Kurioser Kapitalismus: Fannie Mae und Freddie Mac, Umverteilung mit Humor

“Subprime mortgages that became increasingly popular in recent years are considered higher-risk loans because they typically draw borrowers in with an initial low “teaser” interest rate, which can spike upward after the first few years.”//MSNBC

“The bottom line is that we’re in the middle of a financial tsunami. This is a storm the likes of which this country hasn’t seen,” said Peter Kenny, managing director at Knight Equity Markets//BYC

The recent hysteria about worst-case scenarios ignores the solid business principles that support both institutions//businessweek2002

“Fannie Mae and Freddie Mac are “government-sponsored enterprises” (GSEs). This means that they are privately owned, but receive support from the Federal Government, and assume some public responsibilities.

The GSEs provide a secondary market in home mortgages, purchasing mortgages from the lenders who originate them. They hold some of these mortgages, and some are “securitized” — sold in the form of securities which the GSEs guarantee.

The two GSEs today are among the largest corporations in the world.”//MTGProfessor

.” One newspaper reported that “N. Gregory Mankiw, Chairman of the Council of Economic Advisers, told a group of state bank supervisors that the companies are so large and complex that it is hard even for the companies themselves to keep track of their own situations.” The risk of a catastropic failure at Freddie or Fannie causing a meltdown of the U.S. mortgage market may be growing.”//creativeinvest

Fannie Mae and Freddie Mac are the only two Fortune 500 companies that are not required to inform the public about any financial difficulties that they may be having. In the event that there was some sort of financial collapse within either of these companies, U.S. taxpayers could be held responsible for hundreds of billions of dollars in outstanding debts. A recent investigation by the Justice Department and the SEC into the accounting practices at Freddie Mac revealed accounting errors in the amount of 4.5 to 4.7 billion dollars and resulted in the termination of three of the company’s top executives.”//hnn2003

“Rather than the accounting rules, what’s really got investors spooked is a growing realization the government will have to nationalize Fannie and Freddie, says Kevin Depew, executive editor of Minyanville.com.

The two mortgage lenders are simply too big to fail and too critical to the housing market, Depew says.”//clusterstock

“Are FreddieNotes securities guaranteed by the federal government?

No. FreddieNotes securities are obligations of Freddie Mac only. FreddieNotes securities, including any interest on FreddieNotes securities, are not guaranteed by, and are not debts or obligations of, the United States or any agency or instrumentality of the United States other than Freddie Mac.”//FreddieMac

“Zusammen haben Fannie und Freddie Anleihen und Hypothekenpapiere in Höhe von rund 5000 Milliarden Dollar emittiert. Zum Vergleich: Das Bruttoinlandsprodukt der USA beträgt rund 14000 Milliarden. Mit 9000 Milliarden in Staatspapieren steht das Land bereits in der Kreide.”/”Als die Billigzinsen von US-Notenbanklegende Alan Greenspan nach 2001 einen nie dagewesenen Immobilienboom anfeuerten, mutierten Fannie und Freddie zu wahren Geldmaschinen. Geraten die beiden nun in eine Krise, könnte das eine globale Kettenreaktion auslösen. Dank der implizierten Staatsgarantie wurden Schuldpapiere von Fannie und Freddie mit Vorliebe auch von europäischen Banken und asiatischen Zentralbanken genommen./Eine grundlegende Reform der Aufsicht sei notwendig, erklärte Paulson daraufhin. Das Aufsichtssystem der USA sei „überholt“ und „nicht gerade optimal“./”Um den heimischen Finanzinstituten neues Kapital zu verschaffen, überlegt die Notenbank deshalb bereits, ob sie Hedge Funds und Private Equity – den viel geschmähten und gefürchteten „Heuschrecken“ – mehr Beteiligungsmöglichkeiten an Banken einräumen soll.”/DieZeit

“Aufgeschoben ist noch lange nicht aufgehoben. Irgendwann muss irgendjemand bezahlen. Das irgendwann ist jetzt bald gekommen und der irgendjemand ist wie üblich der Steuerzahler.”//egghat

“Oder sie zahlen einfach die Schulden nicht, lassen ein paar dummen Staatsfonds anderer Länder die Luft raus und nuken ihre eigenen Banken, die so unklug sind, auf den Forderungen zu bestehen.”//rebellmarkt

TOP INSTITUTIONAL HOLDERS//Freddie Mac

Major Holders/Fannie Mae

“Daniel Mudd graduated with a B.A. in American History from the University of Virginia. He was an officer in the U.S. Marines and was decorated for combat service in Beirut, Lebanon. He left the service after a tour in the Office of the Secretary of Defense to obtain his Masters in Public Administration from the John F. Kennedy School at Harvard University. In 1989, he was awarded a Robert Bosch Foundation Fellowship to work with the German government during the reunification of East and West Germany.

Mr. Mudd is currently on the boards of the Fannie Mae Foundation, Ryder System, Inc., Local Initiatives Support Corporation (LISC), the Center for the Study of the Presidency, Homes for Working Families, Hampton University, and the University of Virginia Board of Managers. He is a member of the Business Council, The Business Roundtable, the Council on Foreign Relations, and has advised Oriental and General Fund, Ltd., and APEC.”//wiki

“So, despite having paid billions in government subsidized profits to Fannie Mae shareholders, home ownership rates in the U.S. have increased, but increased slightly.”//creativeinvest

“FreedomWorks, a conservative think tank, urges MPs to reject a bailout and to remind investors that there is no government guarantee for the companies.

“Investors holding agency paper already receive a significant risk premium over Treasuries,” said the group’s president Matt Kibbe.

“The prospectus for every (Fannie and Freddie) bond clearly states that it is not backed by the government. Taxpayers should not and will not bail out Freddie Mac and Fannie Mae from their poor lending decisions, lack of adequate reserves, and past accounting corruption.” “//AFP

“This statement contains forward-looking statements, which are statements about matters that are not historical facts. Although Fannie Mae believes that the expectations set forth in these statements are reasonably based, the company’s future operations and its actual performance may differ materially from what is indicated in the forward-looking statements in this statement.”//fanniemae

“So, when you hear them talk about Change in Washington, keep in mind that they are mostly referring to which bank account is the destination for all that Special Interest money, and not about how things are done on Capital Hill.”//britandgrit

“Im Frühjahr hatte die Notenbank Fed dem Institut JP Morgan dabei geholfen, die vor dem Konkurs stehende Investmentbank Bear Stearns zu übernehmen.”//NZZ

“Former British Prime Minister, Tony Blair, has agreed to become a part-time adviser to the global financial services firm JPMorgan Chase where, the Financial Times reports, he “will use his experience and contacts to provide political and strategic advice to the US bank and participate in some client events.” “//PRWatch

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Mit Crescendo zum Finale Furioso

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