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Keyword: fanniemae

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  • Mitt Romney. 2012 Presidential White Papers #5 (A devastating piece

    12/20/2011 8:19:30 AM PST · by Laissez-faire capitalist · 22 replies
    Club for Growth ^ | 2007 (with update) | Staff
    The Club for Growth wrote a white paper on Governor Romney back in 2007. Most of the information below is from that repory, but since Romney has been outspoken on several issues then, weve updated his record to reflect those positions. ...During his initial 2002 campaign Romney refused to sign an anti-tax pledge, but he pledged to balance the budget without raising taxes and touted his fulfillment of that pledge throughout his term. But the details suggest that he broke his verbal committment. Romney did not impose any broad-based tax hikes he imposed a slew of fee hikes. He opposed...
  • An Inconvenient Truth (NY Times Column insists Fannie & Freddie DID NOT cause the mortgage crisis)

    12/20/2011 6:42:56 AM PST · by SeekAndFind · 29 replies
    New York Times ^ | 12/20/2011 | Joe Nocera
    There is so much about Fannie Mae and Freddie Mac that we should be angry about. In their heyday, these strange hybrids — part corporation, part government agency — were the biggest bullies in Washington, quick to bludgeon critics who dared suggest that their dual missions of maximizing profits while making homeownership affordable for low- and moderate-income Americans were incompatible. They steamrolled their regulator and pushed back at any suggestion that their capital was inadequate. For years, they essentially wrote most of the legislation that affected them, which they larded with loopholes. In the mid-2000s, they had giant accounting scandals....
  • NBC/WSJ poll: Romney Struggles With Primary Voters, Gingrich With General Electorate [Newt: 50% No]

    12/17/2011 3:10:31 PM PST · by Steelfish · 78 replies
    MSNBC ^ | December 16, 2011 | Mark Murray
    NBC/WSJ poll: Romney Struggles With Primary Voters, Gingrich With General Electorate By Mark Murray, Deputy Political Director, NBC News WASHINGTON - Exactly three weeks until the first Republican presidential nominating contest in Iowa, front-runners Newt Gingrich and Mitt Romney have two different challenges, according to a new NBC News/Wall Street Journal poll. Romney faces a challenge with the Republican primary electorate, trailing Gingrich nationally by 17 percentage points as nearly two-thirds of Republicans view him as either liberal or moderate. Gingrich, meanwhile, faces a challenge with the general electorate, as half of all voters say they wouldn’t vote for him...
  • Fannie Mae and Freddie Mac Executives Sued By SEC: Now they’ll be Government SUED Entities

    12/16/2011 11:43:35 PM PST · by neverdem · 10 replies
    Human Events ^ | 12/16/2011 | John Hayward
    The Securities and Exchange Commission is suing six top executives of Fannie Mae and Freddie Mac for lying to the public about their subprime mortgage exposure and misleading investors. Among those named in the suit are former Fannie CEO Daniel Mudd and former Freddie CEO Richard Syron. The Wall Street Journal has details of the SEC announcement: "Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was," said Robert Khuzami, director of the SEC's Enforcement Division. "These material misstatements occurred during a time of acute investor interest in financial institutions'...
  • S.E.C. Sues 6 Former Top Fannie and Freddie Executives

    12/16/2011 11:22:24 AM PST · by lbryce · 26 replies
    New York Slimes ^ | December 16, 2011 | AZAM AHMED and BEN PROTESS
    Robert S. Khuzami, the Securities and Exchange Commission's director of enforcement.Jacquelyn Martin/Associated PressRobert S. Khuzami, the Securities and Exchange Commission’s director of enforcement. The Securities and Exchange Commission has brought civil actions against six former top executives at the mortgage giants Fannie Mae and Freddie Mac, saying that the executives did not adequately disclose their firms’ exposure to risky mortgages in the run-up to the financial crisis. The case is one of the most significant federal actions taken against top executives at the center of the housing bust and ensuing financial crisis. Fannie Mae and Freddie Mac have been lightning...
  • Obama and the Financial Criminals

