March 30, 2009
– Comments (2)
Hey, too big to fail (too big, too poor, too complex, and too politically corrupted to succeed), Fannie and Freddie should do more to help out those smaller mortgage bankers, right?
I really don't care about who is lending the money or where the money comes from as long as the whole mortgage industry gets back to proper due dilligence on the ability to repay the loan.
If this just means that FNM and FRE are going to be repositories for more garbage loans, then it stinks.
As a side note, I dream of a day when the financial crisis has ended and the government breaks up every company that had to come hat in hand begging for money because they were "too big to fail." I think that might be like my dreams of getting a pony for Christmas.
Mr. Courson said he believes the regulator can give Fannie and Freddie temporary authority to help fund warehouse loans and that it won't be necessary to seek congressional approval for this expansion of the two companies' role. "We just don't have the luxury of time for going through the legislative meat grinder," he said.
Seeing comments like this makes me sick to my stomach. I guess what he is saying is "We do not have time to make up for the lack of contribution to Chris Dodds campain fund."
Looks like the wheels are coming off our illusion of a constitution with checks and balances. Not sure the wheels were really functional, but they were nice in a decorative sort of way.
Personally, I would like to see some perp walks for this mess. The mases need the return of the guillotine.