Joining the Corporate Bail-Out Receiving Line

[Joanne98]

by Carolyn Patmon

What's in a name? If it's Fannie Mae, billions in bailouts. The author plans to change her name to Fannie Mae, to secure a place in the lengthening line of corporations demanding the people's money to save their private butts. Financial firms saw nothing wrong with sucking tons of money from over-extended homeowners, until the bubble burst, "but the buck always stops with the taxpayer who ends up footing the bill for every corporate crash." There oughta be a law, "Like how about a rule that bank robbers and embezzlers can't be mortgage brokers?

Joining the Corporate Bail-Out Receiving Line
by Carolyn Patmon

This article previously appeared in New American Media.


"Of the million homeowners foreclosed on last year, this program will only help 400,000 at best."

I'm changing my name to Fannie Mack.


I figure when the federal government is handing out all those billions to Freddie Mac and Fannie Mae to solve the mortgage crisis, I'll just slide in line and get a few dollars for my own mortgage crisis. Luckily for me, my maiden name is Mack, and my grandmother's name was Fannie, so the paperwork should be easy.

That's about the only way that I - or any other victim of predatory lenders -- can expect to get much public aid. Since my home went into foreclosure, I've been helped by ACORN, I've been helped by my family and friends, but I haven't been helped by the government yet.

I appreciate the president for signing the "American Housing Rescue and Foreclosure Prevention Act" into law last week. It's better than nothing.

"Luckily for me, my maiden name is Mack, and my grandmother's name was Fannie."

But I learned from my experience with a deceptive lender to always read the fine print. And the fine print of this bill sounds more like an "American Corporate Rescue Act" for Freddie Mac and Fannie Mae than much help for an ordinary homeowner like me. You can bet Congress didn't make the CEO of Freddie Mac give up any of his almost $20 million in pay as part of this $300 billion sweet deal.


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http://www.blackagendareport.com/index.php?option=com_content&task=view&id=741&Itemid=1

You know what's sda. Freddie and Fannie were well run until they got partially privatized.