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UW Tuition Farce

Started 11 months ago by kootchman
Latest reply from jamminj

kootchman
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I purchased GET for Wa state tuition. My wife and I are both from states with "legacy" tuition rates. As I started to search those systems I noted none of the rates of increases of WA state schools. One system with 28 College and University Centers, has an average tuition rate of $4100. My home state has 5 times the enrollment of the WA state system. My wife's; home state larger still. Sooo..I will send my kids out of state, WA will pay the prevailing UW rate..I will actually make a profit! The problem with UW is poor fiscal management.

Posted 11 months ago #
kootchman
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The middle class is getting slammed by excessive federal college loan underwriting. Colleges raise tuition, knowing liberals will cry for more loan underwriting. The colleges, WA state in particular, has no incentives to control costs. Why should they? They know loan increases or taxpayer subsidy is going to cover the increases. It is the same as the recent housing bubble and deflation. Costs rise when student loans rise to meet them. The meteoric rise in WA state schools is directly related to these loans, which have huge default rates. There is NO excuse for the taxpayer to underwrite private colleges. At a minimum they should be capped at state college rates... bet ya some of those 50K plus tuition rates plummet.

Posted 11 months ago #
KBear
Member Profile

You're right, kootchman. We should be cutting public funding for higher education even further, so we can have more uneducated and underemployed citizens. Heck, why are you even sending your kids to college? They'll probably just learn how society actually functions and stop listening to your crackpot ideas.

Posted 11 months ago #
Andy
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Congrats, kootchman. That's perhaps the fastest I've seen someone get a person to clearly demonstrate that his/her definition of "crackpot idea" is "anything I disagree with."

Posted 11 months ago #
maplesyrup
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I think kootchman is hooper's son.

Posted 11 months ago #
datamuse
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How much state funding do those much-vaunted state U's in your and your wife's home states get, kootchman?

Posted 11 months ago #
kootchman
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I did not suggest cutting spending. Don't be doltish KBear. The WA University system is run on student debt. That is what is killing higher education. Why invest 100K in an undergrad degree when you can take four weeks of training and drive a muni bus for 87K per year? In a time of scarce resources, you and I underwrite Harvard with guaranteed student loans... and they sit on a multi-billion dollar endowment? If I want my children to learn that society runs on defaulted debt spending, fiscal mismanagement, I would send them to UW... sounds like a gored ox.

Posted 11 months ago #
kootchman
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The objective here is an AFFORDABLE education...that means affordable for the taxpayer as well as the student. You want an educated, innovative workforce? Then WA must educate at a reasonable cost. I have never voted against publica education referendum. I am a product of both public schools and public colleges. Indebted to both. But his model of crushing debt and a fiscal free pass is not working, If you want more of the same, subsidize it.

Posted 11 months ago #
TDe
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UW state resident undergrad degree for 2012 is projected at $9710, so you don't have to worry about spending $100K like you stated, for a 4-year education.
http://www.unc.edu/depts/trustees/PP%201110%20FB%20Tuition%20&%20Fees.pdf

What you do have to worry about is whether or not your kid will get in, because there is a state wide budget shortfall and all public schools are trying to deal with it.

If you're so upset about UW tuition, why not send your kids to Central WA Univ - Undergrad resident tuition about $6200 per year (assuming he/she doesn't attend summer quarter). Or how about Eastern Washington Univ ($6604 per year for resident students). And there's Evergreen at about $6900 per year)

Or here's a better idea. Send your kids to two years of community college at around $87 or so per credit and then enroll them at a 4-year when they graduate from Community College.

Or go ahead and send them out of state with transporation costs and non-residence fees. When people don't want to pay taxes, services must be cut and rates raised... Unfortunate fact of life. I'd be interested in knowing which state has $4100 for a year's tuition at a public university.

