The media has bombarded us with the federal bailout of the housing market. Moreover, the media has stepped up its coverage especially with the commercials that were on TV with the recent election campaigns. We've heard a great deal about the federal bailout plans for the Freddie Mac and Fannie Mae mortgage crises.
Fannie Mae was created in 1938 as part of Roosevelt's New Deal. It was created to solve the collapse of the national housing market in the wake of the Great Depression. This was done to raise home ownership among low income buyers so that more people could have affordable housing.
This became what is known now as the secondary mortgage market. When, President Johnson privatized Fannie Mae to remove it from the federal budget, it began operating as a GSE generating profits for stock holders. It began enjoying both the benefit of exemption from both taxation and oversight from the government.
In 1968 Freddy Mac was created as a new GSE to give Fannie Mae competition as Fannie Mae enjoyed a virtual monopoly in the secondary loan market. Still, both enjoy a 90% share of the mortgage market.
They are the only two Fortune 500 members that are not required to inform the public of any financial difficulties. In the event there is any financial collapse in these two entities, the United States taxpayer could be responsible for hundreds of billions of dollars in their outstanding debt.
A recent investigation by the justice department and the SEC into the accounting practices of Fannie Mae revealed errors in the amount of 4.5 to 4.7 billion dollars! Top executives were fired. Congressional investigations will determine Fannie Mae and Freddie Mac's future roll in the secondary loan market that they dominate.
The government seized the assets of both Fannie Mae and Freddy Mac placing the liabilities of more than five trillion dollars on the US taxpayers. Furthermore, the administration purchased 700 billion dollars worth of "toxic assets" clogging the financial system as the country began the largest bailout since the great depression.
As depressing as all this news is, do not be discouraged. Your bank deposits are safe in an FDIC insured bank up to $100,000. The more engrossed you become with all this negativity, the more of a physical response your body will manifest.
Isaiah 8:12 Say ye not, A confederacy, to all [them to] whom this people shall say, A confederacy; neither fear ye their fear, nor be afraid.
Do not align yourself; do not make yourself of the same collation with people who say these kinds of things. Don't fear their fear.
You have to understand--with regards to the law of believing--that if the adversary says a lie, or says a temptation long enough and you start to believe it, the adversary will start to empower those words.
So if something is out there, and you continue to read about it, and you continue to think, "What's going to happen if this," and you are worrying about your job and your house, you're going to be in a terrible mess. Not only are you doing the opposite of what the scripture says, and then I would say you are doing the opposite of what he is teaching us in Matthew 6 where Jesus says "take no thought for tomorrow, for tomorrow will take care of itself."
Sure, you plan for tomorrow, but whatever you do, don't let yourself get caught up with this entire crisis and the politicians. The politicians are not going to make anything alright. The only way this world is going to become right is with Jesus Christ. Now, we vote, we love, we pray for our leadership, etc. But you just remember who your Lord and Savior is. Its not your political party. Its your Lord and Savior, Jesus Christ.
Isaiah 51:12 I, even I, am he that comforteth you: who art thou, that thou shouldest be afraid of a man, that shall die, and of the son, of man which shall be made as grass;
God is going to take care of you. Not your Fannie Mae, Not your money. God's going to comfort you. Trust in God. He's the one who's going to make things right.
Proverbs 3: 5-6 5Trust in the LORD with all thine heart; and lean not unto thine own understanding. 6In all thy ways acknowledge him, and he shall direct thy paths.
You don't lean to what you feel is right. You lean to Him. You trust in Him. I don't care how you feel. Its not a question about how you feel. You go to work if you feel like it or not. We ought to have that same attitude towards our spiritual obligations.
But whatever you do, don't involve yourself with all this collapse and the politicians. The politicians are not going to make anything alright. Just get it out of your mind. The only way this world is going to become right is with Jesus Christ. Now, we vote, we love, we pray for our leadership, etc. But you just remember who your Lord and Savior is. Its not your political party. Your Lord and Savior is Jesus Christ and participate in his "bail-out plan."
God's going to take care of you. Not your Fannie Mae, Not your money, God's going to comfort you. You trust in God. He's the one who's going to make things right.
Proverbs 3:5-6 5Trust in the LORD with all thine heart; and lean not unto thine own understanding. 6In all thy ways acknowledge him, and he shall direct thy paths.
You don't lean to what you think is right. You don't lean to what you feel is right. You lean to him. You trust in Him. Well, I don't feel like it. I don't care how you feel. Its not a question about how you feel. You go to work if you feel like it or not. We ought to have that same attitude towards our spiritual obligations.
Proverbs 28:25-26 25He that is of a proud heart stirreth up strife: but he that putteth his trust in the LORD shall be made fat. 26He that trusteth in his own heart is a fool: but whoso walketh wisely, he shall be delivered.
See, these are the things that we need to be putting into our minds, especially in times like these. These are the words of wholeness that we need to place into our minds. So we calm down, get a grip and say, "OK, God's going to supply my need."
Psalm 3:4 I cried unto the LORD with my voice, and he heard me out of his holy hill. Selah.
Let's remember the big picture, who is in control and who actually owns the big picture.
Psalm 24:1-2 1The earth [is] the LORD'S, and the fulness thereof; the world, and they that dwell therein. 2For he hath founded it upon the seas, and established it upon the floods.
It belongs to God, so he can take care of us.
Psalm 62:8 Trust in him at all times; ye people, pour out your heart before him: God is a refuge for us. Selah.
When you are finally ready to do that, he is always there. When you finally trust him at all times, no matter what situation you are in your life, no matter your age --when you are ready to trust God no matter what, as you pour out your heart to him, he will be a refuge to you.ÿ