Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Ann Coulter: INVESTIGATE THIS! [financial crisis, Democrat hacks running Fannie Mae and Freddie Mac]
www.anncoulter.com ^ | January 5, 2011 | Ann Coulter

Posted on 01/05/2011 10:04:44 PM PST by RonDog

INVESTIGATE THIS!
by Ann Coulter
January 5, 2011

The Republicans are back in charge in the House of Representatives this week, and not a moment too soon!

Forget "stimulus" bills and "shovel-ready" bailouts (for public school teachers, who need shovels for what they're teaching), the current financial crisis, which is the second Great Depression, was created slowly and methodically by Democrat hacks running Fannie Mae and Freddie Mac over the past 18 years.

As even Obama's treasury secretary admitted in congressional hearings, "Fannie and Freddie were a core part of what went wrong in our system." And if it's something Tim Geithner noticed, it's probably something that's fairly obvious.

Goo-goo liberals with federal titles pressured banks into making absurd loans to high-risk borrowers -- demanding, for example, that the banks accept unemployment benefits as collateral. Then Fannie repackaged the bad loans as "prime mortgages" and sold them to banks, thus poisoning the entire financial market with hidden bad loans.

Believe it or not, the loans went belly up, banks went under, and the Democrats used taxpayer money to bail out their friends on Wall Street.

So far, Fannie and Freddie's default on loans that should never have been made has cost the taxpayer tens of billions of dollars. Some estimates say the final cost to the taxpayer will be more than $1 trillion. To put that number in perspective, for a trillion dollars, President Obama could pass another stupid, useless stimulus package that doesn't create a single real job.

Obama's own Federal Housing Finance Agency reported recently that by 2014, Freddie and Fannie will cost taxpayers between $221 billion to $363 billion.

Over and over again, Republicans tried to rein in the politically correct policies being foisted on mortgage lenders by Fannie Mae, only to be met by a Praetorian Guard of Democrats howling that Republicans hated the poor.

In 2003, Republicans on the Senate Banking Committee wrote a bill to tighten the lending regulation of Fannie and Freddie. Every single Democrat on the committee voted against it.

In the House, Barney Frank angrily proclaimed that Fannie Mae was "just fine."

Rep. William Clay, D-Mo., accused Republicans of going on a "witch hunt" against Fannie Mae and attempting a "political lynching of Franklin Raines" (which, in a game of "bad metaphor Scrabble" would have been a double word score).

Fannie was pressuring banks to write mortgages with no money down and no proof of income. What could go wrong?

In 2004, Bush's White House Chief Economist Gregory Mankiw warned that Fannie was creating "systemic risk for our financial system." In response, Barney Frank went to a champagne brunch with his partner "just because."

Democrats saw nothing of concern in the Fannie debacle. Bad mortgages don't contain sodium, do they? They don't engage in "hate speech." And they don't emit carbon dioxide. There was nothing to catch a Democrat's eye.

In 2005, when the housing bubble burst, Sen. Chuck Schumer, D-N.Y., introduced a bill allowing Fannie Mae to buy up even more schlock mortgages, apparently reasoning that if owning some toxic mortgages is bad, owning lots of them must be better!

CLICK HERE to read the REST of Ann's wonderful column this week


TOPICS: Business/Economy; Crime/Corruption; Editorial; News/Current Events
KEYWORDS: 2003; anncoulter; barneyfrank; chuckschumer; community; coulter; cra; demmafia; fannie; fanniemae; feddie; freddie; freddiemac; mafia; mortgage; pcloans; pcmortgage; pcmortgages; raines; reinvestment; schumer; williamclay
Better LATE, than NEVER, here's Ann!


1 posted on 01/05/2011 10:04:47 PM PST by RonDog
[ Post Reply | Private Reply | View Replies]

To: Syncro; knews_hound; jellybean

FR has been acting up lately, but it’s up now...