Posted 11 months ago #
kootchman
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TDe....UW has already stated their intent to raise tuition 30%... but since you asked... NDSU $4100, Tn State $3200, SUNY-Geneseo (considered the "honors college of the SUNY system) $4300 ETU $3100. I am NOT upset about the UW tuition,.... I am DELIGHTED...since I paid up the GET program... I receive the HIGHEST tuition rate in effect at the time my two are in college, regardless of where they go. That's the contract. So far...if UW tuition increases continue.. I can send them both to say... SUNY (legacy program) make $5000 per year more than the tuition..all paid for by the State of Washington... sure takes care of the Xmas and Spring break flights home doesn't it! My kids would shoot me if I sent them to CWU! UW is a taxpayers swamp...

Posted 11 months ago #
kootchman
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Here TDe ... google public University legacy tuition programs... if UW has such a shortage..their first obligation is to educate the children of the taxpayer that supports them. Not out of state or foreign exchange students. Until they serve their mission of Washington students first...then others...the taxpayer should tell them to pound sand. Take a virtual tour of UW Suzzallo Library...then tell me UW is cash strapped. It is a testament to academic indulgence... pretty? yes. Necessary to educate WA students? No. It's a library, not a holy see

Posted 11 months ago #
Genesee Hill
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kootch:

The more I read your posts, the more I think you are the classiest of acts! You know, what is in it for good old kootch! You are quite the gamer! I, for one, am proud of you! You have got your nickels and dimes all figured out. Heck, you make Silas Marner look like a choir boy! Congratulations!

Posted 11 months ago #
TDe
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I don't understand. Suzzallo was built in 1923 and renovated in 2002. Doesn't make sense to dismantle it brick by brick at this point.

But, I do agree with you that UW should try a little harder to find $ to educate Washington students first. It's tough though... I have friends who work up there and all departments have had cuts and are facing layoffs with this budget crisis, which could have been averted by the passage of the state income tax bill that was proposed in the last election. But, everyone wants something for nothing these days.

I don't agree with your children about the merits of Central Washington University, Eastern Washington University or Evergreen State College though... and WSU is totally cool, as well. I'd take those schools over North Dakota, Tennessee or SUNY anytime. But, I'm a State of Washington fan to the core. :)

Posted 11 months ago #
Genesee Hill
Member Profile

kootch:

No, I work for the GET program! ROFL! Trying to free up public money for your miserly pursuits!
Please keep counting your nickels and dimes! Oops! I think you may have dropped one!

Posted 11 months ago #
datamuse
Member Profile

I am a librarian. I'm pretty sure the Holy See has better funding.

Posted 11 months ago #
tanyar23
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A public university is a university that is predominantly funded by public means through a national or subnational government, as opposed to private universities. (From Wikipedia)
The taxpayers of Washington specifically those who've supported Timothy Eyman initiatives have voted where they want their money, which is not in the pockets of education. I wonder if Washington will begin to look like Alabama in terms of education.
Washington use to use a state supported model of education, in which they covered 2/3 of the actual cost in terms of schooling (at least at the community college level). Then, students would pay 1/3 of the actual cost with tuition.
The problem with these sorts of changes is that typically, there's no going back. The increased costs continue along with decreased services.

Posted 11 months ago #
TDe
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NDSU Fargo is $6661 for resident tuition and more than $16K for a non-resident. Also projected to rise 8.8% for 2012.
http://www.ohe.state.mn.us/sPagesOHE/TuitionChart.cfm?State=ND&pageID=652&1534-D83A_1933715A=68d906996e3eb39fd3b807ca4bd81b43b93b46d7

Tennessee State tuition is currently $5854 for residents and $18,850 for non residents. http://www.collegedata.com/cs/data/college/college_pg03_tmpl.jhtml?schoolId=1541

And those costs are only tuition... not books, not fees, not transportation, not food, not housing, not clothing, not papers and pencils, etc. UW might still be a bargain in the end, if kids could live at home.

