Bachmann Benefitted from Federal Home Loan Program

[240 is Back]

 Source: Washington Post

Like many members of Congress, Rep. Michele Bachmann has been a fierce critic of Fannie Mae and Freddie Mac, blaming the government-backed loan programs for excesses that helped create the financial meltdown in 2008.

And like millions of other home purchasers, Bachmann took out a home loan in 2008 that offered lower costs to the borrower through one of the federally subsidized programs, according to mortgage experts who reviewed her loan documents.

Just a few weeks before Bachmann called for dismantling the programs during a House Financial Services Committee hearing, she and her husband signed for a $417,000 home loan to help finance their move to a 5,200-square-foot golf-course home, public records show. Experts who examined the loan documents for The Washington Post say that they are confident the loan was backed by Fannie Mae or Freddie Mac.

Seeing problems with the programs — especially the high costs to taxpayers — hasn’t stopped a concerned public or other members of Congress from taking advantage of the lower interest rates that come due to government backing.

Bachmann has been the most outspoken critic of the loan programs and other government subsidies among Republican presidential candidates....

 

[Purge_WTF]

  First the farm thing, now this.

  Her presidential hopes sink further into the grave.

[Soul Crusher]

Are you people this cracked?  This is probably the dumbest thing I have read yet.

[Soul Crusher]

180 do you even know how the mortgage market works and what fanny does? 

[tonymctones]

you know youre supposed to post a link when you copy and paste dont you?

[Soul Crusher]

I'm still wondering if he even knows how the mortage market works.   This has got to be the most ridiculous attack yet. 

[tonymctones]

I'm still wondering if he even knows how the mortage market works.   This has got to be the most ridiculous attack yet. 

from his posts he has a limited idea of how business in general works.

[Soul Crusher]

Fanny underwrites most mortgages now.

[240 is Back]

you know youre supposed to post a link when you copy and paste dont you?

Source: Washington Post

[Vince G, CSN MFT]

Source: Washington Post

Like many members of Congress, Rep. Michele Bachmann has been a fierce critic of Fannie Mae and Freddie Mac, blaming the government-backed loan programs for excesses that helped create the financial meltdown in 2008.

And like millions of other home purchasers, Bachmann took out a home loan in 2008 that offered lower costs to the borrower through one of the federally subsidized programs, according to mortgage experts who reviewed her loan documents.

Just a few weeks before Bachmann called for dismantling the programs during a House Financial Services Committee hearing, she and her husband signed for a $417,000 home loan to help finance their move to a 5,200-square-foot golf-course home, public records show. Experts who examined the loan documents for The Washington Post say that they are confident the loan was backed by Fannie Mae or Freddie Mac.

Seeing problems with the programs — especially the high costs to taxpayers — hasn’t stopped a concerned public or other members of Congress from taking advantage of the lower interest rates that come due to government backing.

Bachmann has been the most outspoken critic of the loan programs and other government subsidies among Republican presidential candidates....

 

Why am I not surprised...

[Soul Crusher]

Honestly - Vince - you are a moron, along with 180.   

Do you even know how the mortgage market works?  Seriously - do you even know what Fanny does? 

[Vince G, CSN MFT]

Honestly - Vince - you are a moron, along with 180.   

Do you even know how the mortgage market works?  Seriously - do you even know what Fanny does? 

You're the one that's a moron.  Anyone who criticizes a program but uses it to their own personal benefit is obviously a hypocrite.

The Tea Party isn't really happy with this recent news and honestly you can't blame them.  She didn't have any chance of winning the primary anyway.

[Soul Crusher]

You're the one that's a moron.  Anyone who criticizes a program but uses it to their own personal benefit is obviously a hypocrite.

The Tea Party isn't really happy with this recent news and honestly you can't blame them.  She didn't have any chance of winning the primary anyway.

Its posts like yours that make we realize why our nation is so fucked. 

Again - do you know how the mortgage market works - yes or no? 

[dario73]

Again - do you know how the mortgage market works - yes or no? 

