It Continues: S&P Now Downgrades Fannie and Freddie
- Posted on August 8, 2011 at 10:46am by
Jonathon M. Seidl
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WASHINGTON (AP) — Standard & Poor’s Ratings Services on Monday downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.
The agency also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit unions; and three major clearinghouses, which are used to execute trades of stocks, bonds and options.
All the downgrades were from AAA to AA+. S&P says the agencies and banks all have debt that is exposed to economic volatility and a further downgrade of long-term U.S. debt. Their creditworthiness hinges on the U.S. government’s ability to pay its own creditors.
Stocks plunged further after the downgrades. The Dow Jones industrial average fell nearly 300 points, or 3.2 percent. The S&P 500 stock index tumbled nearly 5 percent. Investors seeking safety drove gold prices up and Treasury yields down.
Monday’s downgrades of the mortgage giants Fannie and Freddie reflected their “direct reliance” on the U.S. government, S&P said.
Fannie and Freddie own or guarantee about half of all U.S. mortgages, or nearly 31 million home loans worth more than $5 trillion. As part of a nationalized system, they account for nearly all new mortgage loans. Their downgrade might force anyone looking to buy a home to pay higher mortgage rates.
Officials at Standard & Poor’s say they will also indicate shortly how local and state governments will be affected by their decision on Friday to lower the long-term U.S. debt from AAA to AA+.
S&P on Friday said that it was downgrading U.S. debt for the first time in history because it lacks confidence that political leaders will make the choices needed to avert a long-term fiscal crisis.
The downgrade of long-term debt issued by the U.S. government affects the banking and lending industries because many interest rates are pegged to the yields on Treasury securities. In addition, many companies use the securities as collateral that they would surrender if their bets lost value.
The lower credit rating for long-term U.S. debt means that it might be considered less valuable for those purposes. It might become more costly for companies to borrow or trade.
Ten of the country’s 12 Federal Home Loan Banks also were downgraded from AAA to AA+. The banks of Chicago and Seattle had already been downgraded earlier to AA+.
A spokesman for Freddie Mac declined to comment on the move.
—
AP Business Writer Derek Kravitz contributed to this report.
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Comments (213)
banjarmon
Posted on August 8, 2011 at 11:00amTime for the TEA PARTY to CLEAN WASHINGTON!
Report Post »Gold Coin & Economic News
Posted on August 8, 2011 at 11:06amOh no, here comes more blame the Tea Party from mind numbed robots Kerry and his gang of shameless fools. Time to start buying gold if you already haven’t.
Report Post »http://www.usgoldcoinauctions.com/Gold/$20-Double-Eagle
rodamaa
Posted on August 8, 2011 at 11:06amThis the and we are the ones.
Report Post »freeus
Posted on August 8, 2011 at 11:08amOperations at Freddie and Fannie should be suspended. Frank, Dodd and “others” feet should be held to the fire.
Report Post »Snowleopard {gallery of cat folks}
Posted on August 8, 2011 at 11:09amIndeed; the nation burns in a firestorm, the barbarians are at the gates and the Emperor Obama and his household are chosing curtains for the new kingdom while blaming the citizens for the whole mess and for being tratiors within…typical.
The final shove by the administration will happen shortly; I expect the chance of a declaration of a national emergency and of martial law within the next two weeks at most; a chance of 8 in 10 of it happening.
Please pray that I am wrong.
Report Post »afishfarted
Posted on August 8, 2011 at 11:24amI’ve been saying for a long time–we have nothing in this country left to save. This is not the time to save — it’s time to rebuild. Regardless of what you think of the debt deal, we absolutely need a conservative landslide in the next election if we are to have any hope of rebuilding the greatest nation on earth. Only a truly conservative congress and president can restore a constitutional govt, eliminate govt restrictions on business, restore personal responsibility and freedom, and put us back on the gold standard to restore the financial strength we enjoyed prior to the dems and RINO’s destructive plans
Report Post »SHASTADIANE1
Posted on August 8, 2011 at 11:25amYeah, I wonder how they will blame the Tea Party for this one? This is a FRANK / DODD downgrade.