Posted 11 months ago #
kootchman
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datamuse...the holy see does have better funding...but you wouldn't work for the same wages as their employees, except the Swiss Guard detachment. In the same year we opened the downtown library, we announced library hour cutbacks. We "just had" to have a Rem Koolhaus design... after all, we needed to be world class.... the building site for you architectural aesthetics, is crap. It is swallowed on all sides by adjacent buildings. I noted this week that the colors have faded on the blue metal... 5 million repaint job coming..and the lattice work..designed to trap pigeon crap and the green ever present mold has found a home. An architect friend of mine commented, it looks like someone made a chicken coop out of leftover 2.4's, chicken wire, and didn't have the tools to measure or cut. But we have a Rem Koolhaus design...(off a cocktail napkin at Salty's) So Mr. or Ms. datamuse...what I remember about public libraries are the story books, the reference help, the massive collection of other worlds and things..and the librarians. What happens inside the buildings is what counts. I knew it Genesee Hill...if the state was more responsible with the dollars, maybe we taxpayers would not have to be so nickel and dime obsessed. Simply put, the state is not trusted to spend wisely. To give more is to see more wasted.

Posted 11 months ago #
datamuse
Member Profile

I don't work for a public library either, kootch.

For somebody obsessed with budgeting, you don't seem to really know how they work. The money spent on building that monstrosity COULDN'T be spent on the staff to keep it open. Voters passed a levy to build new libraries, and that's what they got.

Posted 11 months ago #
tanyar23
Member Profile

Remember when teachers, public employees, Planned Parenthood, NPR and PBS crashed the stock market, wiped out half of our 401Ks, took trillions in TARP money, spilled oil in the Gulf of Mexico, gave themselves billions in bonuses, and paid no taxes?

Posted 11 months ago #
kootchman
Member Profile

I am sure CWU is a fine college...but no, i could not interest either one to live there. TDe..you fail to grasp the voracious appetites of governments, particularly the current crop. Remember the taxes levied for stadium construction that were supposed to lapse? That was our assurance...guess what? The state wants to extend them. Give the state an income tax...they will promise anything to get it..like no state sales tax? In five years...geez..a 2% sales tax is so small..then it becomes 3, 5, 7 etc. Then we stick it to visitors with car rental fees, hotel surcharges,.. you can't give more crack to the addicted...tough love. I give you one Mr James. O' brian...of Friday Harbor..Wa state Ferry deck hand...the lowest skilled worker possible...the US Navy calls them Boatswains, generally the dumbest of the dumb...very low skill set. Washington state compensated him $132,000 last year. He managed to use travel to and from his work sites to parlay over 75,000 in travel pay... Gregoire defending the taxpayer? We have a bloated, wasteful, inattentive governance that is incapable of self reform.

Posted 11 months ago #
hooper1961
Member Profile

the tuition increase hits the middle class hard (make a bit too much to get help but not enough to afford the tuition) and to see 5% (~$50/month) shifted to pay for other students is unjust burden on parents struggling to pay tuition for their own kid(s).

Posted 11 months ago #
kootchman
Member Profile

Ah...who needs college anyway...just a union card and employment by the state..

Posted 11 months ago #
kootchman
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datamuse...true enough..but we got a pig in the poke. The message being sent to the state, city, county is... you need to cut back and retrench and share the burden equally with a very strapped taxpayer..sadly these capital construction projects do have first claim... but irregardless, with an official unemployment rate of 9.1 % and an effective rate in excess of 14%...you can't take the last drop of blood. You all seem to forget that the 178 million shortfall expected next year.. is over 2 billion in lost business revenue. The state cannot sustain itself at these levels. We cannot sustain the state at their pre-existing levels of expense. You gotta jump in the life boat and row too.

Posted 11 months ago #
TDe
Member Profile

Remember when so many people left Seattle that the sign outside town said something like, Will the last person leaving turn out the lights? Well, we muddled through that tough period and we'll muddle through this one.

