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Obama Administration May Seek Fannie, Freddie Takeover

August 26, 2011 by  

The Obama Administration has been leaning towards an $85 billion instant stimulus that would decrease rates on housing, but this would likely require a full takeover of the two organizations.President Barack Obama may seek to take over Fannie Mae and Freddie Mac as part of his new jobs plan, reports Fox News.

Officials from the Administration have hinted at some big ideas for the two organizations, including the move to have the government hold and lease foreclosed homes and potentially completely take over the mortgage buyers Fannie Mae and Freddie Mac, the news outlet reported.

The Obama Administration has been leaning toward an $85 billion instant stimulus that would decrease rates on housing, but this would likely require a full takeover of the two organizations, according to the Fox News.

This type of large-scale takeover of the market may help those who have been in trouble concerning their mortgages, but it would hurt the Americans who have paid their dues and keep their credit in good shape, reported the news outlet.

A government takeover would essentially be saying that the people who are fiscally responsible and pay their mortgage on time would have to support the individuals who were unable to manage their finances to keep their houses afloat, The Washington Post reported.

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  • Warrior

    Possibly, the fraud in chief could hold a job lottery for the head of fan/fred because the winner gets millions. Skill sets required? None really.

    • lkar

      I believe you have to have the skill set of kissing *** and sucking $$$$.

    • wandamurline

      He should know…Barney Franks has been in charge of it for years….he lied to Pres. Bush when Bush wanted regulations put into place, ole Barney said that Fannie and Freddi didn’t need to be regulated, that they were “just fine”….so what happened, the mortgage crisis.

  • NancyJ

    What a wonderful idea. They have run things so well so far.

    The best thing that can be done for Fannie Mae and Freddie Mac is eliminate them. They are also failures.

  • skippy

    What else is new? He wants to ‘takeover’ everything, doesn’t he??

    • DanB

      Not immediately. First, we surrender our property to regulations. Plus we surrender our property to debt. Don’t forget that we also surrender our property to our dependence on their benevolence. Then, we eventually just surrender our property and our rights in full. That is what we are seeing.

      Personally, I am thinking that we are becoming Venezuela. It won’t be long before nationalizing industry isn’t the exception but rather the norm.

      There are many that will praise this move. Many who will extol how this helps the poor, the needy, those who are upside down in life. Few will be those who boldly declare that as government can take our land, so too can they rule over our employers, our health care, our food, even our very lives. For that which government gives, that which government can take away. That is why government fears the self-sufficient, the independent. For those who are free of debt and can provide for their own needs cannot be easily controlled by government. That is why most government programs with lofty goals to lift men up are really instruments to bind men and women into bondage, beholden and dependent on the government for their very sustenance.

      • sylviam

        DanB—– I think You have just said what a lot of people are thinking. You are on the spot with all that you put out.
        I don’t think the ones that are agreeing with OBAMA really know just what damage all this will do to out COUNTRY, because they really think HE IS DOING GOOD FOR THE POOR. They probably have been on welfare, food stamps and maybe even financial aid also, for possibly all their life. They have never HAD to take controll of their own life down to their childrens life because the GOV. has been there for them, they think.
        They just can’t even think for them selves, because if they did then JOHN Q. PUBLIC, is the ones keeping the fed, clothed, and aroof over their heads.
        GOD BLESS AMERICA

  • Vic Bailey

    When are the STUPID America people going to wake up and IMPEACH this clown, how many Constitutional laws does he have to break before he is put in prison where he and his regime belong!!! The Constitution does NOT warrent Dictatorship in ANY way. The only thing Bama wants to do is break the back of the working people. WAKE UP AMERICA!!!
    Semper Fi.

    • Michael Davis Sr

      Vic great point,but it might be to late.

    • ALL AMERICAN

      Copy that my brother. IMPEACH OBAMA NOW!
      HOOAH !!!

    • Kate8

      Vic – There are people who’ve been trying to get him out.

      Since our entire system has shut We the People out of every process (except paying taxes), just how do you propose we do that?

