Fannie, Freddie Pressed on Mortgages .

http://online.wsj.com/article/SB10001424052748703963704576005990436624546.html?mod=yahoo_free_middle

This means, Congress is wasting money by checking it out now, when the conflict of interest was obvious before the start.
But they passed it anyway.
Another fine example of Joke exposure.

The ongoing discussions underscore the sometimes awkward relationship between the Obama administration and FHFA, which has overseen Fannie Mae and Freddie Mac since their takeover in September 2008 and is charged with stemming taxpayer losses. An FHFA spokeswoman said participation in the FHA and Treasury loan-modification efforts is under review.

I wouldn't give up my rights either if I was Freddie or Fanny, or the home owner.
Especially not with the mortgage securities fraud situation.
If Justice actually does still serve the rule of law
The banks are going to have to eat most of those loans back if not all, and all of the people involved arrested.

In addition, Fannie Mae and Freddie Mac, along with other mortgage investors, are reluctant to approve principal reductions if banks that own second mortgages on the same properties also don't take losses.

Unlike most loan-modification efforts, the FHA program is open only to borrowers who aren't behind on their payments

.

Oh and look who's involved
Little Timmy
Giving more money to the banks as an incentive, and absoluely jack shit to you.
Home values have fallen more than 15% already, so this is a joke.
Mark to market would be a better deal if they were actually going to give you something, because the market is flooded and your home is worth squat.
There is a 9 year ready supply on the market right now, and that's not even counting those held up or pending foreclosures.

The Treasury Department initiative to reduce loan balances builds on HAMP, in which

banks reduce monthly payments for distressed borrowers by lowering interest rates and extending loan terms.

Starting in October, banks were able to receive additional subsidies if they first write down loan balances for borrowers owing at least 15% more than their home's current value. Fannie Mae has said it won't participate in the Treasury program. Freddie Mac says it is still reviewing whether to join.

Secret Banking Cabal Emerges From AIG Shadows: David Reilly

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aaIuE.W8RAuU

I'd say more like Timmy played the "system" rather than saved the system.
Congress never agreed to the bailout money being spent for the purpose of buying
credit default swaps, the "People" would have strung them up if they had.
This should be seen for exactly what it was: The junkies were caught without a fix and Timmy copped them a score on money they fronted from us the taxpayer, even after we told congress in an exceptionally loud voice.....NO BAILOUT
The House heard "Us" but the Senate chose to just ignore "The People", so that Timmy could do his dealing, and now because of Timmy's dealings the FED is the proud owners of all the garbage that Timmy arranged to buy for them, and the 30 million dollar a month payment for it, has only just begun and the FED is now foreclosing on people to ensure that, that payment is met.

Saving the System

Treasury Secretary Timothy Geithner was head of the New York Fed at the time of the AIG moves. He maintained during Wednesday’s hearing that the New York bank had to buy the insurance contracts, known as credit default swaps, to keep AIG from failing, which would have threatened the financial system.

The hearing before the House Committee on Oversight and Government Reform also focused on what many in Congress believe was the New York Fed’s subsequent attempt to cover up buyout details and who benefited.

By pursuing this line of inquiry, the hearing revealed some of the inner workings of the New York Fed and the outsized role it plays in banking. This insight is especially valuable given that the New York Fed is a quasi-governmental institution that isn’t subject to citizen intrusions such as freedom of information requests, unlike the Federal Reserve.

This impenetrability comes in handy since the bank is the preferred vehicle for many of the Fed’s bailout programs. It’s as though the New York Fed was a black-ops outfit for the nation’s central bank.

Geithner’s Bosses

The New York Fed is one of 12 Federal Reserve Banks that operate under the supervision of the Federal Reserve’s board of governors, chaired by Ben Bernanke. Member-bank presidents are appointed by nine-member boards, who themselves are appointed largely by other bankers.

As Representative Marcy Kaptur told Geithner at the hearing: “A lot of people think that the president of the New York Fed works for the U.S. government. But in fact you work for the private banks that elected you.”

And yet the New York Fed played an integral role in the government’s bailout of banks, often receiving surprisingly free rein to act as it saw fit.

Massive government corruption hidden by focus on Goldman-Sachs

http://www.examiner.com/x-37620-Conservative-Examiner~y2010m4d21-Massive-government-corruption-hidden-by-focus-on-GoldmanSachs


As the country's attention is directed to the Goldman-Sachs scandal, a much greater story lurks beneath the surface involving massive government corruption that makes Wall Street firms pale in comparison

Tim Geithner and Jamie Dimon Under the Microsope

http://www.minyanville.com/businessmarkets/articles/geithner-dimon-jpmorgan-economy-treasury-fed/2/16/2010/id/26880

The financial industry has turned into some sick sort of make your own rules up Monopoly,where anything goes.
There is no question any more that they knew what they were doing.
The only question that remains is why haven't arrests been made?