    12/16/2011 11:18:27 AM PST · by lbryce · 2 replies
    American Thinker ^ | December 15, 2011 | Bernie Reeves
    At least CBS's 60 Minutes is on to the national fury at the fact that the criminals who brought down the American economy have not been identified personally and brought before the bar of justice. But a week after a broadcast that bored in on the issue, interviewer Steve Croft let Barack Obama off the hook when the president disingenuously stated that the financial shenanigans by Fannie Mae, Freddie Mac, and banking firms were legal -- that his administration was instrumental in passing new regulations encompassed in the Dodd-Frank legislation to prevent it happening again. Wait a minute. It is...
  • US charges ex-Fannie, Freddie CEOs with fraud

    12/16/2011 9:09:30 AM PST · by Justaham · 36 replies
    Associated Press ^ | 12-16-11 | Derek Kravitz
    The Securities and Exchange Commission has brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust. Those charged include the agencies' two former CEOs, Fannie's Daniel Mudd and Freddie's Richard Syron. They are the highest-profile individuals to be charged in connection with the 2008 financial crisis. Mudd, 53, and Syron, 68, led the mortgage giants when the housing bubble burst in late 2006 and 2007. The four other top executives also worked for the companies during...
  • Romney enjoys unexpected conservative cover

    12/16/2011 5:35:51 AM PST · by vg0va3 · 9 replies
    MSNBC ^ | 12/15/11 | Michael O'Brien
    There’s been no shortage of establishment-minded Republicans and members of Congress to have served in the 1990s that have come out and endorsed Mitt Romney for president, or raised concerns about Newt Gingrich’s candidacy. But perhaps more unexpected has been the emergence of outside-the-Beltway conservatives to bolster Romney’s candidacy in the few weeks before primary voting begins Jan. 3 in Iowa. A surprising group of conservatives have lined up for Mitt Romney – or, at least, against Newt Gingrich, the former House speaker who’s zoomed to frontrunner status on the strength of his support from anti-establishment Republicans.
  • Republican Proposes New Corporation to Replace Fannie, Freddie

    12/07/2011 10:47:23 PM PST · by rabscuttle385 · 4 replies
    The Wall Street Journal ^ | 2011-12-08 | Nick Timiraos
    A Georgia Republican is set to introduce on Thursday a bill that would replace Fannie Mae and Freddie Mac with a government-owned corporation that could one day be sold off to the private sector. The proposal from Sen. Johnny Isakson, a former Realtor, is the latest in a series of competing measures to address the fate of the mortgage-finance giants whose government takeover has cost taxpayers $151 billion. (snip) To take the place of Fannie and Freddie, the bill would create a new government agency that would provide guarantees on securities comprised of mortgages that meet designated standards. Unlike Fannie...
  • Slick Willism?

    12/06/2011 6:50:07 PM PST · by afraidfortherepublic · 8 replies
    National Review -- The Corner ^ | 12-6-11 | Victor Davis Hanson
    There are some preliminary reports about Bill Clinton’s purported $50,000-a-month retainer — paid out to Teneo, a firm where he is chairman of the board — from his friend Jon Corzine’s now broke MF Global. It reminds of Newt Gingrich’s getting $30,000 a month for his work as a “historian” for Freddie Mac up until the eve of its crack-up. One comes away with a sort of despair that our most prominent politicians, who have already done quite well in private and public life, still cannot refrain from cashing in on their contacts for even more cash. The symptoms are...
  • FHA Insurance Fund May Need Fannie-like Bailout, Hensarling Says

    12/01/2011 9:50:36 PM PST · by rabscuttle385 · 1 replies
    Bloomberg BusinessWeek | 2011-12-01 | Lorraine Woellert
    Link only, per FR posting rules
  • Retiring Barney Frank's Fannie Conection and Backdoor Bailouts