I'll live with the perceived failure of not understanding the appetites of government, because I so clearly understand the appetites of wealthy mega corporations, their lobbyists and paid political hacks, with every wonderful event they've brought us these past few years, as stated by tanyar23. I love this state - with all its wonder and glory, both East and West of the mountains and yes, even its failures. Sorry, but I'm not that unhappy with our state government. Go ahead and row on out of here if you don't want to get involved or support the services you use on a daily basis. I'll stick it out and bail water with the citizens who love it here.

Posted 11 months ago #
skeeter
Member Profile

I'm in favor of curtailing the college subsidy. Taxpayers are on the hook for paying education from K-12, and I'm okay with that. We want a citizenry that can read and perform math functions. Beyond that, I think students should pay for their education beyond 12th grade through loans, summer work, help from parents (if available) and scholarships.

If a student decides that an unsubsidized college tuition is not a good use of her money, then she can pursue another activity. Nothing at all wrong with that.

Posted 11 months ago #
kootchman
Member Profile

tanyar...just what did cause the collapse of the stock market? Hmmm... lets see. The Democrats... big ones... Barney Frank, Maxine Waters, Chuck Shumer, and Charlie Rangel... decided to take the Jimmy Carter Community Reinvestment Act and blow it to hugh proportions. To make housing affordable to all...Janet Reno threatened to take Fannie Mae to court to make more loans to low income clients. Fannie Mae then said,... ok banks, bring it on, we will underwrite anything. The banks, said sure thing, but we don't want these crap loans, with high credit risk customers. No problem said Shearson Lehman and others...since the federal government is backing them (like student loans) bundle them all up in big batches and see if we can sell them off...as government backed securities, Well shoot said the banks... we get the points up front, we have a market for crappy loans...write em' up boys and let's then sell them to a secondary market. Away they went. Sadly, the premise of all credit is you can pay back the loans was thrown out the window,...guess what? The poor credit skeezers defaulted. Those trillions of dollars of bogus loans were sold world wide...to 401K plans, foreign banks, sovereign banks...and it all came back to the source of the problem..The feds... "Hey these loans are crap"...and assets became unsustainable, horrid, liabilities that crushed the entire banking and credit system, worldwide. They were so toxic it ruined their mandatory reserve ratings..they did not have the money to cover the losses..So since the federal government caused the problem and said they would make good... enter TARP..to fluff up the balance sheets..and the Wall Street bail out. Ooops. That tanyar23 is the abridged version of what happened, Guess what....student loans are the same class.we don't care if you are a credit risk...go to your banks.. get some of that Pell Grant money...if you stiff the bank we will make good. The banks, again, said great...write em' up...we will get an origination fee and if they are non performing, hand em back to the feds... (aka taxpayer)...colleges LOVED it..we can raise rates through the roof..pay huge salaries, lavish benefits, build grand buildings and not to worry cause' students can borrow enough to cover our rate hikes... the feds are underwriting the loans. Hell we are now immune from the market forces of supply and demand. The only risk out there is to the old cash strapped taxpayer. Oooops again.. what that has to do with NPR or spilled oil, I dunno...you will have to make some connection to that on your own. My guess is that conservatives probably got a video of an NPR exec trash talking them...and the conservatives said screw them...why use my tax dollars to support an ideological foe? Sounds reasonable to me...we sure don't ask liberals to support FOX or Limbaugh.

Posted 11 months ago #
kootchman
Member Profile

And to make it even more egregious...that took all of that hog pile of TARP money...and bailed out heavily unionized companies ... like GM and Chrysler... Chrysler who owed billions to bondholders and suppliers went ecstatic..they no longer had to pay their creditors...including many mutual 401K holders. Whew...sure gets complicated when the feds use the banking system to get votes.

Posted 11 months ago #
kootchman
Member Profile

BTY...for an object lessons to you grab the cash liberals... our own little Keybank...who does make home loans, and keeps them as part of their assets..does not re-sell them, and will not lend you unless you can reasonably present your credit risk... is doing fine, great financial position, very stable... and not a dime of TARP. The would not swap their ethics for the travesty of Fannie Mae secondary markets... I suggest that you do business with them. Imagine, a stable bank in these times.