Inquiring minds are reading the Financial Times article -- Fed carries losses from Bear Stearns portfolio -- to spot lies made by Treasury Secretary Tim Geithner (then president of the New York Fed) and Jamie Dimon, current CEO of JPMorgan Chase (JPM).


The US Federal Reserve is sitting on significant paper losses on the real estate assets it acquired in the Bear Stearns rescue, with much of the red ink coming from debt used to back some of the most high-profile buy-out deals of the bubble years.

New York Fed to be subpoenaed for AIG bailout docs

http://finance.yahoo.com/news/New-York-Fed-to-be-subpoenaed-apf-3658793558.html?x=0&sec=topStories&pos=1&asset=&ccode=

It never ceases to amaze me regarding the given powers to the FED considering that they are really only a private corporation.

Issa asked Towns to subpoena the New York Fed after the Federal Reserve blocked a separate request for documents.

The Fed told the special inspector general for the financial bailout not to provide documents Issa had requested as part of his investigation.

Geitner's handwriting on the call?

http://market-ticker.denninger.net/archives/1833-Aig-And-Geithner-More-Lies.html

Oh my my, look what Karl found.
Are we ready to prosecute yet?


“Matters relating to AIG securities law disclosures were not brought to the attention of Mr. Geithner,” Thomas Baxter, general counsel of the New York Fed, said yesterday in a letter to Representative Darrell Issa, a California Republican, and Edolphus Towns, Democrat of New York. “In my judgment as the New York Fed’s chief legal officer, disclosure matters of this nature did not warrant the attention of the president.” Geithner, who helped orchestrate the bailout of AIG when he led the New York Fed, is now Treasury Department secretary.

Oh really?

NY Fed Lawyer Says AIG ‘Didn’t Warrant’ Geithner’s Attention

http://www.businessweek.com/news/2010-01-08/ny-fed-lawyer-says-aig-didn-t-warrant-geithner-s-attention.html

Oh I see Timmy didn't need to know because it was on a need to know basis.
On the quite so to speak, which tells you what?
They knew they were pulling a fast one.

Timothy Geithner, the former Federal Reserve Bank of New York president, wasn’t aware of efforts to limit American International Group Inc.’s bailout disclosures because the regulator’s top lawyer didn’t think the issue merited his attention, according to a letter sent to lawmakers.

Geithner aides made millions on Wall Street

http://www.ft.com/cms/s/0/f012c4b2-b8f6-11de-98ee-00144feab49a.html

Obama administration officials now working on fixing and regulating the financial system were beneficiaries of several million dollars in pay from Wall Street and private equity companies, it has been revealed.

Financial disclosure forms show that prior to joining the government, Gene Sperling, a senior Treasury adviser, was paid $887,727 by Goldman Sachs and $158,000 for speeches to companies that included Stanford Group, the company run by Sir Allen Stanford, who has since been charged with fraud.

Mr Sperling’s compensation from Goldman was for work on a philanthropic project. His overall pay, including for his main job at the Council on Foreign Relations, totalled $2.2m in the 13 months to January.

The forms, which were first obtained by Bloomberg, showed that Matthew Kabaker, another adviser in the Treasury, earned $5.8m at Blackstone, the private equity firm, in the two years before joining the administration to work on plans to support banks and spur lending. Much of the compensation was in stock.

Lewis Alexander, another adviser, was chief economist to Citigroup before joining the administration; he was paid $2.4m in the last two years.

Even though some of the officials whose previous salaries were disclosed are senior, many were appointed as “counselors”, meaning they escaped Senate confirmation hearings which could have highlighted their past remuneration and employment at a time of heightened animosity towards the financial industry.

Earlier this month the release of the telephone call logs of Tim Geithner, Treasury secretary, showed he had numerous conversations with a number of Wall Street executives, sparking allegations that the administration was too close to the industry

Battle Brews Over Unused TARP Cash

http://online.wsj.com/article/SB125383359689939119.html?mod=WSJ_hpp_MIDDLTopStories#articleTabs%3Dcomments


The U.S. Treasury Department is discussing ways to keep in reserve some emergency bailout funds even if the Troubled Asset Relief Program isn't extended beyond the end of the year.


The Treasury is considering whether to extend the bailout in order to keep control of a remaining $200 billion. But that decision is complicated by lawmakers who are worried about the increasing national debt, WSJ's Deborah Solomon reports.
.Treasury Secretary Timothy Geithner may opt to extend the program, which expires on Dec. 31. But even if the program isn't extended, officials want to keep at least some of the money that has yet to be committed to any particular program on hand in case financial conditions worsen and the government is forced to step in.

Postal Accountability and Enhancement Act

http://www.usps.com/communications/news/press/2006/pr06_pmg1209.htm

I personally am thinking test..no, more like Oh my God.
How much more money does Timmy really need?