      I doubt you will find a single judge who would hear the case.

      Remember when Rev. Manning found a judge and assembled a citizen’s court in New York, and advertised a big trial against Obama? I don’t remember how many showed up, but he was expecting millions. And they exposed him as a fraud and a usurper, bringing up evidence that’s been virtually ignored by our government and our media. It went on for a couple of weeks, and they found him guilty.

      It didn’t matter, though, because neither Congress nor the MSM paid any attention to it at all.

      If it’s not reported, it didn’t happen.

  • http://comcast James Wright

    I know liberals will go howling into the night, but I would remind you that George W. Bush warned of the problems with Fannie and Freddie just four months into his 1st term. He saw then what no one can seem to see now. They’re asking for more bailout money. And now, our president wants to take them over, ala Hugo Chavez. This is not good policy, folks. Good policy is to fix or eliminate problems and these agencies are most definitely problems.

  • One Mad Woman

    I recently found out that both of our house loans were guaranteed by Fannie Mae/Freddie Mac. I don’t remember which one it was and as far as I’m concerned it doesn’t really matter, they are the same. Both of these mortages are conventional loans and never at any time during the process of obtaining the financing or during closing were these to disasters mentioned. So I guess what this means is that the “Illumined Ones” (our lovely government) can come in and take one – or both – since we are so wealthy that we have two and not taking into account that one is for sale, and give it to some illegal or some lazy welfare recipient that I already support. OOOHhhh, now I feel all warm and fuzzy.

    • lkar

      I believe your ultimate prediction may be plausible, the article points to an intent to takeover these organizations so forclosed properties can be reaclimated back into the market place. I assume the logic is that the federal government is best at getting tentants for these empty homes. Fewer empty homes will stimulate price growth in the relestate market and this in turn will re-ignite the housing growth seen in the first part of this century.
      The real problem I see with the plan is that the evidence from this administration is that only if you are the right color will you get a home. Second, re-generating a bubble that will ‘pop’ again seems insane.
      The PONTUS keeps harping about innovation as means to stimulate growth, but I keep seeing the same old thing being performed (big government intervention into free market economics).

      • wandamurline

        There was an article yesterday where Obumer wanted to give home loans to people with bad credit to get them occupied….isn’t that what got us into this mess in the first place? Does anyone here believe that this guy is brain dead and working for the puppet masters who are pulling his strings. God, pleeeeeze let us survive until November 2012, when we can kick the can (Obama and Michelle) down the road.

      • ValDM

        As I understand this proposal, the foreclosed properties will be “rented”. I take that to mean they will be inhabited by welfare folks who currently live in apartments (and how will the amount paid in “rent” be determined?). We have a foreclosed property in our neighborhood. If this house is given to someone who has never worked for anything & doesn’t know how to take care of anything, I fail to see how this is a good thing. My property value has declined about 25% in the last few years. With this proposal, all I see is further decline in value, since the forclosed property will be a wreck in less than a year.

        • Lost in Paradise

          Get ready, as it will be mostly (offensive words removed) and they destroy every neibhor hood the move into.

        • Kate8

          I think the ultimate plan is even more sinister that that.

          When homes are forclosed on, who then owns them?

          The banks, of course. Or the government. It doesn’t really matter because they are all owned and controlled by the same powers.

          What they want is to OWN ALL THE LAND. The people are to have NO land ownership.

          Eventually, the people (all of us) will be moved into congested housing in densely populated areas built around rail systems, and everywhere else is to be off-limits to us.

    • ALL AMERICAN

      Oh yeah???
      I’M PISSED OFF BEYOND THE POINT OF PISSTIVITY.
      THIS WOULD EVEN PISS OFF THE GOOD FAIRY.

  • polishsniper

    MR.A-Hole and company created this situation,then he pumps millions and millions more to keep them afloat and then he wants to take them over so he can laundry more of your tax money to pay millions in bonuses.What part of this smells fishy to you?