Posted 11 months ago #
TDe
Member Profile

Dear Kootchman... Take it easy dude. I can see the veins popping on your neck. I'm not going to respond to your crazy Rush Limbaugh type rant about the Democrats causing the recession while the Republicans were in charge... Clearly you're not in a good frame of mind to consider other viewpoints. But, I really do have to add just one quick note... http://money.cnn.com/news/specials/storysupplement/bankbailout/

Check the TARP bailout list. You'll notice Key Corp is on the list, just like most of the other major banks. And pay particular notice to which banks have not paid the treasury back.

Posted 11 months ago #
kootchman
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TDe... you are a sly one...but let's tell the whole story... Keybank and many other solvent banks were handed a fur ball... i.e here are some really sick instituions, and we can't manage the fiasco... so in order not to degrade further your reserves, (plunging house valuations) you need to acquire some of the mortally wounded banks..sorry bout' that but ... so in order for you to bring some order to our chaos ... here is TARP money... now go forth and here is a list of the mortally wounded..use TARP to buy them and salvages as much as you can.... please. do it for us... huh? Signed.. BHO

Posted 11 months ago #
kootchman
Member Profile

But I do see you have no comment on the underlying cause of the collapse... wanna give me a pass on that one?

Posted 11 months ago #
JoB
Member Profile

kootchman...
i won't give you a pass on that one..
but i won't play your game either.
it's far too time consuming...

you are amusing though..
you keep creating your revisionist history alternate reality
it bet there is a producer for this one lurking somewhere.

Posted 11 months ago #
dobro
Member Profile

Where do these right wing gasbags keep coming from? A couple of them run out of their FoxDrudgeLimbaughMonson bullet points and drop off the forum and then here come some more with the same deluded cr*p. Here's an idea for kootch- don't like the higher ed in WA? Move to Alabama. No unions there. You'll love it there. Everybody thinks like you do.

Posted 11 months ago #
TDe
Member Profile

What JoB said... I do enjoy your rants, K., but just don't have the time to take all the bait. One more thing though and then I have to concentrate more fully on work... If Key Bank is so solvent, don't you think they should have coughed up that furball by now and paid the government back, like a whole bunch of other financial institutions? Surely there's some rational reason why they haven't paid back their loans, like Chrysler and some banks, but I can't for the life of me think of what it would be.

Now I'm off to work hard for the money, so that my loans are paid off like I promised... Ciao

Posted 11 months ago #
tanyar23
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I'm going to drink soda water and skip the kool-aid.

Posted 11 months ago #
kootchman
Member Profile

TDe....because they have to carry the cash on the books to meet the federal reserve guidelines...until they can divest of the toxic assets, as they have been charged to do, they have to maintain the liquidity ratios as charged. Many institutions have been likewise afflicted. If your asset base...homes in this case, have plunged nationally to 2002 levels, the 40 per cent decrease has to be supplemented by additional reserves.

Posted 11 months ago #
kootchman
Member Profile

Chrysler paid off TARP..but screwed their creditors...no victory lap there if your 401 included corporate bond holdings. Hardly a stunning turnaround...you told others who in good faith loaned you billions...sorry...we are broke...and in federal bankruptcy so we don't have to pay ya a darn thing....whoosh.... I know Dobro,... it is after all Seattle, and we all know the left just loves to hear nothing but fellow parrots, affirming their own belief set...over and over and over again... I by the way, threw the stones at the farce of the entire system of federal underwriting of expansive higher education funding and the greed of institutions who lay that burden on students, many of who's exposure to finance has been baby sitting jobs or fast food service. UW happens to be one of the poster children of that egregious practice. I have not checked the University of Alabama to see if that venerable institution has similarly hogged up to the trough. Let me know if you find out. I guess Auburn also ranks low in your estimation of colleges? You are a dolt. Say...you do know Mercedes Benz put their new USA plant in Alabama? Imagine that, 250,000 direct and indirect jobs.while Boeing is trying to get the hell out of here as fast as they can build a SC plant....also home to the most PhD intensive community in the USA..Huntsville AL...and you jukin old slide player home of Muscle Shoals... and your aspersions on Alabama are based on?

