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Top former Fannie, Freddie excutives to testify
AP ^ | 12-9-08 | ALAN ZIBEL

Posted on 12/09/2008 4:28:41 AM PST by Nick Thimmesch

WASHINGTON -- Lawmakers are poised to trade barbs Tuesday about who deserves most of the blame for the collapse and government takeover of mortgage finance titans Fannie Mae and Freddie Mac.

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Crime/Corruption
KEYWORDS:
"Four former top executives are scheduled to be grilled at the hearing, which is being led by Rep. Henry Waxman, D-Calif., chairman of the House Oversight and Government Reform Committee. But there are doubts about whether the hearing will produce any solid conclusions or will just devolve into partisan bickering."

And this:

"Separately, in a report to be released Tuesday, a bipartisan commission chaired by former HUD Secretaries Henry Cisneros and Jack Kemp takes aim at the Bush administration for the foreclosure crisis. The report cites the administration's lax enforcement of fair housing laws and lackluster response for problems that have disproportionately hit poor and minority populations."

Equals" Bush's fault".

1 posted on 12/09/2008 4:28:41 AM PST by Nick Thimmesch
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To: Nick Thimmesch

Bawney’s Phwank will do the questioning.


2 posted on 12/09/2008 4:30:27 AM PST by Tarpon (America's first principles, freedom, liberty, market economy and self-reliance will never fail.)
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To: Nick Thimmesch

Somebody should just throw up Congress’s balance sheet and ask them where they get the balls to question anybody on the subject of fiscal responsibility.


3 posted on 12/09/2008 4:30:45 AM PST by Wolfie
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To: Tarpon

Will they be examining Jamie Gorelick?


4 posted on 12/09/2008 4:40:22 AM PST by Texas Fossil
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To: Wolfie

Let’s make Congress subject to Sarbanes Oxley and perp-walk them all out for what they’ve done with Social Security, Medicare, and Medicaid alone.


5 posted on 12/09/2008 4:40:32 AM PST by hometoroost (Thanks to all who have honorably served our country!)
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To: Nick Thimmesch
....the rats need to bring more cover. Oh and who chairs the banking committee? Wonder if the CEO’s of AIG and Merrill will be forced to drive a wind up cars down to DC?
Guess the masses will really be angry when the MSM splashes the latest ut oh on the front pages for the next two weeks.

sarc/

6 posted on 12/09/2008 4:45:38 AM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Nick Thimmesch

It looks like Barney Frank’s Fannie Mae lover may now be a porn star. No kidding.

http://www.freerepublic.com/focus/f-news/2094109/posts


7 posted on 12/09/2008 4:46:57 AM PST by Notwithstanding
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To: Nick Thimmesch

I also got this as a FReepmail recently in response to my thread about Herb Moses:


Re: Is this the Herbert M. Moses who is Barney Frank’s Fannie friend?
From Stevie1958 | 12/01/2008 10:04:59 AM PST read

The Barney Frank, Herb Moses quandry may be old news... however, Herb (aka Muscle Mike) is staying active as a porn actor and male prostitute and is featured in a new porn video released Nov 2008 titled: Forty Plus Stud 3.

It’s absolutely amazing that a person of this calibre was serving in such an influential capacity at Fannie Mae and had a 10 year relationship with a scum bag legislator. My guess is that Clinton and others who met Herb (in the company of Barney Frank) at the White House and Congressional events didn’t realize they were hobnobbing with a porno actor.


8 posted on 12/09/2008 4:48:47 AM PST by Notwithstanding
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To: Nick Thimmesch

To me, the most critical component of this whole financial turmoil is WHY DID REAL ESTATE begin to drop in value in the first place (beginning around late 2006 and thru 2008).

I believe fervently that it was the 2005-2008 oil price hike shock - (with estimates that $200/barrel oil would become the norm) - that spooked business people, venture capitalists, financiers, and consumer home owner into selling off properties ....

... which caused the snowball (price decline) effect that ultimately caused banks and institutions to lose TRILLIONS in property-leveredged capital.

The economy was doing nicely at 3-4% GNP until the quadrupling of energy prices SUCKED away all the earnings and extra spending power of consumers and businesses alike.


9 posted on 12/09/2008 4:51:19 AM PST by Edit35 (.)
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To: Texas Fossil

It’s a show trial for ignorants, not really interested in solving anything. The good news is their drive-by parrot is on life support.

