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Freddie Mac CEO to resign
CNN ^ | March 2, 2009 | Aaron Smith

Posted on 03/02/2009 8:37:51 AM PST by SolidWood

Edited on 03/02/2009 8:39:49 AM PST by Admin Moderator. [history]

NEW YORK (CNNMoney.com) Freddie Mac's chief executive, installed last year after the government took over the troubled mortgage finance company, is resigning, the company and its regulator said Monday.

David Moffett will step down by March 13. Freddie Mac (FRE, Fortune 500) said it would announce a successor by then.


(Excerpt) Read more at politicalticker.blogs.cnn.com ...


TOPICS: Breaking News; Business/Economy; Government; Politics/Elections
KEYWORDS: 111th; bawneyfwank; bho44; freddiemac; moffett; mortgage; resignation; syron

1 posted on 03/02/2009 8:37:51 AM PST by SolidWood
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To: SolidWood

Another one down the hawser. What color is his parachute?


2 posted on 03/02/2009 8:39:41 AM PST by NonValueAdded (May God save America from its government; this is no time for Obamateurs)
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To: SolidWood

Is this the guy that was “involved” with Barney Frank?


3 posted on 03/02/2009 8:40:38 AM PST by theDentist (Qwerty ergo typo : I type, therefore I misspelll)
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To: SolidWood

Oh, is obama appointing him to something?


4 posted on 03/02/2009 8:41:30 AM PST by goodwithagun (My gun has killed less people than Ted Kennedy's car.)
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To: SolidWood

I guess $500k wasn’t enough pay?


5 posted on 03/02/2009 8:42:07 AM PST by o_zarkman44 (Obama is the ultimate LIE!)
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To: theDentist

Nope, that’s Herb Moses from Fannie Mae.


6 posted on 03/02/2009 8:42:45 AM PST by SolidWood (Palin: "In Alaska we eat therefore we hunt.")
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To: SolidWood

with corporate ceo’s on the run,

why shouldn’t barney frank, chris dodd, chuck schumer et al

resign?


7 posted on 03/02/2009 8:43:21 AM PST by ken21 (the only thing we have to fear is fdr deja vu.)
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To: SolidWood

ya think?


8 posted on 03/02/2009 8:44:08 AM PST by wolf78 (Cranky Libertarian - equal opportunity offender)
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To: theDentist

NO he left a few years back, IIRC,


9 posted on 03/02/2009 8:45:04 AM PST by Tarpon (It's a common fact, one can't be liberal and rational at the same time.)
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To: NonValueAdded

BROWN!


10 posted on 03/02/2009 8:45:59 AM PST by bigbob (-)
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To: SolidWood

http://www.youtube.com/watch?v=1RZVw3no2A4&feature=channel_page

A great video on who caused the mortgage problem!


11 posted on 03/02/2009 8:46:59 AM PST by Kansas58
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To: SolidWood
Now that he has no doubt made his alloted millions he leaves - Most likely to an even more lucrative position given to him by one of his fellow ‘Club’ Members.

Of course, no Claw Backs. Nope, let's just bury the past a ‘Look forward’ dontcha know.

12 posted on 03/02/2009 8:48:23 AM PST by TCats
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To: TCats; theDentist

I saw this guy on Bloomberg a couple of weeks ago, and you could tell how exasperated he was with the Feds, who were trying to force Freddie Mac into buying more sub-prime loans...He was like “Uh, isn’t this what got us into this mess in the first place?”


13 posted on 03/02/2009 8:51:11 AM PST by Boiling Pots (The Gov't trying to fix the economy is like the Three Stooges trying to fix your plumbing)
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To: SolidWood

Time to bring back the corrupt bureaucrats in the pockets of the dems I guess.


14 posted on 03/02/2009 8:51:21 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: Boiling Pots

Yep...I hope he blows the whistle on the dems big time!


15 posted on 03/02/2009 8:52:15 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: SolidWood

I wonder it this a a slot for Hank Paulsen?


