Butch Cassidy and the Sundance Kid

Who are these people?

(Photo from notionscapital, Flickr.com)

(Photo from notionscapital, Flickr.com)

Every American knows about Butch Cassidy and the Sundance Kid. Who are the newer imposters then? Why, it’s the infamous Fannie Mae and Freddie Mac! Quite similar to the 1969 film about bank robbers Butch Cassidy and his partner The Sundance Kid, these two agencies are making millions of dollars off the poor souls who are losing their homes, and are taking your homes away, stopping you from getting good prices on the homes you want to sell, all while making millions in the process.

A story that will remain in history

The Wall Street Journal (12/24/2009) reports that the Federal Housing Finance Agency made Christmas a little merrier for their chief executive agencies, Fannie May and Freddie Mac. What makes this proposal even more preposterous is that Fannie and Freddie will be taking home remuneration packages of $4 to $6 million a year. If you were to divide that figure by the number of days in a year, it boils down to approximately $16,500 per day. The mortgage giants may consider this figure a pittance in comparison to the millions of Americans who face difficulties making that much money in a year. The figure is also more than the average payday loan approved for the millions of impoverished Americans. Fannie and Freddie must be smiling and laughing all the way to the bank. The announcement, coming out on Christmas Eve, has certainly made the holiday merrier for the two.

Please put your hand up, Mr. President

President Obama has been advocating pay packages for top executives that are in line with their long term performance. The mortgage giant regulator, in this case, seems to have paid lip service to the advice of the president, and you can be sure that there will be outrage among the public and will have many questions flying. Can Americans do anything about this? Perhaps if President Obama actually does something about this, something may still come out of it.

What happens now?

Butch Cassidy and the Sundance Kid are probably turning in their graves wondering whether all the bullets they took were really worth it. Was a gunfight the only solution? Had they applied their minds to their activities, they could have made more money during their run and even manage to stay out of reach of the law. Fannie and Freddie have certainly made sure they will not end up on the wrong side of the law, and they know for sure that they have a godfather taking care of them at the moment. It is the average American who works his back off 8-10 hours a day or more who must face the small intricacies of life. He is the one who has to face the law if he fails to pay in full the small personal loan he had to take out. The mortgage regulator will also make sure that the average American loses his home if they find themselves running out of money to pay Fannie and Freddie. But you can be sure that they will not be asking for any personal loan any time soon.

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