2 posted on 01/05/2011 10:06:17 PM PST by RonDog
[ Post Reply | Private Reply | To 1 | View Replies]

To: RonDog
Oh, and Ann starts the new year with another great article, n'est ce pas?

...Chuck Schumer, D-N.Y., introduced a bill allowing Fannie Mae to buy up even more schlock mortgages, apparently reasoning that if owning some toxic mortgages is bad, owning lots of them must be better!

All Dems believe in the alchemy that for every dollar you borrow to give to those who didn't work for it, you get two (or three) dollars back into the economy.

I talk to Dems all the time, and they repeat this over, and over. They preface their fools' mantra with... "It's been proven...".

I haven't met a Dem that doesn't believe this.

.

3 posted on 01/05/2011 10:25:13 PM PST by Seaplaner (Never give in. Never give in. Never...except to convictions of honour and good sense. W. Churchill)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Seaplaner

Democrat corruption never gets reported in the MSM. They are on the good side of the angels and what always counts anyway is their good intentions!


4 posted on 01/05/2011 10:29:25 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
[ Post Reply | Private Reply | To 3 | View Replies]

To: RonDog

Ann’s on a cogent roll these days!


5 posted on 01/05/2011 10:36:15 PM PST by moodyskeptic (Cultural warrior with a keyboard)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Seaplaner
That sounds like Pelosi's reasoning that, for every dollar spent on unemployment compensation, something like $1.70 is generated in the economy.

Therefore, everyone should quit their job, and go on unemployment, and our national debt will disappear. Right?

6 posted on 01/05/2011 10:46:31 PM PST by FlyVet
[ Post Reply | Private Reply | To 3 | View Replies]

To: RonDog

Tens of billions? Try hundreds of billions Anne.


7 posted on 01/05/2011 10:46:58 PM PST by spyone (ridiculum)
[ Post Reply | Private Reply | To 2 | View Replies]

To: RonDog


8 posted on 01/06/2011 12:16:09 AM PST by Rummyfan (Iraq: it's not about Iraq anymore, it's about the USA!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: RonDog
He accused Republican opponents of his suicidal bill of being against affordable housing. (And that is a specific example of how liberals love the poor so much, they promoted policies to create millions more of them.)

LOL! Way to go Ann!

9 posted on 01/06/2011 12:23:45 AM PST by Rummyfan (Iraq: it's not about Iraq anymore, it's about the USA!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Rummyfan

:o)


10 posted on 01/06/2011 12:44:46 AM PST by RonDog
[ Post Reply | Private Reply | To 9 | View Replies]

To: Rummyfan

Why isn’t the name Alberto Ramirez a household name? He is the $14,000 a year strawberry picker who bought a $720,000 home. http://people.bakersfield.com/home/Blog/Bakersfieldbubble/8815/ Was this “affordable housing?”


11 posted on 01/06/2011 1:22:39 AM PST by Vehmgericht
[ Post Reply | Private Reply | To 9 | View Replies]

To: All
<><><> Fannie/Freddie are the key mechanisms of the criminal enterprise that is the thieving Democrat party, and its minions. <><><>

======================================

REFERENCE---MICHELE MALKIN Fannie Mae serves as an industrial-sized Dem patronage factory -- sharing profits with political allies, spreading taxpayer funds to voting blocs----like ethnic groups-----and doling out jobs to left-wing academics, Washington has-beens and back-scratching buddies. Obama insider Fannie Mae exec Jim Johnson got sweetheart loans from shady subprime Countrywide. Pols raked in six-figure salaries as F/F engaged in Enron-style accounting, plunged into debt, and helped usher in the subprime housing meltdown through cockamamie lending practices.

Bill Clinton appointed Franklin Raines, Daley and Rahm Emanuel just as the quasi-governmental F/M engaged in rampant book-cooking so that F/M insider could help themselves to massive bonuses. The Chi/Tribune exposed how Emanuel's "profitable stint" was low-show w/ no woek involved. Emanuel was not even assigned to committees, according to company proxy statements.