Report Post »gotta light
Posted on August 8, 2011 at 11:33amTime to CUT them BIT@HE$ OFF!
NO MO OBAMA MONEY FA YA!
Hey bud gotta light?
Report Post »AzSage
Posted on August 8, 2011 at 11:40amI think Snowleopard is right.
My guess is when Obambam finally figures out he will get crushed in 2012 – manufactured crisis, martial law, suspend congress, etc., probably Sept. or Oct. 2012.
Report Post »smithclar3nc3
Posted on August 8, 2011 at 11:43amIn the end it was the people who got home loans and nopt only didn’t pay them but ket borrowing on the equity in their homes until there was nothing left.
Report Post »AvengerK
Posted on August 8, 2011 at 11:59amIn 2001 the Bush administration attempted to reform Fannie. Democrats stalled it then the 9/11 attack shifted the administration’s focus to national security and the prosecution of two wars.
Report Post »In 2005, the GOP tried to bring the same measure back in congress. AGAIN democrats like Barney Frank stonewalled it. Committee heads like Chris Dodd put the measure in procedural limbo. The democrat mantra of “affordable housing” started the inevitable road to this downgrade. Only last week, Fannie and Freddie asked again for billions of dollars to keep the institutions afloat. When is Massachusetts and the rest of the country going to finally realise what a destructive and corrupt element Barney Frank is?
db321
Posted on August 8, 2011 at 12:00pmHow can you say this – Obama’s promise of “CHANGE” is just starting to happen for America, our Kids and Grand Kids.
Report Post »Marci
Posted on August 8, 2011 at 12:00pmSnow–you are correct. Unfortunately.
Report Post »AvengerK
Posted on August 8, 2011 at 12:03pmENCINOM….your ignorance is astounding. In 2001 the Bush adminstration tried to reform Fannie. Democrats blocked it. Again the measure was taken up in 2005 and AGAIN democrat committee heads like Barney Frank and Chris Dodd stonewalled it and put it in procedural limbo..all the time chanting the liberal mantra..“affordable housing”. Barney Frank (D) is one of the most harmful and corrupt agents in Washington today.
Report Post »American Soldier (Separated)
Posted on August 8, 2011 at 12:03pmLook what we have done! Because we wanted to actually reduce our deficient and our spending, now Fannie and Freddie are downgraded! Not because they’re insolvent or anything… it’s because we wanted too much! Hope your happy Tea Party!
Report Post »ConstitutionalPatriot
Posted on August 8, 2011 at 12:08pmYup, its the TEA PARTIES fault… After all the TEA PARTY is in control of the government…ummm, no that’s not right…. They are in control of the banking, ummm …no that’s not right. Oh, yeah that’s right its the blame the OTHER GUY for what YOU ARE DOING,…. Oh I get it John F’n Kerry is the culprit, him and the Democrat party. NOW THAT’S A PERFECT FIT ! ! !
Report Post »JimCDew
Posted on August 8, 2011 at 12:14pmWait ’til you see credit card rates rising. This time the s-it has really hit the fan. Americas’ economy is down the tubes as is. Now we can look forward to a 2nd Great Depression.
Oh well, I got my house and cars free and clear, no credit cards, food stores for a year, seeds for next summers garden and my stash of silver coins. I’m ready for it.
Report Post »becker88
Posted on August 8, 2011 at 12:24pmThe time is now so come together.
http://politicalbowl.com – Political Videos
Report Post »simplygilly
Posted on August 8, 2011 at 12:28pmDysfunctional dishonest Washington. The swearing-in of elected officials to uphold the constitution is not good enough. As officers of the court, they must also must be held to uphold an oath of honesty and integrity to one another and to their constituents as in the courtroom oath “Do you solemnly swear to tell the truth, the whole truth, and nothing but the truth? So help you God” administered by the Supreme Court. The track record of congressional and presidential honesty and integrity is abysmal. The American public has a right to a higher standard. Without it, we will be doomed to the malaise of a dysfunctional dishonest Washington.