    • ALL AMERICAN

      Look at the picture at the top. That’s no Gobstopper in Idiot’s flapper…
      GEE, COULD IT BE A #%+##&*$!?

  • Free Mind

    Are you kidding? Look at GM. Look at the federal budget. Are we really going to allow this moron with his record of failure get his hands on this problem?
    Probably…Americans refuse to put an end to this stupidity.

  • J.M.R.

    HEY FOLKS look i’m when i take over frddie and fanny look at the jobs i’ll create

  • J.M.R.

    drop the i’m

  • Jim

    So now the government wants to get into the rental business. What could possibly go wrong? When our tenants move out, probably after paying no rent during their stay, the plumbing, appliances, and fixtures will have long been sold off. What does the landlord in chief intend to do with those properties then? Hell maybe that’s his job plan, he will hire the folks that looted the places and have them renovate for the next wave.
    Idiot!!!

    • Kate8

      Jim – The PTB don’t care what happens to the properties, because they plan to eventually bulldoze them all.

  • James A. Olson

    A few years ago the federal government took over a brothel for failure to pay back taxes. In just a short time, the taken-over entity proceeded into bankruptcy. If the government can’t make money selling liquor and women, how can they EVER expect to run Fanny and Freddie?

    • Arabella

      In one of our neighbor cities , the city took over a house, because of backtaxes,now the council found out, that a family who stayed there at the time of the city of 14.000 took over the property and a relative of the former owner lives there without paying rent or taxes since over 3years. The city even came in and repared the roof and other things in the house.

      In the local TV the major was out of town for comment and a council man said, that it was the right thing to do to let the family stay in there.No word right now if they have to pay the rent or backtaxes. Now they want to buy the house. The Man who lives there said he contacted the city, but the city told him he dont have to pay.

      These happend in city where people now each other and nobody in the council stand for the mistake or asks for backrent.
      I just wonder if that can happen in a small town where people know each other,how that would play out wenn Fanny Mae takes over over big forceclosed aeras and millions of properties. There will be chaoas and no oversight, It is bad enough that a lot of people still live in forcelosed homes and have not payed mortgage in over two years.

      The honest people who live by the rules and pay their mortgages are really fooled

  • s c

    The way things are done in Washington, this latest drugged-up scheme is probably designed to try and take the heat off one of Owhammy’s great friends, Baaney Fwank. Fwank has had so much negative influence that he’ll need to have books cooked, files misplaced or shredded, facts doctored, and as we get closer to the election, the people in Taxachusetts will feel far too uncomfy if they know that people remembered what old Baaney did.
    Did anyone remind the W H Illuminated One that the #1 goal now is to CREATE jobs, and not eliminate them? Does he know the difference? Does he care?

    • jibbs

      It’s just as un-constitutional/illegal as the GM bailout and obama care…why are we letting this happen?
      Have “WE THE PEOPLE” not had enough of this bu!!sh!t?
      There are certainly more of US than them!

      • Kate8

        jibbs – Apparently we’re a lot of talk and no action.

  • Captain Mike

    Another reason to vote out the Marxist-in-Chief. The only question is whether there are enough voters not already on the dole. We may already be toast.

  • don

    you people ought to check out the website the “obama deception” to find out why he wants to do this one. his only best interest are in big money. he is in the the same club as the bushes and the clintons . check it out . it will make you sick like i felt when i saw the dvd. us little people are in last place in the change he promised. he is awful good at telling people everything they want to hear.

  • D.R.S.

    Just finished reading “WHAT WOULD THE FOUNDERS SAY?” by Larry Schweikart. It should be mandatory reading for every member of Obama’s socialistic administration (assuming they can read something other than their own idiotic statements). The Founding Fathers must be twirling in their graves. God help this Country if Obama is given another 4 years.

  • Thor

    Since Freddie and Fannie are both GSE’s (Government Sponsored Entities) I fail to see this as much more than a public announcement of what the government has been doing without fanfare since Bill Clinton. The government is simply announcing publicly that is owns or controls the vast majority of the mortgages in the US. This is nothing new to a socialist economy and it should not be much of a surprise to those who see this capitalist economy in the last throes of becoming socialist.

