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Maxine Moves to Ruin the GSEs

February 24, 2014 Big Banks, Fannie & Freddie, Waters 40 Comments
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Maxine Waters says she’s going to make a proposal to the Financial Services Committee to restructure the GSE’s so that the big banks carry the weight of the guarantee.

We are in a historic moment guys and gals.  Why?  Because Fannie Mae is about to cut a $7.2 billion dollar check to the Treasury which will pay off their bailout.  It’s a historic moment for other reason too but we’ll let you watch the show for the details.  But even thought the GSE’s are pretty much out of debt and setting record profits, bashing them is kind of the “in thing to do” on the Hill.

Maxine WatersSo Maxine Waters is going to get this party started by proposing a ridiculous idea that’s not going to fix anything.  What it will do is create more costs and higher rates for consumers and in the end if there ever is another mortgage collapse, the government will still have to come in and save the day with a bailout.  She needs to leave it alone.  What needs to be done is simply take the GSE’s out of conservatorship as we’ve been saying for many months now.

Alas, but no.  Nope, Maxine, who ruined the flood insurance industry is on a mission to ruin the GSE’s now as well.  Hopefully it won’t happen and someone, somewhere on the Hill will realize that this is a bad idea.  Hopefully someone up there will have the brain power to understand that the GSE’s have essentially already been reformed with all of the new policies, guidelines and procedures that have been put into place over the past few years and their profits prove it.

Why “force reform” something that’s basically already been reformed and is making more money than any other government backed or guaranteed agency since the beginning of our country?  Why?  Because Maxine wants too, that’s why.

Well you all have a wonderful day and we’ll see you tomorrow!  Please leave us your comments, forward, share and subscribe!

Frank and Brian

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