Report Post »Berbel73
Posted on August 8, 2011 at 12:29pmPeople like encinom with their love of keynesian economics has brought this great country to her knees. This is by design and they know full well what this unbridled spending will result in. It is their goal to collapse the markets and then have the government step in. Encinom and his ilk are the real threat to our republic and their economic methodology needs to be shunned before its too late.
Report Post »maryjanesuncle
Posted on August 8, 2011 at 12:29pmhey…Glenn Beck was a fool saying buy Gold..it just fell up to 1700 dollars..what I listened to Beck and just made a fat profit..keep your short change Uncle Sam..I am golden..tripled my money….here is the rub in..team Obama supporters got food stamps..those who followed the whacked out conservative got gold..
Report Post »abbygirl1994
Posted on August 8, 2011 at 12:36pmEncinom is constantly proving how totally ignorant the left is…
Report Post »IntransigentMind
Posted on August 8, 2011 at 12:43pmWe knew this was coming. We WARNED them. It’s obvious who is to blame:
Report Post »http://markamerica.com/2011/08/06/downgraded-america-we-warned-them/
A Doctors Labor Is Not My Right
Posted on August 8, 2011 at 1:00pm@encinom,
“The T-Baggers did enough damage over the debt ceiling debate, its time for the T-baggers to be sent home and for the adults to take over. The T-baggers with no understand of Macro economics beyond the kindergarten lessons that Beck provides are the useful idiots for the Koch Brothers and others.”
Actually, the “T-Baggers” warned of this collapse a long time ago. It’s time for both the Democrats and Republicans to stop growing government, stop spending, end regulations, entitlements, and subsidies, and to return to commodity-money.
Stunning Ron Paul Video That Will Wake Up America – Please Share With Friends and Family
Report Post »http://www.dailypaul.com/173029/stunning-ron-paul-video-that-will-wake-up-america-please-share-with-friends-and-family
godlovinmom
Posted on August 8, 2011 at 1:01pmEncinom…coming from an unemployed, married, waiting for the government to make you whole and equal person, no, you’re probbaly the last person anyone will listen to. Can’t wait until 2012! Unlike you, I will get off this computer, get out on the street, and campaign against this piece of crap you call our president, how’s that for T-******? Idiot!
Report Post »MHP
Posted on August 8, 2011 at 1:03pmencinom
get off your dead ass and find a job.
Report Post »ApokTheGreat
Posted on August 8, 2011 at 1:07pmThe only solution is to re-establish the states as co-equal sovereigns to the national government.
Report Post »Plus re-establish the states as responsible for the actions of the child they created, the national government.
We do this by repealing the 17th Amendment and banning popular elections of Senators. Give the states back their representation in Congress.
Then amending the 16th to reflect a flat tax set so low as to only cover basic functions and the military. Any additional spending would have to be on borrowed money that the states have to pay off annually in proportion to their number of Reps in the House.
I am still working on a fair flat tax plan. My current idea is this: previous year’s GDP divided by population of adults according to the 10 year census to give the per capita GDP which is the mean wage. Those under the mean wage pay 5% income tax those over the mean wage pay 10% income tax. No government control over taxation rates. The economy controls the rates.
I am open to an average wage but that would be difficult to calculate and easily manipulated.
All firms taxed at 10% of profit.
This gives economic stability and predictability and government has no control on the system.
Everyone
MidWestMom
Posted on August 8, 2011 at 1:08pm@ Snowleopard
I’m afraid you are correct.
Report Post »Snowleopard {gallery of cat folks}
Posted on August 8, 2011 at 1:29pmA question, in the last few days Soros moved the Quantum hedge fund into his own families total control; supposedly to avoid the new regulations coming about…could anyone figure if the S & P maybe got a new client or bribe by a Soros donation?
Report Post »biohazard23
Posted on August 8, 2011 at 1:37pmCan we downgrade Bahney Fwank, too? Oh, wait, he’s already down…..
Report Post »Secret Squirrel
Posted on August 8, 2011 at 1:44pm.
Report Post »If there is a god, I will live to see Franklin Raines and Jamie Gorelick
perp walked to jail.
