May 07, 2008

HousingPANIC Quote of the Day

"Fannie Mae has gone from bad to worse to below rock bottom, and the mortgage company expects losses to be in the depths of fiery hell by next year"

- Maurna Desmond, Forbes, May 2008

18 comments:

Anonymous said...

Bush administration is dumping the sh*t onto the next administration to make it look bad.

Anonymous said...

this blog is like reading the future

million said...

"fiery hell" nice imagery, i like that one. and finally somebody from the MSM calls out the GSEs.

Frank@Scottsdale-Sucks.com said...

Bush administration is dumping the sh*t onto the next administration to make it look bad.

In other words, what Clinton did to Bush.

void_genesis said...

Fannie May just had its lending and buying regulations "loosened". Does anyone really have much use for a pre-loosened Fannie?

http://www.bloomberg.com/apps/news?pid=20601087&sid=a9oy299Yq6K8&refer=home

Fannie Mae to Loosen Policies to Combat Housing Slump (Update1)

Anonymous said...

Frank,
We all know you are a right wing nut. Give it a rest. You are BORING.

F*ck America, DIE U PIGS said...

There is NO housing or financial bottom.

It only gets worse from here to soup kitchen lines a 9mm spent casings in the street.

F*ck America, DIE U PIGS

Anonymous said...

So Clinton didn't dump the dotcom bubble on Bush? Oh I forgot, the dotcom bubble was a wonderful thing, while the housing bubble was horrible. Why don't you leftwing kooks give it a rest.

Anonymous said...

anon 10:27,

you must be new around here. the 1st rule of HP is that Bush is never right.

the 2nd rule of HP is that Democrts are never wrong

the 3rd rule of HP is that if you disagree ever so slightly with #1 or #2 then you are a right wing nut.

tangelo mozilo said...

This is wrong. Financial statements and GAAP don't matter for GSEs.

Fannie Mae is a magical entity run by unicorns, and has an unlimited supply of leprechaun gold to bestow on anyone who wants to achieve the American dream.

If Fannie Mae were ever to run out of money, all the dwarves would come up from their mines carrying satchels of precious gems to refill her coffers, and Fannie would be saved at no expense to the taxpayer.

GSE = free money.

Anonymous said...

Usually staid and button-down FORBES using terms like FIERY HELL?!?

Oh boy -- this ain't good!

Also note - they're talking "A couple of years" before things improve. Yikes!

Anonymous said...

I guess panic bloggers are crazy, there are no problems here. There isn't enough funny money in all the world to bail this thing out. The fed is simply putting its fingers in the holes in the dam so all the bankers and hedgies living in the city below can attempt to get their shit to high ground before it lets loose. The sheeple are simply f*cked. Although I can swim I don't feel my odds are good.

Anonymous said...

"Bush administration is dumping the sh*t onto the next administration to make it look bad.

In other words, what Clinton did to Bush."

Couldn't agree more.

Leaving that budget surplus to squander was a diabolical pre-meditation.

Heh.

Mammoth said...

Anon said…”this blog is like reading the future”
-----------------------------
In a recent news article about Starbucks’ struggles these days, CEO Shultz said, “When I talk to smarter people than me who are really studying the effects of the economy and how deep it is, they say things along the lines of, they’ve never seen something like this before.”

The news article then goes on to say that Starbucks’ U.K. business is softening, although executives said it is unclear whether the problem will become as serious as it is in the US.

Although I am not an economist, it is quite obvious to me that Starbucks’ business WILL get hammered in the UK. THIS is the future that I am reading.

Starbucks’ executives clearly need to get a clue.
-Mammoth

Anonymous said...


Leaving that budget surplus to squander was a diabolical pre-meditation.


Once again, a dimwitted left-wing kook. The alleged surplus was due to the tax revenues from the dotcom bubble and raiding the SS fund. The projection of a $trillion surplus over 10 years was by extrapolating the NASDAQ going from 250 to 5,000 to 100,000 by 2010. It was all based on phantom tax revenues from a bubble based economy. I wouldn't expect kool-aid drinking morons to understand something so simple. It fooled the same kind of morons who bought into the housing bubble.

Peter T said...

House prices continue to fall and will pull Fannie and Freddie with them - there is nothing we should do, unless we want to risk sky high inflation. Housing panic arrives when Fannie falls.

Anonymous said...

Thank you FDR for creating Fannie and Freddie so that the bankers could dump their bad loans on the taxpayers.

Dante said...

Ok Here's the New Order:
In the deepest Fiery Pit of Hell is the entire REIC complex.

On the second level is now Lucifer, Brutus and Judas