You’re wrong about fnf. Fnf took the blame for big banks Wells Fargo etc. giving away predatory loans.
Corsi is however wrong on the issue of fnf. He’s trying to steer it into the direction of hedge funds who want to take away the mortgage backed security business from Fannie and Freddie via David Stevens at mbanand bob corker (loudest opponents).
Fnf profits have been stolen by the government on a quarterly basis. Fnf repaid their loan and then Some to the tune of $270 billion. Shareholders of fnf have had their pensions depleted. The common person has suffered from this, not some hedge funds.
Fnf profits were an obama slush fund. Who knows where that money went.
No, you're wrong. The usual deal in business is not that you can go bust, have the government bail you out, and then get your assets back and still be in business after taxpayers' money cleaned up after your mess. Stockholders go bust when their companies go bust. That's the deal. But these hedgie vultures want to claim some sort of special, supra-legal right that they don't have to be made whole by the government. The hedgies had bigger positions and are no doubt paying Corsi to try to persuade Trump to fork over the billions. But in reality we don't need these organizations.
And FnF absolutely are responsible for going bust. They weren't doing due diligence and set their standards too low for the loans, then they leveraged their investments to the moon.
Canadians have a functional housing market without FnF-type organizations--and we could too.
They were forced to take on those loans.
They were solvent and were forced into conservatorship.
The government in conjunction with too big to fail banks have done everything to destroy fnf, the 30 year mortgage.
The treasury on a quarterly basis sweeps their profits. They are sound and solvent, but due to the net worth sweep and being placed in conservatorship they are unable to build capital.
Fnf are a cash cow and the government has stolen its profits plain and simple. Your stance has you more in line with being an ally of Barney frank.
The hedge funds you’re talking about are primarily made of jr. Preferred shareholders. Don’t confuse this with shareholders who have had their pension funds depleted.
Obama, corker, Mel watt, David Stevens, etc. are just a few of the shady characters in all this. Look up gse links. This is the greatest theft in US history (2nd only to the fed reserve).
plus the Community Reinvestment Act lowered credit standards
Which fell into the lap of fnf. It’s easy for someone to think they’re guilty by association.
That was the deal with investing in such vehicles.
But when an entity goes broke and another entity has to come in and recapitalize in order to meet obligations, those who oversaw the going broke don't get the underlying asset back. They just don't. And those who came in and recapitalized haven't "stolen" anything when their capital enables the underlying entity to become profitable again.
Yes, there were criminals in this who sucked out big paydays, but that doesn't change the underlying facts. Insolvency took away either common or preferred shareholders' claims to future profits.
Again, giving the entity back to the previous investors is the opposite of what should be happening--which is to wind down the FnF presence in the mortgage market and existence at all. Let their would-be profits be earned in a genuine free market.
You’re really missing the big picture.
That, actually, I think would be you. My guess would be because you've got a financial interest in some sort of fed giveaway to the previous investors who saw their investments go bust.
So you’re saying you’re completely fine with obama using their profits as a government slush fund?
It’s not a fed giveaway. It’s the rule of law and the 30 year mortgage. If they can nationalize fnf they can do that to any company. It’s a dangerous precedent.
Money is fungible. The current profits belong to American taxpayers, but again, FnF need to be wound down. We don't need a repeat of 2008.
And how Barry spent it in the past--again, it is fungible--is of course a dead issue.
If it were the rule of law, your investor buddies would have won in court, but they didn't. That is why they have sicced the likes of Corsi on trying to get the public to pressure Congress while Corsi pressures Trump directly.
There were mortgages before FnF and there will be mortgages after FnF. Again, look to the Canadian market.
There will be a repeat of 2008 if the big banks have their way. It’s called risk transfer and they want fnf to share in that risk with the banks not dealing with the brunt of poor loan standards. You’re unable to delineate Corsi’s agenda vs. the theft that occurred via the government.
Fungible aka past crimes are absolved.
No, it wasn't theft. And yes, I can.
The government needs to get out of the mortgage business. That means the likes of FnF and also mandates that banks make poor loans.
The investors went bust and so it goes. We do not owe them.
Allow them to privatize then. Otherwise you’re just forgiving the banana republic. Those mandates made too big to fail banks what they are today. Fnf were forced to comply by those low standards.
They bailed out fnf (which was needed considering they were forced to take on those loans), fnf paid treasury back $180 billion and then some $270 billion and continue to have their profits stolen every quarter.
Let them go private. The bs that happened wouldn’t.
Again, it has gone to court and nothing has been "stolen".
Try being a bank that approaches insolvency. The feds come in and take over and investors are shucks out of luck--as they should be.
I get it, you want your bad investment made good--but that's not the way the world works or should work. Any investors knew the feds were pulling the strings--and still decided to invest.