    12/01/2011 5:49:43 PM PST · by joeclarke · 12 replies
    JoeClarke.Net ^ | 01/12/2011 | JoeClarke.Net
    Barney Frank's legacy will not include the prostitution ring that took place at his Washington D.C. townhouse in 1989, without his knowing, according to Barney. He was reprimanded by the House of Representatives in 1990, but Massachusetts, the home of American witchcraft, reelected him - too many times. Barney Frank's legacy will not be that he was the first "Out" gay to become part of the United States Congress. Frank will also not be known, either as the brother of Clinton wonk Ann Lewis, nor for his stammering and stuttering. He will also not be famed for the excessive regulation...
  • Fannie and Freddie Big Wigs Under Fire For Lavish Spending and Bonuses

    12/01/2011 4:24:54 PM PST · by mandaladon · 12 replies
    US News ^ | 1 Dec 2011
    Embattled government mortgage giants Fannie Mae and Freddie Mac were under fire again Thursday as the House Committee on Financial Services grilled leaders on "lavish" spending and executive pay. This after the government mortgage giants both posted huge losses last quarter and have appealed to the Treasury Department for more funds—almost $14 billion between them—to shore up their shaky balance sheets. With a hefty dose of indignation, Texas Republican Rep. Randy Neugebauer railed on Fannie Mae chief Michael Williams about more than $5 million budgeted for "meals and social activities" for employees—wondering why a taxpayer-funded organization in major financial trouble...
  • Gingrich Backed Freddie in 2007 Interview

    12/01/2011 4:31:55 PM PST · by Captain Kirk · 17 replies
    Wall Street Journal ^ | December 1, 2011 | NICK TIMIRAOS And PATRICK O'CONNOR
    Pressed in the interview about how that was not "a point of view one normally associates with conservatives," Mr. Gingrich replied that there are times "when you need government to help spur private enterprise and economic development." He cited electricity and telephone network expansion as similarly effective private-public purposes. "It's not a point of view libertarians would embrace, but I am more in the Alexander Hamilton-Teddy Roosevelt tradition of conservatism," he said. He added, "I'm convinced that if NASA were a GSE, we probably would be on Mars today."
  • Bulletproof Barney Frank Retires -- Liberal, Gay, Untouchable

    12/01/2011 6:10:36 AM PST · by Kaslin · 29 replies ^ | December 1, 2011 | Larry Elder
    When Rep. Barney Frank, D-Mass., announced his intention not to seek re-election after a 32-year career, not one of the nightly news broadcast network anchors found time or space to mention either Frank's central role in the housing meltdown or his congressional reprimand. Not one. Similarly, an Associated Press article headlined, "Democratic Rep. Barney Frank Announces Retirement," mentioned the reprimand, but nada on Frank and the housing collapse. ABC called him "one of the most familiar, powerful and colorful characters on Capitol Hill." NBC said, "Among his legacies -- besides his legendary sharp tongue -- he was the first member...
  • Breaking: New Herman Cain Accuser to Come Forward (CNN)

    11/28/2011 1:51:52 PM PST · by parksstp · 48 replies
    CNN Situation Room ^ | 2011-11-28 | CNN
    In an interview with Wolf Blitzer, Herman Cain said a new accuser would be coming forward to accuse him of having a 13-year affair with him. No links yet as the story is currently breaking and details are still being released. Apparentally a Georgia TV station has the exclusive.
  • Hank Paulson Tipped Off The Goldman-Led "Plunge Protection Team" About Fannie Bankruptcy

    11/29/2011 9:55:23 AM PST · by SeekAndFind · 10 replies
    Zero Hedge ^ | 11/29/2011 | Tyler Durden
    Hank Paulson Tipped Off The Goldman-Led "Plunge Protection Team" About Fannie Bankruptcy 7 Weeks In Advance Today, BusinessWeek's Michael Serrill and Jonathan Neumann have released a blockbuster report based on a FOIA response by the Treasury, which proves that in America rules are only for little people, that this country has been a banana republic for years, that Animal Farm was spot on, and gives excruciating detail of how Hank Paulson tipped off a select group of Goldman diaspora hedge fund managers about the eventual failure of Fannie and Freddie 7 weeks ahead of this information becoming public knowledge. The...
  • Barney Frank blames redistricting in decision to quit