A Doctors Labor Is Not My Right
Posted on August 8, 2011 at 1:46pm@ApokTheGreat,
“We do this by repealing the 17th Amendment and banning popular elections of Senators. Give the states back their representation in Congress.”
Agreed.
“Then amending the 16th to reflect a flat tax set so low as to only cover basic functions and the military.”
Disagree. A flat tax on individuals gives the federal government unConstitutional power. States are supposed to tax state residents, while the federal government is supposed to tax the states. A flat state tax, rather than any kind of “Progressive Tax”, I would agree with, though.
“Any additional spending would have to be on borrowed money that the states have to pay off annually in proportion to their number of Reps in the House.”
Agreed.
“All firms taxed at 10% of profit.”
If this is a state tax, then I agree on principle – but different states are going to have different rates. If the legislators of any given state think they can run the state government on a 1% tax, then that would work, too.
Report Post »101
Posted on August 8, 2011 at 1:49pmHow could this be after BO spent trillions bailing out the banks, all good scams must come to an end!
Report Post »HairOfTheDogSob
Posted on August 8, 2011 at 2:55pmWe must admit ..The Tea Party caused fannie and freddie to fall….then obuma will save us..
Report Post »cessna152
Posted on August 8, 2011 at 4:53pm@snow,
I was thinking this would happen in June or July so i feel it can happen any day. Be ready and armed at all times if possible.
Report Post »cessna152
Posted on August 8, 2011 at 4:58pm@Encicom,This is the last time I will reply to you as I believe you are a waste of time. Answer this, how could it be the Tea party when they have only been in congress a total of 7 months? If you are saying it was the Tea party (that has been in 7 months) the Obamba and company that have been there for almost three years should hold 4 times the blame… right?
How come when Obambi and Co. were in there for the past 3 years you keep giving them a pass on:
Report Post »9.2% unemployment
no jobs
Quadrupling our debt
etc etc etc…DOPE!
Blazin Glory
Posted on August 8, 2011 at 6:43pmGold………. How many businesses do you know that accept gold for payment ???
Report Post »When you want to buy my crops, your gold will be worthless.
Bring guns and ammo, I will barter for them.
LOOKINGFROMTHERIGHT
Posted on August 8, 2011 at 7:21pmFREEUS
Dodd, Franks and others should face charges of TREASON for the destruction of this country they orchestrated.
Report Post »Ookspay
Posted on August 9, 2011 at 12:26am@Avengerk, Yep you pretty much nailed it, Right ON! The cost of social engineering has begun to bankrupt this country. No big surprise to anyone with half a brain.
Report Post »billygoat
Posted on August 9, 2011 at 7:55amWow! just amazing
Report Post »billygoat
Posted on August 9, 2011 at 8:14amAt this rate Gold could maybe hit $2,600 – $3,000 +
Report Post »GOTT-EM-MAUSER
Posted on August 9, 2011 at 12:42pmOur WEIMAR MOMENT is here. The economy as we have known it is TOAST. The ONLY question left now is:
Will the ZIONISTS that brought this all about over the last 100 years, WIN this time, and get the Entire World for their GOYIM Slaves, or will they run into some “Unforseen” stumbling block like they did in Germany in the 30s (Adolph Hitler/National Socialists) and “Take Gas once again” ?(no Pun Intended)
Report Post »SamIamTwo
Posted on August 8, 2011 at 10:59amGet ready for the Obama blame game…
Report Post »bry
Posted on August 8, 2011 at 11:04amSeriously…how is he going to spin tis to make it the Tea Parties fault? I am sure he will find a way, the man has no shame or scruples.
Report Post »vennoye
Posted on August 8, 2011 at 11:13amYou are right on!! Just went over to the Hufpo………..must be scary to see the world the way they do!! Over there, it is totally the Tea Party and GW Bush’s fault…….forget that 44th has been in office for nearly 3 years!! One thinking it is time to invest money in more socialist, stable governments rather than U.S. Have got to wonder if our country is too divided to ever be put back together???????
Report Post »emmregroup
Posted on August 8, 2011 at 11:19amAll Obama has to do is state his version of the “facts” and the MSM will do the rest.