16 posted on 03/02/2009 8:53:12 AM PST by texmexis best (uency)
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To: o_zarkman44
$500,000 is nothing to Moffett. I doubt he even took the job for the money.

I'm shocked, shocked that a man like this, who's had an extremely successful career in the private sector, can't stand working for the government. Good luck finding talented people to run the banks when the government owns all of them.

17 posted on 03/02/2009 8:58:21 AM PST by Arguendo
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To: Boiling Pots; theDentist

Are you saying he is one of the ‘Good’ guys? If he is, I retract my previous rant.


18 posted on 03/02/2009 8:59:54 AM PST by TCats
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To: TCats

He appeared to be, and considering he has resigned, it’s pretty certain.


19 posted on 03/02/2009 9:05:45 AM PST by Boiling Pots (The Gov't trying to fix the economy is like the Three Stooges trying to fix your plumbing)
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To: SolidWood

So which is it....he saw what was going on and didn’t want to wind up in future scape goat prison, or he’s already stolen enough and worked out a sufficiently golden parachute?


20 posted on 03/02/2009 9:09:49 AM PST by Oldpuppymax (AGENDA OF THE LEFT EXPOSED)
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To: SolidWood

And how many millions is he going to take with him when he leaves.


21 posted on 03/02/2009 9:09:58 AM PST by Carley (President Obama ~ Leaving No Tax Cheat Behind)
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To: Boiling Pots

BTW, I borrowed your “Letter” on your Page, did a little wordsmithing and sent it out to some friends. Very amusing and, given the Ponzi schemes officially sponsored by our Gov’t (Where we actually lend ourselves money!) it is all too close to the truth.


22 posted on 03/02/2009 9:11:36 AM PST by TCats
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To: SolidWood

thx


23 posted on 03/02/2009 9:25:42 AM PST by theDentist (Qwerty ergo typo : I type, therefore I misspelll)
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To: ken21
with corporate ceo’s on the run, why shouldn’t barney frank, chris dodd, chuck schumer et al resign?

Agreed, but DemocRATs have no morals so they cannot act immorally. Onlt the GOP throw out their own.

Who is John Galt?
24 posted on 03/02/2009 9:26:20 AM PST by Cheerio (Barack Hussein 0bama=The Complete Destruction of American Capitalism)
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To: All

The guy must know anyone that keeps that job is going to fail and he is getting out while he still has a good name.


25 posted on 03/02/2009 9:31:56 AM PST by pepperhead (Kennedys float, Mary Jos don't)
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To: SolidWood

That was fast. Whatever he sees directly ahead must be pretty bad that he’s bailing out so soon.


26 posted on 03/02/2009 9:32:23 AM PST by romanesq
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To: SolidWood

President and Chief Executive Officer of Fannie Mae Herbert Allison, Jr. right, and Freddie Mac Chief Executive Officer David Moffett take a break from their testimony during a hearing on the Fannie Mae and Freddie Mac takeover at the House Financial Services Committee Thursday, Sept. 25, 2008 on Capitol Hill in Washington.

27 posted on 03/02/2009 9:34:06 AM PST by kcvl
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To: Carley

“And how many millions is he going to take with him when he leaves.”

The guy is not going to take millions, that’s very doubtful. What’s more likely is that he was a solid guy, well respected and he did it to provide aid and leadership.

We won’t know the real/full story for a bit yet. But some folks seem to have the right line of thought. He probably couldn’t stomach the “medicine” being dolled out from the feds who are telling him what he “must” do.

That’s my best guess.


28 posted on 03/02/2009 9:35:15 AM PST by romanesq
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To: SolidWood
Freddie Mac losing its CEO, will ask for up to $35 billion more help

The resignation announcement also hinted that Freddie may need "an additional amount of approximately $30 billion to $35 billion" to keep going. Freddie, under the direction of the Federal Housing Finance Agency, has already received some $14 billion in emergency aid.