Gubbermint causes the crisis, gubbermint makes the crisis worse. The free pies aren’t going to last, it’s going to be along depression. Gubbermint make work jobs always end at the same place, the unemployment line.


10 posted on 12/09/2008 4:55:23 AM PST by Tarpon (America's first principles, freedom, liberty, market economy and self-reliance will never fail.)
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To: Nick Thimmesch

When will they subpoena Bawney Fwank’s boy-toy Herb Moses?


11 posted on 12/09/2008 5:00:53 AM PST by Enchante (Countless Innocents in Mumbai, India Suffer the "Religion of Peace" in Action)
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To: Nick Thimmesch

I live in a private community with a homeowners association.
I am the president of this homeowners assoc.
The last president was in office for 4 years. Never kept a receipt, nor entered anything is any any log of any kind. Even when he wrote himself a $2600.00 check. In the memo he wrote for”reimbursement”. No receipts. Didn’t do the Taxes on the non profit organization either. Said he didn’t have to.
This assclown was a big wig at Fannie Mae.
With stupids like this is it any wonder they are belly up?


12 posted on 12/09/2008 5:07:30 AM PST by Joe Boucher (An enemy of Islam)
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To: Tarpon

I understand understand the consequence of “Central Planning”.

The problem is how do you dislodge these cretin?

A simple look at Zimbawe will tell you how bad it really can get.

The difference is we can and will fight them before that happens here.

de Texas Fossil


13 posted on 12/09/2008 5:16:47 AM PST by Texas Fossil
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To: Nick Thimmesch
The report cites the administration's lax enforcement of fair housing laws and lackluster response for problems that have disproportionately hit poor and minority populations

What??? Are they blaming Bush for not pushing for loans for the poor and minorities? Or are they blaming Bush for not making the banks be more careful in who they lend to?

These guys are pulling excuses out of thin air. I'm sitting here just flabbergasted at the gall of these people. They will conduct this like the 9/11 investigation - do everything and anything to pin this whole freaking mess on Bush.

I doubt we will ever hear about how Pres. Bush tried to look into this years ago but was stopped by the Congress.

Bush's main weakness is that he never would hold televised oval office talks with the citizens of this country on TV and explain over and over again till it was drummed into our thick heads that there are problems and he wants to find solutions but the blockheads in Congress are fighting him tooth and nail.

Reagan would've been on TV every week with this mess and making sure that no one would be able to say it was his fault.

14 posted on 12/09/2008 5:16:56 AM PST by 3catsanadog (I plan to give the new President the same respect and dignity the other side gave Bush.)
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To: Texas Fossil
It's going to require voter education, which isn't easy. The last election proved it's very easy to make idiot voters out of ignorant people, all you need do is promise free pies. It's a story that is as old as mankind, talked about frequently when our country was formed.

Something about ‘doomed’ when the voters figure out they can vote themselves anything they want from the public treasury. Supposedly, the Representatives would have the sense to stop short, but the Democrat Socialist see that they can rule if they play their cards right.

In the end it reduces itself down to — Why work when the pies are free. We may have to cycle the washer before we get it back on track.

15 posted on 12/09/2008 5:22:14 AM PST by Tarpon (America's first principles, freedom, liberty, market economy and self-reliance will never fail.)
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To: Nick Thimmesch
The puzzle pieces and my FReepmail indicate that Barney Franks' ex-"husband" Herb Moses, who was a Fannie Mae executive responsible for imposing risky loans on banks, is starring another gay porn film.

According to a FReepmail I received:

HERB MOSES,
Barney Franks' Fannie Mae "husband",
stars in "Forty Plus Stud 3"
a new gay porn video released in November 2008.

16 posted on 12/09/2008 5:23:38 AM PST by Notwithstanding
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To: Jim Robinson
The puzzle pieces and my FReepmail indicate that Barney Franks' ex-"husband" Herb Moses, who was a Fannie Mae executive responsible for imposing risky loans on banks, is starring another gay porn film.

According to a FReepmail I received:

HERB MOSES,
Barney Franks' Fannie Mae "husband",
stars in "Forty Plus Stud 3"
a new gay porn video released in November 2008.

17 posted on 12/09/2008 5:24:39 AM PST by Notwithstanding
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To: Nick Thimmesch

From a previous thread:


To: Notwithstanding
Compare photo in #4 with

http://hotoldermale.com/gallery/detail.php?id=881

The same guy.