Report Post »gotta light
Posted on August 8, 2011 at 11:50amBLAME Bush
BLAME Republicians.
BLAME the Tea Party.
BLAME it on GLOBAL WARMING
BLAME it on GLOBAL COOLING
BLAME it Racism
BLAME it on Texans.
BLAME it on Conservatives
BLAME it on the Main Street Media.
BLAME it on discrimination.
BLAME it on the Christians.
BLAME it on the Pro Lifers.
BLAME it on the Terrorist.
BLAME it on Google.
BLAME it on Facebook.
BLAME it on the Murdocks..
BLAME it on Fox News.
BLAME it on Wall ST
BLAME it on the Polar Bears.
BLAME it on the Delta Smelt.
BLAME it on the Environmentalist.
BLAME it on Daughters of the American Revolution.
BLAME it on the Jews
BLAME it on BP
BLAME it on the Middle East.
JUST DON’T BLAME OBAMA!
Hey bud gotta light?
Did I leave anyone out?
Report Post »MidWestMom
Posted on August 8, 2011 at 1:09pmGet ready for ObamaLand
Report Post »TRONINTHEMORNING
Posted on August 8, 2011 at 10:58amUh, Mr. President? Are ya there? Could we get a comment? Maybe a presser?
Report Post »American_Bearcat
Posted on August 8, 2011 at 11:02amHe is probably still campaigning oh! I mean celebrating his birthday
Report Post »dabbo
Posted on August 8, 2011 at 11:03amYeah….if we can only get the Obama to Speak the market will drop another 300 pts minimum.
Report Post »llotus
Posted on August 8, 2011 at 11:55amTrointhemorning……….banks are selling peoples home loans to fannie and freddie and informing the home owner afterwards. Is that happening a lot? I think it is a bit underhanded myself. Lotus.
Report Post »db321
Posted on August 8, 2011 at 12:03pmHis Prompter is down.
Report Post »SamIamTwo
Posted on August 8, 2011 at 10:57amAt least someone is openly pissed at the Government and is openly saying so…so much for following the EU model, right down the drain!
Report Post »IM John Galt
Posted on August 8, 2011 at 10:56amFanny and Freddie.. AAA.. what a disgrace. The scary part is the other credit agencies are looking stupid for keeping the AAA ratings, and when they go..
Report Post »The time is now, not 2012 for a change; Congressional leadership.. RESIGN.. and obama will have to sign the painful real fix.
BQI
Posted on August 8, 2011 at 10:56amLink to BQI Special Edition:http://blackquillandink.com/?page_id=2909
Report Post »SamIamTwo
Posted on August 8, 2011 at 10:56amThat should have happened years ago…but I’m fine with it.
Report Post »kerf
Posted on August 8, 2011 at 10:55amWe’ve done great putting a Marxist professor & ACORN community organizer in charge of the worlds largest free market economy. Of course, Boehner & McConnell were supposed to be the check & balance in this equation but decided to become the enabler of Marxism. Tea Party has more firing to do!
Report Post »Marylou7
Posted on August 8, 2011 at 10:59amAmen.
Report Post »txn4justice
Posted on August 8, 2011 at 10:55amThe hits just keep coming. Way to read the tea leaves Geithner!
TEA!
Report Post »Jus-sayin
Posted on August 8, 2011 at 10:55amBarney Frank needs to be in jail.
Report Post »Rothbardian_in_the_Cleve
Posted on August 8, 2011 at 10:58amAmen.
Report Post »The_Almighty_Creestof
Posted on August 8, 2011 at 11:01amIf you want him to suffer though…you better make it a woman’s prison.
Report Post »8jrts
Posted on August 8, 2011 at 11:12amYes he does! And he‘ll get what he’s been giving us for some time…but he enjoys it.
Report Post »jrcess
Posted on August 8, 2011 at 10:55amThanks to Barney *** and Chrissy Dodd. :You have to look hard to find degenerates like these two.
Report Post »dcwu
Posted on August 8, 2011 at 11:01amAgor is Frankendodd’s helper.
