Posted on 09/17/2008 2:42:39 PM PDT by Jim Robinson
You want to pull back the covers on Fannie Mae? Check into the now-defunct Fannie Mae “Foundation”. Compare where their offices were located relative to the districts of influential members of Congress. Look at where their “contributions” went - to who, and in whioch districts. Look into their lobbying activities. Check into who was doing the “spinning” for them when the accounting scandal first broke. Name Jamie Gorelick sound familiar?
Make no mistake, this brush will paint some Republicans, but it will paint a whole lot more Dems.
What a priceless summation!!!
I’d throw Greenspan in there, too.
Thanks for the summary Jim.
I wish all these professional crooks who got big fat bonuses and salaries would have to pay back the US treasury that had to bail them out - shouldn’t this be like Enron? These people don’t have a conscience and treat us like stupid pawns and will probably get away with it - again.
GRRRRRRR
bttt
Oh no you di-int!
Seriously, the mess we’re in thrives on Party poltiics. Both sides know that no real day of reckoning will come, because to do so would take out key players on BOTH sides.
So we thump our chests and gnash our teeth, but retire meekly to the rock from whence we came once we realize “our side” would pay the price too.
Every one of these socialist “help someone in need” federal programs comes back to bite us in the butt. No matter how well meant, there are those who will take advantage of the situation to help themselves to unaccountable “free” goodies. And the enevitable corruption within the agencies and congressional overseeers is guaranteed to follow. The best solution is to keep the federal government out of all such private sector enterprises. No federal guarantees or free lunches to anyone!
Thank you. I've been hoping someone besides me would mention this fact. I've noticed the effect of this extortion on the banks and mortgage lenders in my neighborhood. But to broach this subject is deemed "racist."
Yeah, I know. Socialism is rampant.
That is only a part of the story.
They have run home or to somewhere else. And they have left them hanging. I have seen it.
Abso-effin-lutely. And if broker A tried to counsel these unworthy clients as to why getting this type of loan was a bad idea, unworthy client just went down the street and got it from broker B. Broker A then not only had to worry about losing future business from the referral source but possibly being turned in for discrimination.
CFO Timothy Howard to become vice chairman
RISMEDIA, Jan. 10-Fannie Mae has announced that Vice Chair Jamie Gorelick has advised the company she will step down on July 1, 2003, to devote substantial time to the bipartisan national commission investigating the attacks of September 11, 2001 and to pursue other interests. The company also announced that its Executive Vice President and Chief Financial Officer, Timothy Howard, will succeed Gorelick as vice chair, and will be nominated to be elected to the Board of Directors at the annual meeting in May.
“Jamie Gorelick’s leadership is a big reason why Fannie Mae is a great company that achieves its mission of bringing the American Dream to all Americans,” said Fannie Mae’s Chairman and CEO Franklin D. Raines. “Jamie’s unwavering focus on our corporate responsibility has made Fannie Mae the market leader in serving minority and lower-income families, a model corporate citizen, and one of America’s best places to work.”
“All of us at Fannie Mae are extremely proud of Jamie’s commitment and service to the company and her devotion to the American Dream business,” Raines said. “But we are also proud of her lifelong devotion to public service and her commitment, and the unique contributions she will make, to helping our nation understand and learn from the events that led to the searing tragedy of September 11th. We appreciate her dedication to the company and to our nation, and we will deeply miss her presence at Fannie Mae.”
Gorelick joined the company in May 1997 as vice chair. As a member of the Office of the Chairman, she has shared responsibility for the overall management of the company, directed its efforts to reach underserved markets and has overseen Fannie Mae’s external relationships, legal and regulatory affairs.
“This has been an extremely hard decision for me because I am so proud of the role that our company plays in the housing finance system,” Gorelick said. “However, I was very honored to have been asked to serve on the bipartisan national commission that will investigate the prelude to the attacks that occurred on September 11th.?
Prior to joining Fannie Mae, she was Deputy Attorney General of the United States, a position she assumed in March 1994. From May 1993 until she joined the Justice Department, Gorelick served as General Counsel of the Department of Defense, and from 1979 to 1980, she was Assistant to the Secretary and Counselor to the Deputy Secretary of Energy.
The idea that Gov't should create Homeowners should have been swatted down years ago. Instead it was pushed for by both the R and D.
I dunno why there isn't more Independents after this instead of staying with a party.
Fact Sheet: President Bush Calls for Expanding Opportunities to Homeownership .
President Calls for Expanding Opportunities to Home Ownership.
' First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts. This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.) Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership. (Applause.)'
This isn't D vs. R. But US vs. the Gov't.
Suddenly some gumba named Barney Aldrich comes on the radio with an ad in which he said, “Personally, I believe refinancing your home should be as easy as ordering a pizza”.
I turned to my s-a-a-b-d-w and said, “The end is nigh!”
You could have done without the David Duke-ish references to minorities as being the ones who received all these sub-prime mortgages.
I live in a town of 9,000 and there isn’t a single minority that lives there. They lost their houses too.
While the summary hits most of the main points, there is a lot of blame to be spread around on the investment side of this disaster.
The top brokers in the big houses knew damn good and well they were hustling garbage when they took all those sub-prime mortgages, wrapped them up nice and pretty and sold them to investors.
Crap is crap.
The investor’s fund managers deserve their share of the blame as well. Nobody twisted their arms to make them buy the crap. But noooo... It was all, let’s make hay while the sun shines! Forget about tomorrow! Rates are high today! Let’s double-down, damn the torpedoes, shoot the moon and devil take the hindmost.
With the few voices of sanity that existed crying alone in the wilderness, of course.
What really gripe my butt in amongst all these stories of angst and woe is learning about the multi-million-dollar payouts that a number of these bankrupt bank CEOs are getting for presiding over their utter failures.
They should be taken to the top of their respective bank buildings and thrown off!
Yeah, I know. But I don’t want Obama getting away with blaming it all on Bush. This particular mess has Jimmy Carter, Bill Clinton and their corrupt minions’ fingerprints all over it. I want the corruption prosecuted. If it means some Republicans get caught up in it, so be it.
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