do not require skill or wit
                    Among the **** we all are poets
                    Among the poets we are ****.

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                    • #85
                      China. Not the Soviets. Let's get on the same page, people!
                      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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