He was or is with Wells Fargo in Newport Beach, as a loan representative. Earlier this year he previewed an open house listing of mine, together with other loan agents from his office.

I think most traces of him with Wels Fargo are wiped clean.

90 posted on Thursday, October 09, 2008 4:32:31 PM by truth_seeker
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18 posted on 12/09/2008 5:27:44 AM PST by Notwithstanding
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To: Nick Thimmesch
More hot air in the Capitol and nothing will happen. Congress has their back and it is all part of the set up.
19 posted on 12/09/2008 5:29:01 AM PST by mad_as_he$$ (Nemo me impune lacessit.)
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To: Edit35
Real estate started dropping because of too many houses. Oil compounded it.
20 posted on 12/09/2008 5:30:15 AM PST by mad_as_he$$ (Nemo me impune lacessit.)
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To: Notwithstanding

I am sure the press will report this when hell freezes over. I cannot possibly detest democrats anymore than I do right now. They are thieving, corrupt, socialists and no-one does anything about it. I just decided to look over at the Today show this morning and it was laughable. They were talking about obama’s smoking habit and his ‘long strugggle to quit’. At one point the reporter said: ‘Obama was asked his toughest question at the end of his Meet The Press appearance’ and then they showed a clip of Brokaw asking him about his smoking....lol.

We are so Screwed!


21 posted on 12/09/2008 5:34:01 AM PST by penelopesire ("The only CHANGE you will get with the Democrats is the CHANGE left in your pocket")
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To: penelopesire

It still goes back to the bad loans that were made along with the increasingly bad lending practices. Today, we learned that half of the bad loans that the government ‘fixed’ are already in default. This should be no surprise and we’ve got stop rewarding bad behavior with more bad behavior.


22 posted on 12/09/2008 6:10:38 AM PST by yorkie01
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To: yorkie01

“This should be no surprise and we’ve got stop rewarding bad behavior with more bad behavior”

Well, Barney Frank(The banking queen) and the democrats cannot be removed from office until 2010, so nothing will happen but more bail-outs and socialism. The only thing we can do is hound the republicans to filibuster everything they do from here until 2010.


23 posted on 12/09/2008 6:18:09 AM PST by penelopesire ("The only CHANGE you will get with the Democrats is the CHANGE left in your pocket")
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To: Nick Thimmesch

Discover the link:

Barney Frank’s former so-called “spouse” was a man named Herb Moses.
http://www.washingtonpost.com/wp-srv/politics/special/clinton/stories/frank121898.htm

At the time, Herb Moses was a director for housing initiatives at Fannie Mae.
http://findarticles.com/p/articles/mi_qn4182/is_/ai_n10104224.

Herb Moses helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.
http://www.familysecuritymatters.org/publications/id.1277/pub_detail.asp

Herb Moses was reportedly a mortgage expert who left Fannie Mae in 1998 to start a pottery business.
http://www.businessandmedia.org/articles/2008/20080924145932.aspx

But not before his lover Barney Frank lobbied hard to widen Fannie Mae’s ability to give mortgages to high-risk borrowers.
http://www.businessweek.com/archives/1994/b33985.arc.htm

A “Herbert M. Moses” from Washington D.C. and employed by Fannie Mae gave $1500 to Democrats in the 1990s.
http://www.opensecrets.org/indivs/search.php?name=moses%2C+herb&state=&zip=&employ=&cand=&all=Y&sort=N&capcode=jb97b&submit=Submit

A “Herbert M. Moses” in D.C. is listed at whitepages.com
http://www.whitepages.com/search/FindPerson?extra_listing=mixed&form_mode=opt_b&post_back=1&firstname_begins_with=1&firstname=herbert&name=moses&street=&city_zip=&state_id=DC&localtime=survey.

At this whitepages page, you will find a “background records” link that allows you to buy a detailed report on that name from a list of several links.
http://preview.ussearch.com/preview/ala/newsearch?&searchState=DC&searchFName=herbert&searchLName=moses&adID=6194003754&adsource=9&TID=1&cid=background&searchtab=background

Several of those links will give a teaser list of cities where the named person presumedly has lived or lives.
http://www.ussearch.com/consumer/ala/category.do?cid=5105&did=0&adID=10002101&&searchtab=people&&searchFName=Herbert&searchMName=M&searchLName=Moses&searchCity=Washington&searchState=DC&searchApproxAge=&searchStateJurisdiction=DC&searchGender=&searchZip=20009-1106&vid=cfc&searchAgentNotes=Name_ViewAll&searchPerson=001786905501

Fact check: you can type in the name of someone you know and see that the list of teaser cities is an actual list of the actual cities where the named person has lived.