Statement of Postmaster General John E. Potter
Passage of the Postal Accountability and Enhancement Act
The Congress is to be congratulated on the passage of the Postal Accountability and Enhancement Act of 2006. I would single out for extraordinary effort Senators Susan Collins, Joseph Lieberman and Thomas Carper and Representatives Thomas Davis, Henry Waxman, John McHugh and Danny Davis for making reform a reality.

We are grateful that the funding for USPS retiree military service obligations will be borne by the Treasury.

This, combined with release of the escrow funds, will be used for retiree health benefits. We look forward to working with the mailing community, USPS employees, the Postal Regulatory Commission and the Treasury on implementation of the pending legislation and delivery of affordable universal service to all Americans for many years to come.

http://georgewbush-whitehouse.archives.gov/omb/legislative/sap/109-1/hr22sap-h.pdf

The substantial pension savings from P.L. 108-18 provide an excellent
opportunity to transition to a financially self-sufficient USPS. The President's FY 2006
Budget proposes to use the amounts that would otherwise be held in escrow to enable
USPS to contribute $42.5 billion over the next 10 years toward paying down its
substantial retiree health benefits liability. If these unfunded retiree health benefit
liabilities are not fully addressed now, unnecessarily large spending will be needed in the
future to pay these health benefits costs as they come due.
The President's Budget proposal would allow the elimination of the statutory escrow
requirement to be accomplished in a manner that would have no adverse budget impact.
However, H.R. 22 would allow USPS to use a portion of the escrow as a subsidy for
current operations, and thus would have an adverse budget impact.
Treatment of Military Service Obligations. The Administration believes that USPS must
continue to be responsible for pension costs connected with military service credits for
postal employees under the Civil Service Retirement System (CSRS) and opposes
provisions in the current version of H.R 22 that would grant USPS a subsidy with a net
present value of $27 billion by transferring all of these military service pension credit
obligations to the General Fund of the Treasury. USPS's responsibility for paying this
military service pension credit obligation is a cost of doing business, and USPS should
not be absolved of its responsibility to pay for these unfunded liabilities

Consequently, we will simply not have the means to meet all of our required obligations as we close the fiscal year. This will have a direct effect on our ability to meet the scheduled payment of $5.4 billion to the Postal Service Retiree Health Benefit Fund, which is required on September 30, by the Postal Accountability and Enhancement Act of 2006

I want some more

http://online.wsj.com/article/SB124970470294516541.html

Have you ever seen "Interview with a vampire"? There's a really creepy part where the little girl feeds for the first time that somehow reminds me of the insatiable need for money that the treasury needs to acquire to satisfy it's needs.

U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months.


This is a rerun of the "Hank Paulson" show, and lets not forget just how much damage that bazooka really did, and just how fast giving them that ammunition did it. a And now.... they want an unspecified amount More.

They are insatiable, just like that little girl and they rely on us "The Taxpayer" to feed them again and again just to keep the world confident that we're not going to stiff them for the bill.
I makes you wonder what happen to our country and just where they have really lead us doesn't it? It looks to me like the "Poor Farm"
Is confidence worth the cost of no future to the taxpayer other than being liable to pay the bills

They are now asking to drain us dry with their unspecified amount and who's going to stop them? You can bet it won't be Congress, who as it would have it, has never turned them away hungry at the door before. They made the mistake of actually inviting them in to feed.

They seem to have no problem with the fact that the reason they are asking to feed again so soon is because the United States really can't pay it's bills or stay on a budget for that matter.

Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors

Ah no amount, but we do have a deadline looming ahead of us.
Tell them no more debt America.
It's time to kill the vampire and watch it burn and put an end to this curse.
We owe it to our kids

TARP profit claim bugs skeptics

http://money.cnn.com/2009/08/04/news/economy/tarp.profit.fortune/index.htm

Ah their gamble as seen and described through the vision of their own rose colored glasses, as recall it "the people" made their voice quite clear for the case of NO Bailout funds. That was Hank Paulson's baby forced through under the guise of Martial Law, and as you can already see history will be written to tell a different version of the incident and it's failings.
The buck never stops as long as they can keep on borrowing.


And the bet taxpayers made on the financial sector is looking a lot better now than it was when Geithner took office: on Monday, the S&P 500 closed above 1,000 for the first time since President Obama's election last November

Geithner Says Unemployment May Peak in Second Half of 2010

http://www.bloomberg.com/apps/news?p...d=aFgRG8QbeKNY


The U.S. unemployment rate may not peak until the second half of 2010, possibly necessitating another extension in unemployment benefits, U.S. Treasury Secretary Timothy Geithner said.

“I think that is something that the administration and Congress are going to look very carefully at as we get closer to the end of this year,” Geithner said in an interview today on ABC’s “This Week” program.

The U.S. economy contracted at a better-than-forecast 1 percent annual pace in the second quarter, the Commerce