The $640,000 question

Yes, I am old enough to remember the quiz show, “The $64,000 Question”.  Of course, that was back in the day when $64,000 was a fortune.  Recently, Fannie Mae and Freddie Mac spent 10 times that amount sending 100 employees to a “mortgage conference.”  I’m not entirely sure what those things are, but, let’s put this in perspective.

Thus far, you taxpayers (although, given this administration, perhaps “suckers” is a better word) have spent $151 billion bailing out Fannie and Freddie.  And, that figure is growing on an hourly basis.  Given that, one would think that Fannie’s and Freddie’s first objective would be to “stop the bleeding”.  Au contraire…pull harder.

There was a mortgage industry conference in Chicago recently and this administration sent 100 employees to it costing Fannie and Freddie $640,000.  Here is how your money was spent.

The spending included nearly $342,000 for travel, food, hotel and meeting room space and $74,000 on four invitation-only dinners for mortgage-lending companies that do business with Fannie and Freddie.  The companies [Fannie and Freddie] spent about $140,000 to sponsor the conference and about $68,000 for registration fees…

Here’s the justification for this waste of your money.

Fannie and Freddie say they value face-to-face meetings with customers [i.e., banks and mortgage companies] as a way to understand their needs.

Understand their needs?  Through Fannie and Freddie, 70% of the mortgage loans in this country are either backed or purchased by these two agencies.  As a practical matter, there is no where else to go.  And, what, are they trying to do, “drum up business”?

This type of nonsensical government spending goes on every day.  And those in charge don’t care. 

After all, it’s not their money…it’s yours.


26 replies
  1. Gary J
    Gary J says:

    ?The big problem is there isn’t even one person that has been elected that can see these things. You think they are wearing sun glasses but in reality ,once in Washington they are painted black glasses. nothing can be seen at all. They all drink from the same glass. Obama? fills it at this time. It will never stop not ever.

  2. sammy22
    sammy22 says:

    It’s truly disgusting to see that our elected officials (both parties) are seemingly so uncaring about the business of the people. Even “feckless” countries like Greece and Italy have taken measures to rein in profligate spending. In the US: nada!

    • Lynn
      Lynn says:

      Sammy, it must be sunspot activity, but I agree with you. However, I have one caveat, yes there are members of BOTH parties who are uncaring about the business of the people. But, there are several newly elected Congressmen and women and Southern Democrats who do care. I am trying (boy, I’m sure not perfect) to truly look at each and every member. Those who care, we can send an “atta boy/ girl holiday message”. I know I always plug Cavuto on FOX, however, he has members of Congress from both parties and by answers to his questions you can immediately see who cares and who Loves Pork. Suey, suey

  3. Dimsdale
    Dimsdale says:

    I have one question: did the muffin price meet or exceed that of the infamous little soiree the Justice Department had last summer?

    • JBS
      JBS says:

      Remember the lavish party the postal service threw for itself celebrating the birthday of the postal service (Franklin would go postal) or the retirement of one of its big-shots? Big dollars for a quasi-governmental “Service” that was already hemorrhaging million — err, billions of dollars. Public was not invited.

  4. JollyRoger
    JollyRoger says:

    I must have reached the seventh stage of grief? (acceptance), regarding the cost of this conference.? It was only $6,400 per employee- which is modest compared to the annual salary increases of many UConn faculty.? Lots of hospitality jobs were stimulated, lots of pastries and muffins were tendered, and the money trickled down and will probably fertilize Chicago’s political landscape- what’s the harm in that:)

    • JBS
      JBS says:

      Sounds like a funding mechanism for the DNC. I’d bet that the conference facilities, caterers, and supporting companies are owned by good Democrats.

  5. ricbee
    ricbee says:

    Apparently you? don’t know about the top 10 executives for Fanny & Freddy getting $12.8 million in bonuses for costing us a fortune. That 1/2 mill is chicken feed.

    • JollyRoger
      JollyRoger says:

      Okay, maybe I need to start over- in the denial stage!? But you need to revisit your bargaining stage- what can you do?? It’s not our money- it is theirs 🙂

  6. JBS
    JBS says:

    Thank you for this post SOS.
    I’m surprised that it was only a hundred people invited to the conference. wouldn’t the luxury charter plane fit any more? Perhaps I’m cynical here but, why do I keep hearing someone playing a fiddle in the background . . . slim, short-haired, big-eared guy wearing a toga and a laurel wreath?
    Bored bureaucrats are out for what they can get. Who among them would say no to an all expense paid trip to Chi-land? For the good of Fannie Mae and Freddie Mac, mot to mention their own jobs? Cynical again but, I’ll bet the DNC benefited from this little perc to the toiling upper-levels. Nothing this Regime or its minions does is not tainted with politics.

  7. SeeingRed
    SeeingRed says:

    So we’re all sick about it.? Incident after incident, we all know DC cares little for OUR $.? D or R (but especially D, as buying thier constituents is an older mantra).? So what can we do?

    Vote?? Really?? We live in CT – get real.? We have no affect on the outcome in all reality.? Even if Ron Paul (who scares the bejezus out of me) were elected, think the Gubmint would change ONE IOTA?? Not.??

    This democracy is doomed, pure and simple.?????Maybe it’s time to scam the system at every turn as to not do so just puts one (further) behind.

  8. sammy22
    sammy22 says:

    Lynn, I no longer care which color/flavor the Congressmen are. They are totally worthless and they are reduced to? preach and not to act. They have had plenty of opportunities to hammer out a plan of action that would be good for the country and they simply abdicated their responsibilities!

    • Lynn
      Lynn says:

      Unfortunately, you are correct so far. I was raised not to believe that life will always be so bleak. My rose-colored glasses convince me that with the next election, more Congressman/women will be elected that know what they are elected to do.? If not, well I guess, I will have to rethink.

  9. JBS
    JBS says:

    What can be done? I am on a campaign to educate myself about WHY the nation has fallen into such a dismal state. And so quickly. Greed, avarice, venality and the continued concentration of wealth to select individuals has always concerned me. That our government is facilitating the destruction of our free way of life and subordinating us to a life of serfdom under a world socialist order is of more than little concern. Every day we are bombarded with stories of how more and more of our remaining humanity and our country? is being subjugated in the name of some unsaid plan which our leaders will not name but, even unsaid, it is still there; the destruction of the United States is not just a series of random events. I want to know and name that evil thing . . .

    • Lynn
      Lynn says:

      @JBS, When I was younger I believed in the industrial military complex (also known as the John Birch Society, which may or may not be JBS). I no longer believe in conspiracy theories. WE are responsible for our government, and no one said it was easy. Does anyone think that our founding fathers had it easy? The signers of the Declaration of Independence were guilty of Treason, many of them were killed and lost everything for signing their names to that document. Look no further for the evil thing….As Pogo says, “Yep, son, we have met the enemy and he is us.

  10. sammy22
    sammy22 says:

    As soon as you say “life of serfdom under a world socialist order”, you are implying that there is some nefarious entity outside the US subverting the US is some fashion. There is no outside influence that is making the US the way it is. It’s all home grown, we all contribute to it and we do not want to admit that. The alcoholic will not “reform” until he admits he is one. Same story here. How many times have read about American exceptionalism on this blog?

    • Lynn
      Lynn says:

      LOL,LOL,LOL, Sammy, I see you are leaping to the same conclusions as you do about global warming. You made my day already! Have a great day!

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