On Tue, Sep 30, 2008 at 8:48 PM, Gruss wrote: > > So rather than repeat what Rush has told you, just think it through > and ask basic questions: >
For the eighteenth time, I don't listen to, read, or watch Rush Limbaugh, and I never have. > Now. If I follow your own numbers, both freddie and fannie bought, > roundly, $200B in these securities. Yet they back trillions in > mortgages. Roundly 50% of all american mortgages, in fact. I guess you missed this quote from Wikipedia: "Together they [Fannie and Freddie] have more than half of the $1 trillion of Alt-A mortgages." Half of $1 trillion is more than $500 billion. That is in addition to the subprime securities. Or this quote: "A September 30, 1999 New York Times<http://en.wikipedia.org/wiki/New_York_Times>article stated, "... the Fannie Mae Corporation is easing the credit requirements on loans... The action... will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough... Fannie Mae... has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people... borrowers whose incomes, credit ratings and savings are not good enough... Fannie Mae is taking on significantly more risk... the government-subsidized corporation may run into trouble... prompting a government rescue... the move is intended in part to increase the number of... home owners who tend to have worse credit ratings..." -- In other words, nine years ago the NYTimes was already warning that the course of action that Democrats pushed Fannie and Freddie into pursuing could lead to a meltdown. Nine years! ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:271688 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
