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Americans for Tax Reform Director Mattie Duppler and wealth manager Ty Young on Bank of America’s settlement with Fannie Mae.
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It watchdog -- just as that is the problem with bailouts taxpayers keep losing out but -- -- -- -- -- big government lie about it is I don't hear do.
-- -- -- High and mighty -- Tiger markets were kind of sanguine on this -- -- battle I don't know surprised wobble -- but I think it's apparent.
-- thanks had me backed deal of course it's offensive.
When Bank of America took over countrywide loans.
Under TARP the federal government agreed to pay back.
How many losses that BankAmerica had because a countrywide so one Bank of America -- -- ten billion dollar check to Fannie Mae.
Ultimately taxpayers are gonna be on the hook and it doesn't end -- the executives of Fannie Mae and Freddie Mac.
Are losing money hand over fist and still getting bonuses holier than a government agency do you get a bonus when you lose money hand over fist.
In the private sector be lose money and a revision get fired.
You know out what's weird about -- is that.
The bank is paying of these penalties.
Weren't entity that government all but forced it to buys -- leaving hypocrisy aside -- out of that.
You've got to wonder when.
Fannie gets its just desserts and we get just some of our money.
Ever happen right yeah -- a sweet deal for these GSE that continued to override.
Any kind of hope of a private market in homeownership.
But you know you -- happening on the high we're talking about ten million dollars which in the scheme -- -- of the hundreds and billions is spent to bail out these banks.
Doesn't seem like a lot of the taxpayers who are footing the bell.
For these bailouts for the moral hazard the government continues to encourage.
That's a lot of money -- it sets the stage for what we're going to see even more government intervention not only in homeownership.
But in that the banking system rail Marta good -- anything is -- Now go the ten million here at eight ads they had separate bank agreement -- There's got to be a big old -- you may call investors -- that burned or.
Or mortgage -- who were or were -- yeah I think it's just an open box that everyone rates.
It isn't a slush fund the continued the entire government sponsored enterprise.
-- allowing banks to make risky lending decisions knowing that taxpayers are going to bail them out in the and he'll looking at the countrywide deal.
No rational person would have taken that deal but knowing that taxpayers we're going to be the backstop for any kind of risky landing procedure.
Umpqua Bank of America's going to die right and they know it's going to be cash cow for them in the -- You know outside leaving aside the hypocrisy at some of this and everyone taking -- -- see that kind of pain we exact about a Bank of America for the deal that the government that's protecting us got out of the country that forcibly -- to buy something.
From us and and -- it gets convoluted but you know an insect.
How -- -- three.
Except or good -- you -- good opt out.
Being very very much joined at the head with the same government it wants to break.
It's it is in the market obviously this point is trading on that -- government printing money and it's -- hard relationship the reality have a.
Today I like guys like you know and I know you're different -- actually good guy I.
But used to espouse but think there is out of my backyard out of my business on May get on my I don't know element.
Well I completely agree with that as far as Fannie Mae and Freddie Mac as far as I'm concerned what we should do as we should -- their charter so -- their assets and not have the gold lending money to people.
Who -- or not credit worthy have a history of not paying it back if we continue on the same the same path the wrong loaning money again.
Two people that are not credit -- we can actually expect the same result that we got last time.
-- is what is it with Freddie and Fannie these institutions that are beyond reproach that are never investigated their heads out of -- -- The executives either -- compromising photos of powers that be watching in horror.
There's a blind spot place.
Why united tale of the lawyers' time the government gets involved in all the -- it's hungry for more and they CT as the TSE's Fannie and Freddie.
As their way to the private enterprise they -- -- -- -- In the banking community you know on the prime that we have -- we're looking at the Dodd-Frank bell that was never really -- flash -- is really kicked a lot of this kind of rule making out to bureaucrats who aren't elected.
Who don't have to answer to American voters ever going to see a lot more of this kind of capricious rule making that allows these TSE's source sucking taxpayers dry -- -- to contain these kinds of practices it's really a problem that we're going to be seen next next year probably -- south.
Yeah because I keep thinking of the ten billion dollars they got.
And a fraction of what they owe us right.
I'm just crazy that he tonight thank you both very much -- like they'll provide some reason that we believe it -- -- here.
