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**LoP Guest** lop guest User ID: 67270 12-18-2011 06:42 PM

Worked in banking industry for 6 years.. I always Knew GSEs were Fannie,Freddie,Sallie mae used to be a GSE...And ginne mae( doubt many of you have heard of this..) But Newt Ginrich's response to Ron Paul was coops and credit unions are goverment sponsored enterprises.. How so? credit unions from what I understand are private(owned by members) .. but are backed by the NCUA if they fail.. its a goverment insurance.. that does not mean that congress started the credit union down the street from you...?

**LoP Guest** lop guest User ID: 67270 12-18-2011 06:57 PM

A government-sponsored enterprise (GSE) is a financial services corporation created by the United States Congress. Their function is to enhance the flow of credit to targeted sectors of the economy and to make those segments of the capital market more efficient and transparent. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors: agriculture, home finance and education. Congress created the first GSE in 1916 with the creation of the Farm Credit System; it initiated GSEs in the home finance segment of the economy with the creation of the Federal Home Loan Banks in 1932; and it targeted education when it chartered Sallie Mae in 1972 (although Congress allowed Sallie Mae to relinquish its government sponsorship and become a fully private institution via legislation in 1995). The residential mortgage borrowing segment is by far the largest of the borrowing segments in which the GSEs operate. GSEs hold or pool approximately $5 trillion worth of mortgages.[1][2][3]

**Twatwaffle** lop guest User ID: 68550 12-18-2011 06:58 PM

Newt's response was weak---

Credit unions are not GSEs.

**LoP Guest** lop guest User ID: 67270 12-18-2011 07:00 PM

not just weak.. an outright lie!!

**Twatwaffle** lop guest User ID: 68550 12-18-2011 07:07 PM

LoP Guest Wrote:

not just weak.. an outright lie!!

I meant his overall response to the question in which he cited credit unions were GSEs.

Congrats for being smart enough to know better and to tell others of what you know.

Good thing there are thousands of political lies left to expose.

**LoP Guest** lop guest User ID: 67270 12-18-2011 07:10 PM

Lying scumbag.. he knows what GSEs tried to make RP look bad...

**LoP Guest** lop guest User ID: 52953 12-18-2011 07:12 PM

Consider the source!
Is it really any surprise?

**LoP Guest** lop guest User ID: 67270 12-18-2011 07:19 PM

I actually got into an argument with my mother over it.. she actually fell for it! Im like mom I worked in banking for 6 years I know EXACTLY what a GSE is..