    11/28/2011 2:57:10 PM PST · by Makana · 39 replies
    Boston Herald website ^ | Nov.28, 2011 | Dave Wedge, Hillary Chabot And Natalie Sherman
    A somewhat bitter U.S. Rep. Barney Frank said today he will not seek re-election in 2012 in a move he said was triggered by redistricting that left him with too many new constituents to serve as a “lame-duck” legislator. “There are too many constraints,” Frank said about his life as a politician and the energy it would take to meet new voters so late in his tenure. “People are skeptical about incumbents,” he added. “There was also this — I don’t like raising money.”
  • Rep. Barney Frank won't seek re-election

    11/28/2011 7:01:32 AM PST · by Sub-Driver · 236 replies
    Rep. Barney Frank won't seek re-election Posted by CNN Wire Staff (CNN) - Massachusetts Congressman Barney Frank, a 16-term Democrat, will announce Monday he does not intend to seek re-election in 2012........
  • NASA’s Hansen made up to $750,000 on the side in 2010

    11/19/2011 3:49:50 PM PST · by Mustang Driver · 18 replies
    Charleston (WV) Daily Mail ^ | November 19, 2011 | Don Surber
    UPDATE on November 19, 2011: The outside income estimate doubled. From Glenn Reynolds: “JAMES HANSEN FINANCIAL SCANDAL? Hey, there’s nothing wrong with professors making outside income. But when it’s for global warming activism, it does call your scientific neutrality into question. In Hansen’s defense, no serious person has believed that he possessed scientific neutrality for years. But anybody who owns an $8000 engraved Montres Rolex watch is clearly part of the 1%, no?” THE ORIGINAL POST Government bureaucrat James Hansen pulled down up to $750,000 last year in speeches and prize money. The American Tradition Institute reported: “As it waits...
  • Gingrich welcomes "insider" label as he deflects Freddie Mac questions

    11/16/2011 4:50:15 PM PST · by rabscuttle385 · 13 replies
    CBS News ^ | 2011-11-16 | Stephanie Condon
    (snip) ...the candidate says he isn't worried his association with the now government-controlled firm makes him look like a Washington "insider" -- if anything, he said Wednesday on CBS News radio, he embraces the label. "There's no question when you serve 20 years in the House and as speaker of the House for four years, you know a fair amount about Washington," Gingrich told CBS News radio correspondent Dan Raviv. "We just tried an amateur for the last three years, and it didn't work very well... The country would be better off with someone determined to change Washington and who...
  • The stunning silence from the White House on GSE bonuses (Watch Video)

    11/16/2011 1:20:22 PM PST · by SeekAndFind · 8 replies
    Hotair ^ | 11/16/2011 | Ed Morrissey
    Barack Obama has exhorted supporters to object to large bonus payouts at financial institutions that took TARP bailout money. The House Oversight Committee and its chair, Rep. Darrell Issa, want to know why Obama hasn’t objected to the ridiculous levels of compensation at the two largest bailout recipients — Fannie Mae and Freddie Mac. In a new report (embedded below) titled “Government-Sponsored Moguls: Executive Compensation at Fannie Mae and Freddie Mac,” Issa and the Oversight Committee detail executive compensation at the two GSEs, who — unlike their private-sector counterparts who have either fully repaid or are in the process of...
  • What Caused the Financial Crisis? (BF)

    11/12/2011 6:19:50 AM PST · by no-llmd · 15 replies
    Power Line ^ | 11-12-11 | John Hinderaker
    If there is a single face of the financial crisis, it is probably Barney Frank, Fannie Mae and Freddy Mac’s chief Congressional patron, who shouted down all warnings and resisted all efforts to bring those agencies under control. It is probably too much to hope that Frank will be evicted from Congress any time soon
  • Gingrich campaign insists no lobbying on behalf of Freddie Mac