Report Post »BQI
Posted on August 8, 2011 at 10:54amBoy, the deterioration is happening quicker than anticipated. BQI wrote a story along with Beck on preparing for these times. I hope all here will take a look at it. (Special Edition link under BQI-Opedia)
This is all a part of “America’s Transformation” and I suspect that we are only half way there. 2012 is the most important election since the Nation’s founding. We must turn the tide.
Black Quill and Ink Blog: http://www.blackquillandink.com
Report Post »Jus-sayin
Posted on August 8, 2011 at 10:54amWhy wasn’t this done 4 years ago. Everyone is in on this deal. It’s time to clean house. Revolution 2012 – Your Vote Counts
Report Post »xoke
Posted on August 8, 2011 at 10:54amOh, my, didn’t see this coming. Those jackasses in Washington live in another damn world from the rest of us. Any clear thinking American with a calculator knew what was going to happen.
Report Post »Obama Snake Oil Co
Posted on August 8, 2011 at 10:53amWhere is Barney Franks and Christopher Dodd? More hope and change….now we believe…
Report Post »ChiefGeorge
Posted on August 8, 2011 at 10:52amThat is more than a generous downgrade.
Report Post »Oh My God
Posted on August 8, 2011 at 10:52amThis downgrade should have been done years ago! Time to clean house and get back on the right track.
Report Post »Countrygirl1362
Posted on August 8, 2011 at 10:52amAs bad a shape as many of these have been in, they should have been down graded a long time ago. Does not speak well of Standard & Poor’s that they kept the rating so high for so long.
Report Post »Scaz
Posted on August 8, 2011 at 10:51amIt’s about time. How Freddie Mac is even a AA+ is beyond me.
Report Post »smithclar3nc3
Posted on August 8, 2011 at 10:56amExactly F and F together hold over trillion in bad ink their credit rating should at the lowest number possible.
Report Post »The_Almighty_Creestof
Posted on August 8, 2011 at 11:14amBut…but…with the downgrade, our grand and glorious entitlement citizens may not be able to get our $250,000 homes we lost, for a $100,000 loan they can’t afford in any way shape or form.
My Lord…they’ll be forced to buy homes that were previously only worth $100,000, for a mere $65,000 …which they can’t afford either.
Where is Al Sharpton…we need to get him on top of this right away!
Report Post »8jrts
Posted on August 8, 2011 at 11:45am@ The_Almighty_Creestof
Report Post »Don’t fret….nothing will go to the “entitlement citizens”…..the Chinese will living in our foreclosed homes! What else are we going to pay off our debt with….only thing left now is our land!
hifi74
Posted on August 8, 2011 at 10:51amIt’s about time! Get rid of Fannie and Freddie all together, or at the very least let them fail on their own merits or lack there of.
Report Post »Marylou7
Posted on August 8, 2011 at 10:58amSoooooo true!!
Report Post »momsense
Posted on August 8, 2011 at 10:51amThis should have been done 3 years ago, but Barney the Weasel assured us that everything was ok. What a magnificent liar!
Report Post »Vickie Dhaene
Posted on August 8, 2011 at 12:05pmHe should be arrested and tried for treason.
Report Post »Living In NYC
Posted on August 8, 2011 at 10:51amWhat do you expect…Barry and Timmy have driven the economy over a cliff….on their crack induced spending spree with our money.
Report Post »I_Hate_Libs
Posted on August 8, 2011 at 10:50amThey are about two years late on this downgrade but better late than never.
The horror of the Democrat mind.
Report Post »Ryan Beaulieu
Posted on August 8, 2011 at 10:49amS&P is rolling heads.
A C C O U N T A B I L I T Y
Report Post »TX_45_ACP
Posted on August 8, 2011 at 11:18amQuestion is, why did it take so long?
Report Post »drattastic
Posted on August 8, 2011 at 10:49amFanny & Freddy should have been downgraded years ago.
Report Post »flsnipe
Posted on August 8, 2011 at 3:42pmThats right the wheels have come off the wagon now Barneys put your baXX in my mouth Frank’s cash cow is over.
Report Post »