Lawmakers move to curb Fannie Mae, Freddie Mac pay

Democrats and Republicans queasy about a federal rescue of mortgage giants Fannie Mae and Freddie Mac are coalescing around the idea of letting the government slap limits on the multimillion-dollar pay packages ...

[BlackStarRanch]

STOP THE BAILOUT!

Don't you guys GET IT? It is NOT your money to spend! When I sent my TAX RETURN in, it was to pay for your OTHER FOOLISHNESS and big spending habits. Demos & Repubs are ALL ALIKE nowadays. Leave Freddie & Fannie ALONE. We'll get by with them cinching in their belt like the rest of us.
They don't need to broker loans to the rest of the world, they don't need to increase the maximum loan limits, you don't need to further the mindset the the fed will "make everything OK".

Grow a BRAIN Washington - let it die if need be. I never needed Freddie or Fannie to pay for THIS pile of desert sand I'm barely scraping by on.

Don't further enslave my kids and grandkids with your financial folly. What is wrong with people that venture near the Potomac? Do they all turn into idiots??? Geeze.

[just candid]

Keep the presses running day and night, print up another few hundred billion dollars and the problem goes away.

[seniorauthor]

Barney Frank needs to be replaced. It is unbelievable to me that he continues to wave a white flag for FNMA, ETC.

Compensation to the executives only makes up about 1/4th of the problem and what does Frank do? He is trying to disuade America from the real issues with FNMA, ETC.

That is, look at the mechanics of operation with which FNMA, ETC. is and has been operating They have used a certain subtleness to make additional profits through the use of their own programs which did not match up the borrower with the right program as well. It is their belief that the auto underwriting system does the work and insures a good loan. FICO scoring added to that, sets us up to fail in a good percentage of the loans made to borrowers. A regulator for FNMA AND FHLMC would be great, but I hope its main goal is to not dwell on the compensation, but other operational practices of FNMA, ETC. That is something that can be done in about 15 minutes. But what else is going to tell his constituents?

I remember in a recent article where a FNMA representative was quoted as saying, "they will feel the pain". I believe she was talking about those homeowners that just walk away from their homes without checking with the loan servicing group. Well, I have a few things to say about their servicing groups and as such, it will be put in print within the next couple of months. They evidently also invested in some of these securities as well, so don't you think that affected their bottom line. We need Frank to talk to us about the bailout and the real reasons for doing this. No more money unless we get a direct explanation from the feds, more specifically, Barney Frank.

We have to have a FNMA AND FHLMC. We all know that it right now is an integral part of the housing industry and without it, we could not make and move loans the way our economy needs them to be done. There is no other entity designed to do this. However, like energy, we can find an alternative solution and we need to do over the next year or so. The immediate goal is to stop the foreclosures until we can zero in on the total unknown cost to the taxpayer. FNMA AND FHLMC were very creditable entities in the 80's and had a fairmindedness about them that was second to none. Now that has all been tainted and they simply replaced it with the greed such as the sub prime lenders have effected.

There is so much more to the bailout money. Why don't they just fess up so we can resolve it once and for all. They know the government is not going to let them fail and they are right.

Barney Frank should have been doing something about this back in early 2000 along with Senator Dodd, who really did miss the band wagon. He was in charging of holding the hearings on FNMA and never did ask them about their operation procedures since they declared higher than earnings statements. If he did ask it, how did they explain their higher earnings? BOTH OF THESE GENTLEMEN NEED TO MOVE ON JUST TO SAVE FACE. How could we ever believe in them again? Because they think they can fool America. Does everyone get that?