{"id":5087,"date":"2010-05-05T19:43:50","date_gmt":"2010-05-05T23:43:50","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=5087"},"modified":"2010-05-05T20:08:18","modified_gmt":"2010-05-06T00:08:18","slug":"freddie-mac-back-to-remind-you-of-its-failures","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/5087\/freddie-mac-back-to-remind-you-of-its-failures\/","title":{"rendered":"Freddie Mac Back to Remind You of Its Failures"},"content":{"rendered":"<p>As Goldman Sachs is reeled into court for potential securities fraud, a bigger fish is still swimming free and wreaking havoc on the public.\u00a0 Freddie Mac, one half of the not-so-dynamic duo of government-backed mortgage peddlers, took <a href=\"http:\/\/www.foxnews.com\/politics\/2010\/05\/05\/freddie-mac-seeks-b-aid-q-loss\/\">another massive hit<\/a> during the first quarter of the year.\u00a0 The company, which is largely owned by the federal government after the 2008 bailouts, is set to ask for an additional $10.6 billion in \u201cfederal<a href=\"http:\/\/www.foxnews.com\/politics\/2010\/05\/05\/freddie-mac-seeks-b-aid-q-loss\/\"> <\/a>aid,\u201d aka more bailouts.<\/p>\n<p>With assistance and pressure from Washington to make housing affordable for all, one can see how Freddie Mac thinks that money grows on trees.\u00a0 Unfortunately, all of us in the real world, from whom the government is funded, should be concerned how \u201cWe the Taxpayers\u201d are going to come up with another $10 billion to flush down the toilet.\u00a0 Not to mention why.<\/p>\n<p>More troubling, while Goldman Sachs is getting grilled at congressional hearings, financial reform legislation, which unleashes a broadside against banks, but not a single provision addressing the troublesome Fannie and Freddie, will soon be ushered to a vote.\u00a0 The Kansas City Star\u2019s <a href=\"http:\/\/www.kentucky.com\/2010\/05\/05\/1249938\/commentary-government-set-financial.html\">E. Thomas McClanahan<\/a> stated it well:<\/p>\n<blockquote><p>\u201cWall Street&#8217;s excesses sent the markets and the economy off a cliff, but the seeds of the debacle were planted by politicians and richly fertilized by their creations: Fannie and Freddie\u2026\u201d<\/p><\/blockquote>\n<p>The shenanigans on Wall Street may or may not have brushed up against the law, but the opportunity and incentive would not have existed had the federal government and its lending arms, Fannie and Freddie, not insisted on giving mortgages to folks who could not afford them.\u00a0 Congress should remember as they point a finger at Wall Street that four fingers are pointing back at them.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Goldman Sachs is reeled into court for potential securities fraud, a bigger fish is still swimming free and wreaking havoc on the public.\u00a0 Freddie Mac, one half of the not-so-dynamic duo of government-backed mortgage peddlers, took another massive hit during the first quarter of the year.\u00a0 The company, which is largely owned by the [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1132,1174,1141,1175,313,960,459],"class_list":["post-5087","post","type-post","status-publish","format-standard","hentry","category-posts","tag-bailout","tag-fannie-mae","tag-financial-reform","tag-freddie-mac","tag-goldman-sachs","tag-government-waste","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/5087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=5087"}],"version-history":[{"count":17,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/5087\/revisions"}],"predecessor-version":[{"id":5105,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/5087\/revisions\/5105"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=5087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=5087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=5087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}