I will answer it for the black fag.  Answer: NO

[Soul Crusher]

Its amazing - 180 and Vince don't even know what Fanny does or its role in tjhe mortgage market and think this is even a story. 

[Soul Crusher]

Fanny and Freddy backs most loans you stupid fucking morons! 

Damn 180 - you are so far gone its not funny if you dont even know how the mortgage market works.     

[Vince G, CSN MFT]

Fanny and Freddy backs most loans you stupid fucking morons! 

Damn 180 - you are so far gone its not funny if you dont even know how the mortgage market works.     

They do but not all loans so if Bachman didn't like Freddie and Fannie then she should have used another service or bought the home outright.....  

[Soul Crusher]

They do but not all loans so if Bachman didn't like Freddie and Fannie then she should have used another service or bought the home outright.....  

Unreal how ignorant you are.   Perfect example of why we are in this mess and have obama as potus.   

[Skip8282]

Just a few weeks before Bachmann called for dismantling the programs during a House Financial Services Committee hearing, she and her husband signed for a $417,000 home loan to help finance their move to a 5,200-square-foot golf-course home, public records show. Experts who examined the loan documents for The Washington Post say that they are confident the loan was backed by Fannie Mae or Freddie Mac.

Suppose it would be too much to ask for them to at least make sure it's factually correct first?  Then publish.

[Soul Crusher]

ALMOST ALL LOANS ARE BACKED BY FANNY! 

Is she supposed to now not even go for a mortgage? 

Geez - its really pathetic how desperate 180 is to attack bachmann for the most insignificant stuff. 

[roccoginge]

Are you people this cracked?  This is probably the dumbest thing I have read yet.

Just admit it that these people are no good crooks and swindlers.  It's that hard to realize?  You're a little more intelligent than that.

[Soul Crusher]

No, I know how the mortgage market works.   I guess being informed on business and economical matters is now a bad thing in  America. 


Almost everyone who gets any mortgage of any nature now gets a loan backed by fanny and Freddy. 

here is what happens for most people - they go to a mortgage broker.   They submit an app.  Mortgage broker seeks the best deal for client in the mortgage market based on rates, nature of the property, and borrower.   

If it was a commercial loan, fanny most likely would not be involved.   However, for most conventional loans, fanny is involved since that is what they do.   They back these loans and sell sort of an insurance on these things based on the mortgage profile. 

Bachmann most likely had little or no choice in the matter whatsoever and I am 99.9999999999% percent sure she was never even told or given the choice that fanny was involved in this on any level whatsoever. 

[roccoginge]

No, I know how the mortgage market works.   I guess being informed on business and economical matters is now a bad thing in  America. 


Almost everyone who gets any mortgage of any nature now gets a loan backed by fanny and Freddy. 

here is what happens for most people - they go to a mortgage broker.   They submit an app.  Mortgage broker seeks the best deal for client in the mortgage market based on rates, nature of the property, and borrower.   

If it was a commercial loan, fanny most likely would not be involved.   However, for most conventional loans, fanny is involved since that is what they do.   They back these loans and sell sort of an insurance on these things based on the mortgage profile. 

Bachmann most likely had little or no choice in the matter whatsoever and I am 99.9999999999% percent sure she was never even told or given the choice that fanny was involved in this on any level whatsoever. 

All the mortgage brokers I know steer the client to the worst mortgage where they will make the most money.

[Soul Crusher]

All the mortgage brokers I know steer the client to the worst mortgage where they will make the most money.

Ha ha ha. Lmao.     probably.  True.  Sad but true.   


Most mortgage brokers I know were day traders and boiler room scammers in the 90's and wen into mortgage banking after e tech bubble burst. 

[roccoginge]

Ha ha ha. Lmao.     probably.  True.  Sad but true.   


Most mortgage brokers I know were day traders and boiler room scammers in the 90's and wen into mortgage banking after e tech bubble burst. 

Yeah, they're crooks, my one friend just bought a new Lambo.  He has his own company though.  My other friend is probably pulling down 3-4 mill. a year also.