29 posted on 03/02/2009 9:38:27 AM PST by kcvl
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To: ken21

Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.

Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis. McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.


30 posted on 03/02/2009 9:45:21 AM PST by pleikumud
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To: pleikumud

Hoe DARE you post inconvenient things like FACTS!!!

Don’t you understand that EVERYTHING is “Bush’s FAULT!”(tm), even if he had nothing to do with it???


31 posted on 03/02/2009 9:54:14 AM PST by tcrlaf ("Hope" is the most Evil of all Evils"-Neitzsche)
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To: pleikumud
Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.

Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis.
McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.

32 posted on 03/02/2009 10:44:28 AM PST by NormsRevenge (Semper Fi ... Godspeed.)
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Micromanagement of economies and societies has consequences.


33 posted on 03/02/2009 10:45:17 AM PST by NormsRevenge (Semper Fi ... Godspeed.)
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To: NormsRevenge
IS THIS NOT AN ACT OF TERRORISM???

If they are smart enough to plant the seeds of the destruction of the global capital system by forcing mortgages on those who can't pay (here and in Eastern Europe), are we too dumb to understand this was intentional? Al Quaida should have had such access! They were stuck using planes. All who hate America are involved in this. And... wanna bet that as we are flat on our faces right now, Al Quaida is planning another spectacular to crush our morale? Watch for the double whammy (I don't have any information, just a hunch).

34 posted on 03/02/2009 10:54:25 AM PST by April Lexington (Study the constitution so you know what they are taking away!)
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To: kcvl

In that picture - at least they have their hands in their own pockets...


35 posted on 03/02/2009 11:00:45 AM PST by river rat (Semper Fi - You may turn the other cheek, but I prefer to look into my enemy's vacant dead eyes.)
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To: NormsRevenge

THE FEDERAL GOVERNMENT CAUSED THE MORTGAGE LOAN MELTDOWN. NOW OBAMA AND CONGRESS SAY IT TAKES MORE GOVERNMENT TO FIX THE PROBLEM. THEY MUST THINK ALL VOTERS ARE STUPID .... MAYBE THEY ARE RIGHT.

Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.

Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis. McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.


36 posted on 03/02/2009 11:15:02 AM PST by pleikumud
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To: SolidWood

Is Barney Frank resigning too?????


37 posted on 03/02/2009 12:29:48 PM PST by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified DeCartes))
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To: Boiling Pots
"I saw this guy on Bloomberg a couple of weeks ago, and you could tell how exasperated he was with the Feds, who were trying to force Freddie Mac into buying more sub-prime loans...He was like “Uh, isn’t this what got us into this mess in the first place?”"

Some are wondering what caused the Dow to tank 300 points today?

Let's not forget that Freddie and Fannie already got a $200B bailout.

Now, The Obammunist wants all those renters who bought houses to have their principal to be reduced and the mortgage interest rates reduced. Well!! Who owns those mortgages?

Fannie should let the squatters rent to own until she can sell the property or the mortgage.

yitbos

38 posted on 03/02/2009 7:44:41 PM PST by bruinbirdman ("Those who control language control minds.")
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To: Arguendo
"I'm shocked, shocked that a man like this, who's had an extremely successful career in the private sector, can't stand working for the government."

A good man will resign when, in good conscience, he cannot carry out dictates of his employer.

Wonder what the socialists wanted him to do?

yitbos

39 posted on 03/02/2009 7:48:45 PM PST by bruinbirdman ("Those who control language control minds.")
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To: pleikumud

you’re preaching to the choir.

there were videos here of the republican congressmen questioning this practice.

but maxine waters, barney frank insinuated that the republicans were racists if they didn’t allow the practice to continue.


40 posted on 03/02/2009 9:47:16 PM PST by ken21 (the only thing we have to fear is fdr deja vu.)
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To: ken21

Write letters to editors, and write to your congressmorons. The public doesn’t know the facts.


41 posted on 03/03/2009 4:27:27 AM PST by pleikumud
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