  • RDMAZ

    Wanda, I have been thinking that BHO is not smart enough to do what he is doing. You reference ‘puppet masters’. I believe he does have such. However, I have never been able to I.D. his inner ring of ‘puppet masters’. Who are they?

    • paintbrushbright

      They can be idenified by their endorcements.The American communist Party just make history by endorcement of Obama. Obama is the only American President to ever be supported by the Communist party. Obama has refused to release a list of the Whitehouse visitor list. If the public could view it you would know who his puppet masters are.

  • LuluBelle

    This is communism, pure and simple. And right out there for everyone to see. Obama needs to go.

  • TF

    This will really help me since I’ve been paying my mortgage on time, every time, through The Great Recession, and I’ve maintained a decent credit score. This president is an Obamination and should be impeached.

  • paintbrushbright

    This is just another Obama add on to his socialist program. With the ownership of Fannie and Freddy the government will have the power of owning your house if you don’t pay for your Obama care.
    The problems would have been solved if the large mortage companys were broke up to form small independent companys.
    That would have solved G.M.s problems also. The Government did not save them in the long run. They closed a dozen makes and models and laid off thosands to make the government look good. They came out and said they paid back all the taxpayers money and that was a lie.

  • Delores

    The Fix
    There recently was an article in the St. Petersburg , Fl. Times. The Business Section asked readers for ideas on: “How Would You Fix the Economy?” I think this guy nailed it!

    Dear Mr. President,

    Please find below my suggestion for fixing America ‘s economy. Instead of giving billions of dollars to companies that will squander the money on lavish parties and unearned bonuses, use the following plan.

    You can call it the “Patriotic Retirement Plan”:

    There are about 40 million people over 50 in the work force. Pay them $1 million apiece severance for early retirement with the following stipulations:

    1) They MUST retire. Forty million job openings – Unemployment fixed.

    2) They MUST buy a new AMERICAN Car. Forty million cars ordered – Auto Industry fixed.

    3) They MUST buy a house. – Housing Crisis fixed.

    It can’t get any easier than that!!

    P.S. If more money is needed, have all members in Congress pay their taxes..

    Mr. President, while you’re at it, make Congress retire on Social Security and Medicare. I’ll bet both programs would be fixed pronto!

    If you think this would work, please forward to everyone you know..
    If not, please disregard.

  • Raggs

    The fix is in folks… The government caused the crisis when they forced banks to loan to people that they knew could not afford a mortage. They knew damm well the banks would lose and that was the plan all along… So now deccent people that pay their mortage will have to subsidize the lazy mexicans and blacks that have 20 fatherless kids per family. This was all a plan for the governmet to control the world one house at a time.

  • Raggs

    I do have a question…
    Will this sorry P.O.S dictator usurp the authority to control the housing market or will congress have to approve this communist act?

  • sylviam

    I will have my home paid off in less than 2yrs, We have not been late on our payments not even once, Then I can stant up and tell OBAMA “BACK OFF” I intend to put up a gate on the DRIVE-WAY, KEEP OUT, REGULATED AND KEPT BY “DOGS” AND SMITH & WESSON. All tresspassers will be shot.
    In other words, we own our property lock stock and barrel. OBAMA may be someone else’s land-lord but not MINE.
    If the GOV. owns FM & FM, that means WE THE PEOPLE own a whole lot of PROPERTY, We should let him know this, and then tell him get LOST we can be the land lords of it all.
    GOD BLESS AMERICA

  • Fran C

    General idea for the government to own all property. Only the rich can legitimately own any besides the government. I have to question why the government would be paying any monies to Fannie and Freddie for properties. The government already owns Fannie and Freddie. The government has spent how many billions to keep loans going? Just repo all loans. This would be the progressive/communist way to do it. Then all homeless living on government would have a place to go.

  • Karen

    Are we now to address him as the “Dictator-In-Chief?”

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