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Congratulations Again, Bagholders

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February 06, 2009 – Comments (10)

Now that Comrade Gobnmint runs Fannie Mae "in the public interest," it's making the predictable, idiotic, politicized decisions.

What do you do with people who can't afford their mortgages because they lied, cheated, and stole (or were promoted by a sytem who did that for them) in order to stretch to qualify?

Let's see. Can't refinance them. Oh wait, you can if you lower your standards even further.

Fannie Mae will drop some credit-score requirements, reduce income-documentation standards and waive the need for appraisals in some cases, according to a notice yesterday to lenders posted on the Washington-based company’s Web site. The changes apply to loans that the company owns or guarantees.

Bad lending got us into this mess, and by Gawd, if Comrade Gobnmint has his way, more bad lending will get us out. And you, Missus taxpayer, get to foot the bill when this all blows up again.

10 Comments – Post Your Own

#1) On February 06, 2009 at 9:08 AM, DaretothREdux (41.21) wrote:

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#2) On February 06, 2009 at 9:12 AM, DemonDoug (60.67) wrote:

SJ, I swear on my mother's life, every single day I want to puke because every single day more of this madness gets put out there.

I can get behind a plan to keep the banking system solvent.

I cannot get behind any of this other absolutely insane stuff that is just... it boggles my mind.  It makes me wanna save money for pitchforks.

Seriously.

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#3) On February 06, 2009 at 9:19 AM, DaretothREdux (41.21) wrote:

Hey Demon you want to be really angry?

Read this Bloomberg article.

The title of it almost made me punch my computer screen...

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#4) On February 06, 2009 at 10:04 AM, Option1307 (29.92) wrote:

Just when I thought we couldn't go any lower...

Lesson learned, never underestimate the stupidity of our government.

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#5) On February 06, 2009 at 12:27 PM, jesusfreakinco (28.91) wrote:

Amen. 

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#6) On February 06, 2009 at 2:14 PM, SEXIGESIMAL508 (< 20) wrote:

THIS will  break up the u.s. into 5 sections.

Get off your fannie no you may not

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