Did they really say that?

Two articles caught my eye this past week. In the first, we learn that Fannie Mae will be asking you, the taxpayer to cough up another $4.6 billion to make up for recent losses.

In a statement, Fannie Mae points to the major losses last quarter are the fault of homeowners paying less interest, having been granted permanent modifications at much lower mortgage rates… [emphasis supplied]

Fault?…and, who would have thought that a lender would have less income when it lowered interest rates?

In the second, we learned that GM will be idling production of the Chevy Volt for five weeks, as, it seems that very few customers want them.  The comments of GM’s North American chief, Mark Reuss are enlightening.

A planned new national advertising campaign and rising gas prices also should bring in more customers, he said.  ‘There are some really good things happening and we are going to keep that momentum’, he said. [emphasis supplied]

And, all the while, you thought rising gas prices were bad.  Silly you.

9 replies
  1. Dimsdale
    Dimsdale says:

    Waitaminnit!? Exactly who was it that “granted” these permanent mortgage modifications at lower rates?? I do believe it was our Fearless Leader, ?bama.? So I, and everyone that honored their mortgage agreements are going to be paying for those who did not??? Have I become one of the infamous “rich” all of a sudden?? Can you say “income redistribution” yet again?
    Maybe ? should pitch in his campaign funds to pay for it, since vote buying was the goal.? And all of those other pols who thought this was such a great idea.

    • GdavidH
      GdavidH says:

      ?In the “good old days” a politician would by a round at the local pub with his own dang money.

  2. GdavidH
    GdavidH says:

    As for the Chevy Volt…..This thing is the perfect analogy for the Obama administration. Bad press. They just haven’t communicated/explained it well enough. The American people just?don’t get it.?

  3. SeeingRed
    SeeingRed says:

    The diference between Volt & Edsel?? 50 years from now the Volt will be a?long forgotten folly (POS)and?but the?Edsel will still be a curio sought by car collectors.

    • Dimsdale
      Dimsdale says:

      The Edsel was a good car with an unfortunate front end.? The Volt is a bad car with an unfortunate level of support from the government to make a silk purse out of a sow’s ear.
      On the good side, the Volt will be a lot rarer than the Edsel.? The ones that don’t burn, that is.

  4. JBS
    JBS says:

    Outrageous! Blame the people who benefited from permanent modifications to their mortgages? Preposterous. Asinine. How Democrat! It’s like Dodd and Frank never had anything to to with the mortgage meltdown. Liberals love to blame anyone except another liberal.
    Only a liberal car dealer could justify rising gasoline prices as a “good thing” and “keep that momentum” going.
    This is the problem with having government promote new technology. Development could have progressed very well in the private sector, working out not only the vehicle, its battery and, how to recharge the thing when it needs it.
    Our electrical grid would collapse if everyone plugged in their electric car after they got home from work. Way to go! An environmental time-bomb.

  5. RoBrDona
    RoBrDona says:

    As for Freddie and Fanny, I have said for many years that they are a pernicious example of government central banking. If the Invisible Hand exists, then these “lending institutions” are the sound of the other hand clapping. Government mandated lending policies designed SPECIFICALLY for unqualified mortgagees short-circuited the balances of free-market capitalism leading, predictably, to disaster. That taxpayer money is used to keep these institutions open is the crowning indignity.? ? ?

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