Comments on: What was the exposure of FHA (Fanny/ Freddy) as a % of the overall credit defaults (vs. the credit debt swaps? http://www.reducecreditcardbills.com/credit-cards/what-was-the-exposure-of-fha-fanny-freddy-as-a-of-the-overall-credit-defaults-vs-the-credit-debt-swaps/ Eliminate Your Debt From Credit Cards Thu, 09 Feb 2012 00:01:33 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Kevin R http://www.reducecreditcardbills.com/credit-cards/what-was-the-exposure-of-fha-fanny-freddy-as-a-of-the-overall-credit-defaults-vs-the-credit-debt-swaps/comment-page-1/#comment-1319 Kevin R Tue, 05 Jan 2010 01:50:05 +0000 http://www.reducecreditcardbills.com/credit-cards/what-was-the-exposure-of-fha-fanny-freddy-as-a-of-the-overall-credit-defaults-vs-the-credit-debt-swaps/#comment-1319 I don't know. A truly precise number will never be known except through HUD. I wouldn't believe it either, personally. So much creative accounting has run rampant, coupled with overt deceit, mix in derivative losses, and you get an impossibly off target picture of what really happened. If I had to guess, I'd say somewhere around 15% mortgage defaults. The swaps, by risk exposure, 30-40%. I hope the guess seems low to you. The idiocy of the $700B banking bailout should now be readily apparent. That's $2,300 for every person in America. I submit, if each of us were given the money there'd be a pretty quick end to the recession. We might've even bought cars. I don’t know. A truly precise number will never be known except through HUD. I wouldn’t believe it either, personally. So much creative accounting has run rampant, coupled with overt deceit, mix in derivative losses, and you get an impossibly off target picture of what really happened.

If I had to guess, I’d say somewhere around 15% mortgage defaults. The swaps, by risk exposure, 30-40%.

I hope the guess seems low to you. The idiocy of the $700B banking bailout should now be readily apparent. That’s $2,300 for every person in America. I submit, if each of us were given the money there’d be a pretty quick end to the recession. We might’ve even bought cars.

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