Posted 11 months ago #
kootchman
Member Profile

Be careful Dobro.... you may yet be on that Seattle to Alabama trail.... that is if you have any technical, scientific, medical talents to supplement that dobro...

Alabama experienced a 13% growth in Science, Technology, Engineering, and Math (STEM) jobs from 2002-2010 according to the Enterprising States report recently released by the U.S. Chamber of Commerce and the National Chamber Foundation. This ranks Alabama 15th behind leading North Dakota, which experienced growth of 31%.

Not all that bad eh? Bet ya don't call folks gasbags to their face do ya? And ya certainly wouldn't do that in Alabama cause their code is verrrry different.

Posted 11 months ago #
redblack
Member Profile

But I do see you have no comment on the underlying cause of the collapse... wanna give me a pass on that one?

i'm your huckleberry.

so, you think that when george w. bush said that we have an ownership society and that everyone should be able to afford a home, all of those welfare queens went running to keybank with their papers from the fed'ral gubmint and started demanding home loans? right?

wow. you really do live in a fantasy world.

actually i don't have time for this. i recommend you watch inside job.

suffice it to say that mortgage-backed securities caused the economic collapse, not sub-prime loans.

in other words, it was the fault of wall street and their demand for high-interest portfolios - not main street. if you don't understand this, i really can't help you.

Posted 11 months ago #
kootchman
Member Profile

You really don't get it....the ONLY reason there were mortgage backed securities ... SOMEONE had to back those securities . You could buy bundles of them,,,thousands upon thousands without checking their credit worthiness...because the federal government backed them through Freddy and Fanny... it all unraveled when the loans started to go into default .. if they didn't you dolt...there would have been no run to dump them...and the ensuing "panic"..we ALL SHOULD be ale to afford a home..not a bad societal goal...but we all couldn't...my first home cost 68K in Woodinville and a coughed up 20% down...the house across the street went for 560K with NOTHING down to a carpet/flooring installer....hmmmm care to speculate what happened? I watched Inside Job and laughed my ass off....wanna trade propaganda blogs we both already ascribe to and support our pre-existing points of view? I gotta heck of a list for ya!

Posted 11 months ago #
kootchman
Member Profile

Zero down, 100% book to value appraisals, ... 100K per year households buying 500K homes,...American thought they struck a gold mine...real estate markets so "hot" homes appreciating 12-15% per year...and no end of loans...because no one had any skin in the game.... the loans and borrowers were sub-prime and the CRA act was the catalyst... people were buying homes for spe culation...funny ... the Obama admin is going after currency and oil
speculators...and that is exactly what the housing bubble was..except in that market, we the taxpayer had no choice but to be in the game...

Posted 11 months ago #
kootchman
Member Profile

In fact...I refinanced myself...I used to dread it..self employed folks have to amass a lot of documents...not this time...I got a re-fi for 160K...on the strength of a drive-by inspection, and a title check...NOT ONE document requested to confirm income either wages or investments.... nothing not one single income confirmation. My loan originator sold it within 90 days... to Chase..gotta go to bkfst ta ta

Posted 11 months ago #
dobro
Member Profile

Posted 11 months ago #
TDe
Member Profile

Here's the definition of the Community Reinvestment Act, which banks still operate under by the way, and that Act specifically states that by making their policies non-discrimminitory, they still do not have to make loans to high risk applicants. The CRA worked fine.. and still does actually... for more than 40 years.