Immediately upon joining the board, Emanuel and other insiders qualified for $380,000 in stock and options plus a $20,000 annual fee, public records indicate. W/ Wall Street Emanuel there, accounting tricks were used to mislead shareholders about outsize profits F/M reaped from risky investments. The goal was to cook the books to keep fraudulent earnings on the books, to make Freddie Mac look profitable on paper-----AND to fraudulently obtain humongous annual bonuses for political insiders.

===============================================

The Government filed suit against F/M head Franklin Raines when the depth of the F/M accounting scandal became clear. READ IT HERE http://housingdoom.com/2006/12/18/fannie-charges/

The Government noted, "The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner."

These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the mis-stated Fannie Mae profits. (Soon going to trial.)

12 posted on 01/06/2011 1:33:44 AM PST by Liz (There's a new definition of bipartisanship in Washington -- it's called "former member.")
[ Post Reply | Private Reply | To 11 | View Replies]

To: All
OBAMA COVERUP Freddie Mac records exempt from FOIA
Sunlight Foundation | 03/26/2009 | Bill Allison
FR Posted 03/27/2009 by BuckeyeTexan

Bob Secter and Andrew Zajac of the Chicago Tribune report that, while researching what went at Freddie Mac during the period White House Chief of Staff Rahm Emanuel served on the government-sponsored enterprise’s board of directors, they were unable to get minutes of board meetings and other information.

The Obama administration rejected a Tribune request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel’s time as a director. The documents, obtained by Falcon for his investigation, were “commercial information” exempt from disclosure, according to a lawyer for the Federal Housing Finance Agency. Freddie Mac executives cooked the books, mismanaged the firm, and ultimately drove it into the ground, costing taxpayers billions of dollars. The “commercial information” exemption is reserved for private companies–Freddie Mac is by no means a private company anymore.

TWO-FACED OBAMA Obama "said" in the FOIA memo, “The Government should not keep information confidential merely because public officials might be embarrassed by disclosure, because errors and failures might be revealed, or because of speculative or abstract fears.”

Obama added later that “In responding to requests under the FOIA, executive branch agencies (agencies) should act promptly and in a spirit of cooperation, recognizing that such agencies are servants of the public.”

13 posted on 01/06/2011 1:35:43 AM PST by Liz (There's a new definition of bipartisanship in Washington -- it's called "former member.")
[ Post Reply | Private Reply | To 12 | View Replies]

To: Seaplaner

Yea, well, globull warming has been proven too. The “consensus” says so.


14 posted on 01/06/2011 1:46:55 AM PST by AFreeBird
[ Post Reply | Private Reply | To 3 | View Replies]

To: RonDog

The Democratic Party is a criminal enterprise, engaged in criminal activities; to wit, bribery, voter fraud, money laundering, soliciting and accepting illegal campaign contributions, making false statements regarding campaign funding, etc.

They need to be prosecuted under the RICO Act.

BTW, I’m hoping that next President Sarah Palin has a choice spot in her cabinet for Ann Coulter. The confirmation hearings alone would be worth it.


15 posted on 01/06/2011 1:58:32 AM PST by NTHockey (Rules of engagement #1: Take no prisoners)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NTHockey
BTW, I’m hoping that next President Sarah Palin has a choice spot in her cabinet for Ann Coulter.

The confirmation hearings alone would be worth it.

That works for me!

See also, from HandOfSarah.com:



16 posted on 01/06/2011 2:26:43 AM PST by RonDog
[ Post Reply | Private Reply | To 15 | View Replies]

To: Rummyfan

Why is it that conservative women are so damned attractive and liberal women not so much?


17 posted on 01/06/2011 2:35:17 AM PST by Rearden (Deo Vindice)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Rearden

“Why is it that conservative women are so damned attractive and liberal women not so much?”

For the same reason that patients in an institution for the mentally ill are not too attractive.


