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FannieMae
Fannie Mae Bailout: Mortgage Giant Wants More Taxpayer Billions
By Tom Diemer - Politics DailyTalk about bad timing. With the Senate in the thick of debate about reforming government oversight of the financial system, Fannie Mae, the quasi-public mortgage giant, reports that it lost $11.5 billion in the first three months of the year and needs another bailout --this time, $8.4 billion -- to keep going. Some Republican senators are so fed up that they introduced an amendment Monday to the reform bill calling on the Obama administration to cut loose Fannie and its cousin, Freddie Mac, within two years. Co-sponsored by Sen. John McCain (R-Ariz.), the proposal would force the companies to ...
Americans Still Favor Homeownership as Safe Investment
By Broderick Perkins - AOL News(April 20) -- Just because homes aren't selling like hotcakes doesn't mean consumers have lost their appetite for a slice of the American Dream pie. Despite an epic downturn that could leave the housing market reeling for years to come, the vast majority of consumers, 70 percent, remain bullish on home buying as one of the safest investments, according to a recent Fannie Mae report. With only a handful of housing markets poised to recover and most housing markets still feeling around for the bottom, 65 percent of those surveyed continue to prefer owning over renting. And 64 percent say it's ...
Obama Administration Denies Goldman Sachs $3 Billion Tax Break
By Joann M. Weiner - Politics DailyThe Treasury Department told Goldman Sachs last week that it could not use Fannie Mae's tax credits to reduce its own tax liability. An official with the Obama administration explained that the proposal "would result in a loss of aggregate tax revenues that would be greater than the savings." This is the right decision. Had the Treasury Department allowed Goldman to reduce its tax liability by using Fannie Mae's tax breaks, it would have potentially opened the door to a severe loss of tax revenue, as other profitable companies would likely have sought to follow suit. ...
Goldman Sachs Pursues Another $1 Billion Federal Tax Benefit
By Joann M. Weiner - Politics DailyAs if $22 billion in bonuses were not enough, Goldman Sachs would now like to obtain another $1 billion in tax benefits from the federal government. As with the $12.9 billion that Goldman Sachs received from the U.S. government via payments made to the American International Group, Goldman Sachs would obtain an indirect federal benefit by using tax credits the government provided to Fannie Mae to offset its own profits and thus its federal tax payments. As the Wall Street Journal reported, Goldman Sachs might be purchasing up to $1 billion of Fannie Mae's tax credits. However, the tax ...
Candidates for Scrutiny Under Barney Frank's Corporate 'Death Panel'
By Joann M. Weiner - Politics DailyAt Thursday's House Financial Services Committee hearing on systemic regulation, Chairman Barney Frank, Democrat of Massachusetts, argued that it is time to stop using taxpayer funds to save firms that pose a systemic risk to the U.S. economy. Frank knows exactly how he wants to put this practice to an end: "There will be 'death panels' set up by Congress to put these institutions out of business," he said. ...
Bailed-Out AIG Reports $1.8 Billion Profit
By Ria Misra - Politics DailyFor the first time since 2007, AIG on Friday claimed a profit. The insurance giant reported second-quarter net income of over $1.8 billion. That's still just a fraction of the $180 billion that AIG received as part of a government bailout in 2008. AIG's chief executive claimed that the profits demonstrated "stabilization," while acknowledging that parts of the company were still troubled.News of AIG's gain comes as the federal government is again looking at ways to deal with serial problem children Freddie Mac and Fannie Mae, also beneficiaries of a large bailout -- more than $85 billion. The ...
Fannie Mae Lobbyist on Barack Obama's Transition Team
By Mark Impomeni - Politics DailyThe former head of troubled mortgage giant Fannie Mae's federal lobbying operation, Thomas Donilon, holds a position as an adviser to President-elect Obama's transition team. Donilon was in charge of the government sponsored entity's efforts to block increased federal regulation and oversight for six years from 1999 to 2005. During that period, the use of non-traditional mortgage loans, so called sub-prime loans, which eventually lead to this year's mortgage meltdown, became widespread throughout the industry, including at Fannie Mae and its counterpart, Freddie Mac. On the campaign trail, ...
'Ambition' - New McCain/RNC Ad
By Greg McNeilly - Politics DailyA new joint ad by the Republican Natinoal Committee and the John McCain campaign has been released titled "Ambition." It is :30 seconds. ...
Obama Wins by Not Losing
By Mark Impomeni - Politics DailyHeading into tonight's second presidential debate, expectations were for a feisty exchange between the candidates with lots of fireworks, mud-slinging, charges and counter charges. But instead what was delivered was a pretty staid and boring debate that mostly covered ground already gone over in the first debate. The format was a town hall style debate in which undecided voters were supposed to pose questions to the candidates. But moderator Tom Brokaw did his best to get in the way of the voters by reinterpreting and in some cases outright redirecting the question to policy areas he wanted ...
Post-Debate Reax
By Dave - Politics DailyI just gotta be honest and say that for the most part I thought this was an absolute snoozer. I wouldn't be surprised if this debate gets half the ratings of the first debate. Part of the problem is that I know this is all targeted at undecided voters and so both candidates are pitching their arguments away from the political junkies and ideologues that hang around most of the political sites and message boards. This also means a lot of platitudes and not much red meat.But I did hang around on the TV to see that most of the focus groups seemed to split on who they thought won with a slight ...
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