"The Community Reinvestment Act of 1977 seeks to address discrimination in loans made to individuals and businesses from low and moderate-income neighborhoods.[7] The Act mandates that all banking institutions that receive Federal Deposit Insurance Corporation (FDIC) insurance be evaluated by Federal banking agencies to determine if the bank offers credit (in a manner consistent with safe and sound operation as per Section 802(b) and Section 804(1)) in all communities in which they are chartered to do business.[3] The law does not list specific criteria for evaluating the performance of financial institutions. Rather, it directs that the evaluation process should accommodate the situation and context of each individual institution. Federal regulations dictate agency conduct in evaluating a bank's compliance in five performance areas, comprising twelve assessment factors. This examination culminates in a rating and a written report that becomes part of the supervisory record for that bank.[8]

The law, however, emphasizes that an institution's CRA activities should be undertaken in a safe and sound manner, and does not require institutions to make high-risk loans that may bring losses to the institution.[3][4] An institution's CRA compliance record is taken into account by the banking regulatory agencies when the institution seeks to expand through merger, acquisition or branching. The law does not mandate any other penalties for non-compliance with the CRA.[6][9]"

Posted 11 months ago #
TDe
Member Profile

Red/Black is correct... Mortgage back securities and credit default swaps were the kickers to this recession. Read... Learn...

http://money.howstuffworks.com/mortgage-backed-security.htm

Posted 11 months ago #
TDe
Member Profile

And Credit Default Swaps...

http://money.howstuffworks.com/credit-default-swap.htm

Yeah, you lured me back into it, Mr. K. You are indeed darned entertaining! Be careful out there wandering around new motel sites, while recovering from your recent surgery. We'd miss your crazy, doom-filled rants. :)

Posted 11 months ago #
kootchman
Member Profile

TDe.....sure that is what the CRA says...but that is not what happened, Now that you have copied the statute..I can send a whole bushel baskets and links...the very best ones are Maxine Walters (hubbies bank fiasco and TARP is especially amusing/distresssing) and good old Barney Frank insisting as late as 6 months before the meltdown that CRA was great, fine shape, no problem should be expanded etc... then what he says after..makes your head spin. In point of fact Alan Greenspan called for tighter controls on both Fanny and Freddy and good old Barney flat out refused. It's not like there were no warnings...blocked a Republican request for GAO audit. Start with this one...the early signs of an impeding disaster...

Way back in the time machine to 2004.... the rest will be as much fun.

2004 The two companies were chartered by the government to provide a steady flow of funds for home mortgages. To do that, they borrow money from investors and buy mortgages from banks and other lenders. They also package mortgages into securities for sale to investors. Together they help finance half the home mortgages in the country. (wow they sell mortgage backed securities!)

2003

Federal Reserve Chairman Alan Greenspan and Treasury Secretary John W. Snow have called for tougher oversight of Fannie and Freddie because they worry that, given the huge scale of their operations, serious financial troubles at the companies could put nation’s financial system at risk. Though the government disavows any responsibility for the companies’ debts, public and private analysts say the government could be called upon to bail them out in a crunch….

From that conservative dominated Washington Post ... lol

Posted 11 months ago #
kootchman
Member Profile

BTY....my mortgage was sold by Quicken, back to Fanny Mae, who bundled it up with all the skeezer loans..and sold it to Chase! Want to hear the actual audio of Obama calling sub prime loans being bundled and sold as a good way to spread the risk? He said the words "sub prime" .. or Chris Dodd rejecting calls for Fanny to have more oversight and some controls and standards set for CRA... as late as 2006? BTY .. he left the political scene along with Franklin Raines... Raines who misstated losses and expenses to get a 20 million dollar bonus..only in WA DC..after the admitted fraud...he gets a 1 million dollar pension...hell I don't care if you read it on conservative or liberal media..Raines is a story all by himself.. that would be Frankin Raines... that my Gen X, Y, or Null friends is why you will be short shrifted...

Posted 11 months ago #
kootchman
Member Profile

Programs... lots of programs with no controls, no oversight....and then you are stunned that MOST Americans think raising taxes is just a dumbass idea? TDe...bless yer little heart...I like the instincts.... a little more reading..at least more diverse reading...and you too will come to the dark side... breath in deep;.. repeat, Rob McKenna, Rob McKenna...

Posted 11 months ago #

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