For “Herbert M. Moses” of D.C., Huntington Beach, CA, is one of 6 cities listed as a current or former residence.
http://www.ussearch.com/consumer/ala/category.do?cid=5105&did=0&adID=10002101&&searchtab=people&&searchFName=Herbert&searchMName=M&searchLName=Moses&searchCity=Washington&searchState=DC&searchApproxAge=&searchStateJurisdiction=DC&searchGender=&searchZip=20009-1106&vid=cfc&searchAgentNotes=Name_ViewAll&searchPerson=001786905501

Newport Beach is 6 miles from Huntington Beach
http://maps.google.com/maps?f=d&saddr=newport+beach,+ca&daddr=Huntington+Beach,+CA&hl=en&geocode=&mra=ls&sll=33.829785,-117.27787&sspn=1.204664,2.460938&ie=UTF8&z=13

A google search of “Herbert Moses”
http://www.google.com/search?hl=en&q=%22Herbert+Moses%22

brings you to a photo and contact page of “Herb Moses” working at Wells Fargo in the mortgage department
https://www.wfhm.com/wfhm/herbert-moses/index.page

and Herb Moses of Wells Fargo mortgage is also listed at this website
http://workmanrealestategroup.com/lenders.html

A brand new FReeper, Stevie1958, has posted an interesting note at FR claiming that this same pictured Herb Moses has made porn films with his current long-term gay sex partner.
http://www.freerepublic.com/focus/news/2094109/posts?page=85#85

A google search using key terms revealed by this new FReeper, Stevie1958, does lead to webpages with photos of the same pictured man (identified above as Herb Moses) engaged in explicit homosexual sex acts.
http://www.google.com/search?hl=en&q=%22jessie+foxx%22+%22real+couples%22

So, it seems that Barney Frank’s former homosexual “spouse” who was a Fannie Mae executive, is now a third rate loan salesman and gay pron star. It makes Frank’s old housemate, Steve Gobie, who Frank met when he hired him as a male escort, and who ran a gay “escort” service from Frank’s D.C. home, seem pretty tame in comparison (Representative Barney Frank received a formal reprimand from the House for his relationship with a male prostitute - Gobie).

And one more thing: Is Stevie1958 really Stephen L. Gobie?


24 posted on 12/09/2008 6:24:00 AM PST by Notwithstanding
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To: Nick Thimmesch

Call in Carter, Clinton and even Bush .. AND THEIR CONGRESSES .. they all had their hand in putting the CRA in motion.


25 posted on 12/09/2008 6:31:01 AM PST by knarf (I say things that are true ... I have no proof ... but they're true.)
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To: Notwithstanding

Cache of dead link:

http://64.233.169.132/search?q=cache:HL6b6oqufE4J:https://www.wfhm.com/wfhm/herbert-moses/about.page+herb+moses+site:wfhm.com&hl=en&ct=clnk&cd=2&gl=us


26 posted on 12/09/2008 6:31:53 AM PST by Notwithstanding
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To: Edit35

The answer to your question in a word, oversupply.

With so many more buyers arriving on the scene, home builders had the incentive to fill the current needs of the market. As money became increasingly easier to get for more and more people, supplies of available homes became scarce and prices began to rise.

As the terms of the mortgages, providing the majority of the thrust in the market, began to run full circle and many, if not most of those who were subject to those terms could not now afford to pay their mortgage payments.

As the defaults and subsequent foreclosures commenced, the supply of available homes on the market increased at the same rate. Many of these newly available homes were going at deep discounts or at auction.

As the prices at which homes are being sold for in your neighborhood decline, so does the value of your home. Until the price of a previously owned home rises to at least the level of the cost to build new one, prices will be depressed.

IMHO, the impact of oil prices on the prices is of a secondary nature. As the cost of commuting to your place of work rises, people will begin to reconsider their individual life style choices and make the adjustments as they view necessary. Also, the cost of maintaing ones residence may also influence life style decisions.


27 posted on 12/09/2008 6:49:42 AM PST by Rearden (we must beware the skulking dogs that now represent the media)
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