    11/11/2011 7:43:07 PM PST · by rabscuttle385 · 42 replies
    The Hill, Washington, DC ^ | 2011-11-11 | Justin Sink
    Newt Gingrich's campaign is pushing back against criticism that the former Speaker consulted with embattled mortgage lender Freddie Mac, insisting that Gingrich did not lobby on behalf of the government corporation. Gingrich was pressed on the ties during Wednesday evening's Republican debate — the Speaker was paid $300,000 in 2006 — but insisted that he only met with Freddie in his capacity as a historian, not as a lobbyist. "I have never done any lobbying," Gingrich said. "Every contract was written during the period when I was out of the office, specifically said I would do no lobbying, and I...
  • Fannie Mae taps $7.8 billion from Treasury, loss widens

    11/08/2011 4:55:47 PM PST · by Sub-Driver · 18 replies
    Fannie Mae taps $7.8 billion from Treasury, loss widens Photo 6:42pm EST WASHINGTON (Reuters) - Fannie Mae, the biggest source of money for U.S. home loans, on Tuesday said it needed a further $7.8 billion in federal aid to stay afloat as a shaky housing market widened its third-quarter loss to $5.1 billion. Fannie Mae also attributed the deeper cash drain to losses on derivatives that are used to hedge the firm's exposure to swings in interest rates and expenses related to home loans made prior to the 2008 financial collapse. In the year-earlier quarter it had a loss of...
  • Freddie Mac Loses $4.4B in Third Quarter, Requests $6B More From Treasury

    11/03/2011 10:20:35 AM PDT · by ETL · 43 replies
    AP via Fox News ^ | November 03, 2011 | Associated Press
    Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter. Freddie Mac said Thursday that it lost $4.4 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010. This quarter's $6 billion request from taxpayers is the largest since April 2010.
  • Norway's Sovereign Wealth Fund Sold All U.S. Mortgage Bonds (Freddie & Fannie MBS paper)

    10/28/2011 2:44:12 PM PDT · by rabscuttle385 · 7 replies
    Bloomberg / The San Francisco Chronicle ^ | 2011-10-28 | Josiane Kremer
    Can not excerpt or re-post Bloomberg. Text at link.
  • Freddie Mac CEO to step down

    10/26/2011 8:23:47 PM PDT · by rabscuttle385 · 28 replies · 2+ views
    The Hill, Washington, DC ^ | 2011-10-26 | Peter Schroeder
    Charles E. "Ed" Haldeman, Jr., has announced his plans to step down as chief executive officer of mortgage giant Freddie Mac sometime in the next year. The Federal Housing Finance Agency (FHFA), which regulates Freddie and its counterpart Fannie Mae, announced Wednesday that Haldeman is looking to leave the government-sponsored enterprise some time next year.
  • Obama Making Plans to Nationalize Housing?

    For over a year I have been warning that the Obama Administration plans to use Fannie Mae to nationalize a significant portion of America’s real estate market. Today the President announced plans to utilize executive orders to side-step Congress, usurp the Constitution, and allow the government owned mortgage giant Fannie Mae, to start gobbling up mortgages. The President’s plan will implement sweeping new rules that will allow the nationalized mortgage behemoth to refinance mortgages. Once Fannie Mae owns the mortgage, there’s nothing to stop the Obama Administration from using the Making Home Affordable Plan to allow people to exit their...
  • Regulator throws lifeline to underwater borrowers (BHO= overlord in chief)

    10/24/2011 11:43:44 AM PDT · by STARWISE · 21 replies
    Reuters ^ | 10-24-11 | Margaret Chadbourn
    U.S. homeowners who owe more than their properties are worth got new help on Monday when a U.S. regulator expanded a government program in a step that could help up to one million borrowers. The Federal Housing Finance Agency, which oversees mortgage finance giants Fannie Mae and Freddie Mac, eased the terms of a refinancing program which helps so-called underwater borrowers who have been on time with payments but are unable to refinance. *snip* FHFA said it was scrapping a cap that prohibited borrowers whose mortgages exceeded 125 percent of their property's value from participating in the Home Affordable Refinance...
  • What About the Fannie Mae Millionaires? (Democrats push housing benefits for the wealthy)

    10/24/2011 7:16:10 AM PDT · by SeekAndFind · 2 replies
    National Review ^ | 10/24/2011 | John Berlau
    ‘They are . . . not interested in asking millionaires and billionaires to pay a half a penny on the dollar for the sake of the future of our children and communities.” That was the reaction of Sen. Bob Menendez (D., N.J.) upon the defeat Thursday evening of the bill he sponsored that paired an element of President Obama’s jobs plan — funding for the hiring of some first responders and hundreds of thousands of unionized teachers — with a surtax on those earning more than $1 million. Yet that same evening, Menendez and his fellow Democrats — as well...
  • How American Free Market was damaged, and how it can be repaired.

