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The Goldman Sachs Group, Inc. Message Board

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  • slow_trader slow_trader Jul 29, 2008 6:07 PM Flag

    I love the headline mis-information

    1. Give the Treasury Department the power to extend Fannie Mae and Freddie Mac an unspecified line of credit and to buy their stock, if necessary, to prop up the mortgage companies. Yes... let's give Michael Jackson a couple of more kids to babysit! OK, that was harsh.

    2. Allow qualified homeowners facing foreclosure to apply for lower fixed-rate, 30-year mortgages backed by loan guarantees from the Federal Housing Administration. The original lenders would have to agree to take a loss on their loans. THIS DOES NOTHING FOR ANYBODY. Most of these people have no equity and are sitting in a depreciating asset. This continues to be nothing more than rent with debt!

    3. Create an independent regulator to oversee Fannie Mae and Freddie Mac. The regulator could establish minimum capital requirements for the two companies and limits on their portfolios. It would also have approval power over the pay packages of Fannie Mae and Freddie Mac executives. Oh joy... another regulator who will do nothing more than take a darvocet, a swig of whiskey and do nothing until the problems are already out of hand.

    4. Provide $3.9 billion in grants to communities with the highest foreclosure rates to buy foreclosed and abandoned properties. And then what do the communities do with those depreciating properties?

    5. Give about $15 billion in housing tax breaks, including a credit of up to $7,500 for first-time homebuyers who bought homes between April 9, 2008, and July 1, 2009. Why do these people deserve this?

    6. Put a cap of $625,500 on the loans Fannie Mae and Freddie Mac can buy in certain high-priced areas, and a cap in other areas of up to 15 percent above the median home price. Terrific!

    7. Count any federal infusion for the mortgage giants under the debt limit, essentially capping how much the government could spend to stabilize the companies without further approval from Congress. As of Tuesday, the national debt that counts toward the limit stood at about $9.5 trillion, roughly $360 billion below the statutory ceiling. "Capping how much the government can spend? Who they trying to kid?

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176.82+1.80(+1.03%)Jul 23 4:00 PMEDT

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