The Fallout From Freddie and Fannie

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As more homeowners face foreclosure, more programs are becoming available to help solve their problems.
As it is today, I have a domain name of mortgagemenders. However, as plans changed, I no longer have use for this name.
With government grants forthcoming to help struggling homeowners remain in their homes, and the mortgage mess still unraveling, mortgagemenders may be useful for a group or individual in identifying themselves as a source to help burdened homeowners.
If anybody has a need for this name, contact: kmonnie@verizon.net

Scot's Slant of CA 11:02AM August 01, 2008

How does it feel now Jimmy P? Willing to acknowledge how miserably wrong you were? Probably not, since you're another establishment Polyanna.

Vic of WA 7:52PM July 14, 2008

I'll make quick. I began working at Hill Financial Savings Bank, Red Hill, PA, which was a couple of weeks before it was taken over by the FDIC. I was there from the beginning in 10/1988 to its closing in 12/1995. Hill Financial was formed into the Northeastern Consolidated Office (NECO) of the Resolution Trust Corporation, and then changed to the Philadelphia Office of the RTC. For the good or bad of it, from 10/1988 thru 12/1995, our office liquidated more assets than any office in the US.
I did present to the FDIC, a business plan for the "Savings and Loan Bailout", which was based on Mellon Bank's "Good Bank, Bad Bank Theory". It would would have worked and have saved taxpayers alot of money. I did present the plan to the FDIC, and was notified that the plan is feasable and would work, but was a little too late.
The US government can not bailout Fannie Mae or Freddie Mac without a clear and logical plan, and assistance from the private sector.
Yes, I still have a copy of my business plan, and alot of notes from my years with the RTC/FDIC.

Stephen A. Orzel of PA 5:06PM July 14, 2008

"2) With the government guarantee of the two companies now explicit rather than implicit, I am not sure what the rationale is for keeping up the financial fiction that they are private companies. End the masquerade. My guess is that they will be explicitly nationalized because they have already been implicitly nationalized. One possible outcome is that their portfolios will eventually be shrunk and their mandate perhaps restricted to low-income borrowers."
I was wondering why Congress didn't do this to begin with? There is never any reason that one company of the financial industry should have as much a dominant role as does Fannie and Freddie.
What's going on in the mortgage industry is analogous to what's going on in the oil industry. We have an inept entity, Congress, that thinks it knows everything and does everything to try to make markets work, but they only manage to make things worse. Instead of coming to the logical conclusion, let markets work, they instead bang their heads up against the wall and try to come up with a different result.

Chris of AZ 3:55PM July 14, 2008