18 posted on 01/06/2011 3:08:05 AM PST by Rennes Templar ( Reagan: " When I was young we were poor, but the gov't didn't have to tell us we were poor")
[ Post Reply | Private Reply | To 17 | View Replies]

To: RonDog; Syncro; carlo3b; stanz; gakrak; massfreeper; hosepipe; Donald Rumsfeld Fan; ...
Ann had me literally ROTFLOL with this zinger:

Have you ever noticed that whenever there's a major calamity in this country, the name "Jamie Gorelick" always pops up? I think I'll pull some articles about the Great Chicago Fire from Nexis to see if there was a "Gorelick" living on Catherine O'Leary's block.
~Ann Coulter

Let me know if you'd like to be added to the Ann Coulter ping list.

19 posted on 01/06/2011 3:45:50 AM PST by jellybean (Bookmark http://altfreerepublic.freeforums.org/index.php for when FR is down)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Rearden

Their internal ugliness is reflected on the outside? With respect to liberal women I mean.....


20 posted on 01/06/2011 3:47:46 AM PST by Rummyfan (Iraq: it's not about Iraq anymore, it's about the USA!)
[ Post Reply | Private Reply | To 17 | View Replies]

To: jellybean

Hubby and I got a liar loan, but we paid it all back in full. Can’t blame us for the Great Depression II.


21 posted on 01/06/2011 5:04:50 AM PST by TheOldLady ("...neither the Democrats NOR THE REPUBLICANS heard us in 2010." - Lazamataz)
[ Post Reply | Private Reply | To 19 | View Replies]

To: jellybean

Franklin Raines, Jamie Gorelick and Jack Quinn. All got seven figure bonuses from FreddieMac. Did they forget about Craig (?), the Elian Gonzales lawyer? How about Richard Ben-Veniste?


22 posted on 01/06/2011 6:11:59 AM PST by Inwoodian
[ Post Reply | Private Reply | To 19 | View Replies]

To: jellybean
As the titanic losses were racking up, Fannie Mae's operators, Franklin Raines and Jamie Gorelick, disguised the catastrophe by orchestrating a $5 billion accounting fraud -- all the while continuing to pressure banks to make absurd, politically correct loans and denouncing Republicans as enemies of the poor.

Have you ever noticed that whenever there's a major calamity in this country, the name "Jamie Gorelick" always pops up? I think I'll pull some articles about the Great Chicago Fire from Nexis to see if there was a "Gorelick" living on Catherine O'Leary's block.

Wasn't Gorelick invloved in the criminal prosecution of Bill Clinton too, somehow? Maybe i'm mistaken..

23 posted on 01/06/2011 6:50:00 AM PST by subterfuge (BUILD MORE NUCLEAR POWER PLANTS NOW!!!)
[ Post Reply | Private Reply | To 19 | View Replies]

To: RonDog

Thanks Ron, I couldm’t get FR to come up for quite some time and then had to step out.

It was great to see it posted.


24 posted on 01/06/2011 7:09:00 AM PST by Syncro
[ Post Reply | Private Reply | To 2 | View Replies]

To: Syncro

:o)


25 posted on 01/06/2011 1:03:40 PM PST by RonDog
[ Post Reply | Private Reply | To 24 | View Replies]

To: subterfuge

Fannie was pressuring banks to write mortgages with no money down and no proof of income. What could go wrong?

In 2004, Bush’s White House Chief Economist Gregory Mankiw warned that Fannie was creating “systemic risk for our financial system.” In response, Barney Frank went to a champagne brunch with his partner “just because.”

love n Ann!

“Jamie Gorelick”...known as the mistress of disaster
http://en.wikipedia.org/wiki/Jamie_Gorelick


26 posted on 01/07/2011 4:45:30 PM PST by TomasUSMC ( FIGHT LIKE WW2, FINISH LIKE WW2. FIGHT LIKE NAM, FINISH LIKE NAM)
[ Post Reply | Private Reply | To 23 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson