Congressman Barney Frank says he wants some of those responsible for our current financial meltdown to be prosecuted. And we couldn't agree more. First up in the court dock: Rep. Barney Frank, D-Mass. Even by the extraordinarily loose standards of Congress, it takes some chutzpah for someone such as Frank to suggest that he'll seek prosecutions for those behind the housing and financial crunch and for what he called "a strongly empowered systemic risk regulator." Frank: Fannie Mae and Freddie Mac's point man in Washington. For Frank, perhaps more than any single individual in private or public life, is responsible for both the housing market mess and subsequent bank disaster. And no, this isn't partisan hyperbole or historical exaggeration. But first, a little trip down memory lane. (Excerpt) Read more at ibdeditorial.com ...
CUOMO AND BILL CLINTON CREATED CONDITIONS FOR MELTDOWN
Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the countrys current crisis. He took actions thatin combination with many other factorshelped plunge Fannie and Freddie into the sub-prime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded kickbacks to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why. . . SOURCE http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/
Feb 8, 2010
Editorial, The Wall St Journal
FR Posted February 08, 2010 by The Raven ...
HUD's Web visitors learn that in 1999 "Secretary Cuomo established new Affordable Housing Goals requiring Fannie Mae and Freddie Mactwo government sponsored enterprises involved in housing financeto buy $2.4 trillion in mortgages in the next 10 years. This will mean new affordable housing for about 28.1 million low- and moderate-income families. The historic action raised the required percentage of mortgage loans for low- and moderate-income families that the companies must buy from the current 42 percent of their total purchases to a new high of 50 percenta 19 percent increasein the year 2001." ... (Excerpt) Read more at online.wsj.com ...
REFERENCE Entitled, "Highlights of HUD Accomplishments 1997-1999," the document chronicles the "accomplishments under the leadership of Secretary Andrew Cuomo, who took office in January 1997." HUD's Web visitors learn that in 1999: "Secretary Cuomo established new Affordable Housing Goals requiring Fannie Mae and Freddie Mactwo government sponsored enterprises involved in housing financeto buy $2.4 trillion in mortgages in the next 10 years. This will mean new affordable housing for about 28.1 million low- and moderate-income families. Cuomo's historic action raised the required percentage of mortgage loans for low-and moderate-income families that the companies must buy from the current 42% of their total purchases to a new high of 50%-----a 19% increasein the year 2001."
REFERENCE---BY MICHELLE MALKIN Fannie Mae serves as an industrial-sized 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 work involved. Emanuel was not even assigned to committees, according to company proxy statements (more on Raines and Emanuel below).
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.
Freddie and Fannie, the two big quasi-govt mortgage banks that HAVE ALREADY RECEIVED HUGE federal bailouts, had huge lobbying budgets that they used for political contributions to keep regulators off their backs.
So which politicians get Fannie and Freddie political contributions.
The top three U.S. Senators getting big Fannie and Freddie political bucks were Democrats and number two was then-Senator Barack Obama who had only been in the Senate four years but still managed to grab the number two spot ahead of John Kerry, decades in the senate, and Chris Dodd then-chairman of the powerful Senate Banking Committee.
Fannie and Freddie were creations of the Congressional Democrats and the Clinton White House, designed to make mortgages available to more people, and as it turned out, some many many who couldnt afford them.
Fannie and Freddie have also been places for big Washington democrats to go to work in the semi-private sector and pocket millions.
The Clinton Administrations White House budget director Franklin Raines was appointed by Clinton to run Fannie........ and collected $50 million dollars. Jamie Gurilli Gorelick (now BP's attorney), a Clinton Justice Apartment Official, worked for Fannie and took home $26 million dollars in mfg bonuses.
Big Democrat Jim Johnson, recently on Obamas VP search committee hauled in millions from his Fannie Mae CEO job. Now remember, Obamas ads and stump speeches attacked McCain and Republican policies for the financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain, Senator Obama, was at the head of the line when the piggys lined up at the Fannie and Freddie trough for campaign bucks...." - FoxNews, Sept. 2008
Its Bush’s fault...
The failure of Fannie/Freddie, and the resulting 'burning down' of the economic house of the U.S., lies completely at the feet of the marxist/socialist liberal Democrats.
The GOP and President George Bush attempted to fix this in 2004 and were emphatically turned back. This historical record is without question. It's on youtube with 3.8 million views already. Continue to forward this video around the net.
Gorelick made a bundle to keep quiet about Clinton’s RedCom campaign donations.
Chuck 'The Schmuck' Schumer aka: Up-Chuck & Chuck-U
Indy/Mac started the Banking Collapse and it was asshat Schoooooomer who pushed over the first domino. It soon after that when the 'Housing Boom' went bust.
Tuesday, July 1st, 2008
IndyMac: Mini Bank Run, Thanks to Schumer
July 14, 2008
Charles "Chuck-U" Schumer Causes Run on IndyMac Bank
JULY 15, 2008
The $4 Billion Senator
'The federal takeover of IndyMac Bank over the weekend could cost the Federal Deposit Insurance Corp. between $4 billion and $8 billion. But Senator Chuck Schumer, who helped to precipitate the collapse by publicizing a letter to the bank's regulator last month, has no remorse.
July 13, 2008
Schumer: Don't blame me for IndyMac failure
"Sen. Charles Schumer said the OTS:
"ought to stop pointing false fingers of blame."
Whatta swell guy.
Here's a couple of gems:
Ping 4 later
And, if I recall correctly, many NON-citizens.
And George Bush should have prosecuted every one of them. Especially those who made themselves rich at Fannie and Freddie.
And, no mention of what Bush did for the CRA as part of his US/Mexico Partnership for Prosperity Agreement (signed, September 6, 2001) and New Alliance Task Force?
"In June 2004, in an effort to encourage more banks to enter the remittance market and improve access to the U.S. banking system among recent Latin American immigrants, (read: Mexican illegal aliens) bank regulatory agencies clarified that financial institutions offering low cost international remittance services would receive credit under the Community Reinvestment Act (CRA).18 Regulated financial institutions are required under the CRA to serve the convenience and credit needs of their entire communities, including low- and moderate-income areas. Most remittance senders to Latin America are low- to moderate-income immigrant wage earners who operate outside the formal banking system."