I just heard you, Mr. President, claim we, as Americans, work together to solve problems. You are getting this message along with media outlets, and congressional reps. You Mr. President talk with a forked tongue. I am an American citizen living with permanent disabilities for 30 years. Of the opportunities I personally took advantage of, I purchased, built a home, and your glorious housing authority forced me out of that home. Years later I again was able to make a significant down payment on a home, and move in. Of my disabilities I suffered a set back last year, missed one mortgage payment, and trusted in your forked tongue that I could get a mortgage modification.

Little did I know Chase bank had sold it to Fanny mae, and the congress you were in had used my home has collateral for you own wishes. NOW I KNOW WHY MY MORTGAGE IS NOT BEING MODIFIED TO HELP ME, AND WHY MANY OTHER AMERICANS LOST HOMES FOR YOUR OWN PLEASURE!

“…the Senate voted 60 to 39 to take over the nation’s financial system. The bill now proceeds to Barack Obama, who will sign it, and it shall be law. Included is a hidden, permanent bailout that will enable faceless bureaucrats to levy taxes, bail out privileged institutions, and to seize disfavored ones, redistributing their assets to favored constituencies, like unions.

And because of the implicit backing of taxpayers, Fannie and Freddie crafted a marketing plan that enabled them to sell some $4.7 trillion of mortgage-backed securities, $1.5 trillion of which were sold overseas to investors, as reported by the New York Times. By promising a higher rate of return than treasuries, but with the same risk associated with a taxpayer guarantee, the sales flooded the GSE’s throughout the housing bubble. As more securities were sold, Fannie and Freddie bought more mortgages and bundled them into securities. As a direct result, Fannie and Freddie were able to acquire about half of all mortgages as of July 2008."

http://blog.getliberty.org/default.asp?Display=2466

"Asian institutions and investors hold some $800 billion in securities issued by Fannie and Freddie, the bulk of that in China and Japan. China held $376 billion and Japan $228 billion as of June 2007, the most recent country-specific Treasury figures.

In Europe, roughly $39 billion in Fannie and Freddie debt is held in Luxembourg and $33 billion more in Belgium, countries that are home to large investment management firms. Investors in Britain hold $28 billion, and Russian buyers hold $75 billion. Sovereign wealth funds in the Middle East are also believed to be big investors in Fannie and Freddie debt."

http://www.nytimes.com/2008/07/21/business/21bank.html?_r=2&sq=$1.5%20trillion%20mortgage%20backed%20securities%20foreign%20investors&st=cse&scp=3&pagewanted=print

"It should come as no surprise, that just as Chris Dodd and Barack Obama were the biggest Senate recipients of “bonuses” (aka campaign contributions) from Fannie Mae, they were also the two biggest recipients from AIG, who gave more than three times as much to Democrats as to Republicans in 2008.

And then, there’s the Democrats’ version of “The Architect” (the nickname for Karl Rove), Treasury Secretary Tim Geithner, the man by most accounts primarily responsible for the bailout of AIG and largely responsible, along with Hank Paulson and Ben Bernanke for the entire bailout craze. Earlier this week, Geither offered feigned outrage at the AIG bonuses, sending a letter to Congressional leaders saying that the government will get the money back from the company. While it’s possible that Geither wasn’t made aware of the bonus payments, the fact that the Treasury Department was told by the New York Federal Reserve about the bonuses more than two weeks before the money was paid means one of two things: Either Geither knew about them and let Congress believe he didn’t, or his Department is so disfunctional under his “leadership” that they left him swinging in the wind. In either case, adding in Geithner’s central role in bailing out AIG, in crafting the “stimulus", and in his utter failure to competently run the financial and economic arm of the executive department during the most critical time for our economy since before my parents were born, it is a travesty that he still has his job."

http://rossputin.com/blog/index.php/our-very-own-wesley-mouch