On Sep 11, 2009, at 12:44 AM, Steve at Verizon wrote:
No one could compete with Freddy and Fanny because they had the implied (turns out real) backing of the US Treasury and they could borrow at rates lower than other financial institutions. That's how they made those gobs of money (before the fun ran out). And Franklin Raines made his 90 mil during the same years that Fanny Mae couldn't produce a yearly financial report.
Well here you go changing the subject again in the hope that you can maybe prevail in another arena.
Clearly you do not know that Fanny Mae and Freddie Mac do. They are clearing houses or facilitators that work with *privately-held* banks and other *private* financial firms to securitize mortgages. Between the two of them they handle only about half of this kind of business so there is plenty of competition. The reason there are two of them is to further enhance competition.
If you want to call them socialist than by the same logic the New York Stock Exchange is socialist. You gat an "F" on the facts and an "F" on your logic. You make no sense at all.
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