Fannie & Freddie, Rewarding Their Incompetence With Your Money

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We the people gave $141 billion to Fannie and Freddie, they then took $12.8 million of it and gave it out in bonuses to the same people who ran the companies into the ground, and, as if that is not enough, they continuously have their hands in our taxpayer pockets. They are asking for another $6 billion as I write this.

Freddie had the unmitigated gall to defend it by talking about all they’ve done for us. “Freddie Mac has done a considerable amount on behalf of the American taxpayers to support the housing finance market since entering into conservatorship,” Freddie spokesman Michael Cosgrove told Politico. “We’re providing mortgage funding and continuous liquidity to the market. Together with Fannie Mae, we’ve funded the large majority of the nation’s residential loans. We’re insisting on responsible lending.”

Yeah, right, Fannie and Freddie gave out mortgages to people who can’t possibly afford them, they were then bundled and sold to the unsuspecting. Great job, let’s give them another $12 million in bonuses.

President Obama has been growling about the 1%, along with his OWS, but Fannie and Freddie decadence is okay? Not a peep out of the OWS. Jay Carney, White House Press Secretary said this on Tuesday,  “The White House was not involved and nor should it be.”

Remember when President Obama didn’t like companies taking bailout money and giving out big bonuses with the money? He was very vocal when the car companies gave out bonuses, in fact, those CEO’s were demonized, as one example. He was involved when the banks gave out bonuses. He wanted to tar and feather them or something like that.

And then there is this from campaign Obama: “I’ve always said that any action with respect to Fannie Mae and Freddie Mac needs to put taxpayers first and can’t under any circumstances bail out shareholders or senior management of that company.”

When his cronies do it, it’s acceptable apparently.

Senator Reid gets it. “A gag reflex in front of all of you would be improper,” Reid said about the revelation. Read here: Fox News

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