    10/23/2011 8:27:50 AM PDT · by 1-Eagle · 21 replies · 1+ views
    The Vanity Herald | 1-Eagle
    How the American Free Market imploded, and how it can be repaired It should be counted very curious why the real cause of our recent financial collapse has been not only ignored, but the socialist Democrat Program that inflicted the damage was actually just beefed up this week. This was undoubtedly the political scandal of our nations history. Even though it was openly mocked on SNL, and grassroots efforts on Youtube, one with over 1 million hits, exist, the whole matter has been largely swept under the rug by the Marxist Media. I am referring, of course, to Fannie Mae....
  • Occupy Wall Street Angst Misplaced? You be the Judge

    I have been trading barbs with Occupy Wall Street supporters via social media and my own website for a few weeks now, some of it civil, but most of it not. One thing I have learned is that the Occupy Wall Street movement and the Tea Party have a couple of things in common; they are both upset about the state of the economy and both are fed up with politicians. Unfortunately, that is where the similarities end and the differences begin. The OWS’ers want to blame Wall Street and banks for all their problems while the Tea Party and...
  • Editorial: Fannie, Freddie Threaten Taxpayers Again

    10/10/2011 5:13:29 PM PDT · by Kaslin · 6 replies
    IBD Editorials ^ | October 10, 2011 | Editor
    Financial Crisis: While "Occupy Wall Street" tries to live up to its name, the real causes of our financial woes remain on America's balance sheet, unreformed and threatening trillions of dollars more in losses. Fannie Mae and Freddie Mac, the two government-run mortgage enterprises, weirdly were never included in President Obama's supposed financial reform. Now, looking at a federal debt growing by nearly $1.5 trillion a year, many of the same foreign investors who fueled our housing boom are wondering if they'll ever get their money back. Even as the White House continues to try to expand the role the...
  • Census: Housing bust worst since Great Depression

    10/07/2011 3:51:35 AM PDT · by LSUfan · 4 replies
    AP ^ | 6 Oct 2011 | Associated Press
    The American dream of homeownership has felt its biggest drop since the Great Depression, according to new 2010 census figures released Thursday. "snip" The U.S. housing crisis is far worse than the experience in most Western industrialized nations, which, unlike the U.S., did not foster markets of subprime lending to promote homeownership.
  • Census: Housing bust worst since Great Depression (Women and Minorities Hardest Hit)

    10/06/2011 6:16:30 PM PDT · by SkyPilot · 23 replies
    AP ^ | 6 Oct 2011 | Hope Yen
    WASHINGTON (AP) -- The American dream of homeownership has felt its biggest drop since the Great Depression, according to new 2010 census figures released Thursday. The analysis by the Census Bureau found the homeownership rate fell to 65.1 percent last year. While that level remains the second highest decennial rate, analysts say the U.S. may never return to its mid-decade housing boom peak in which nearly 70 percent of occupied households were owned by their residents. The reason: a longer-term economic reality of tighter credit, prolonged job losses and reduced government involvement. Unemployed young adults are least likely to own,...
  • Mortgage rates drop below 4 percent for first time ever

    10/06/2011 10:57:40 AM PDT · by ilovesarah2012 · 2 replies
    msnbc ^ | October 6, 2011
    The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent. For those who can qualify, it's an extraordinary opportunity to buy or refinance. And mortgage rates could fall even further now that the Federal Reserve plans to reshuffle its portfolio of securities to try and lower long-term rates. On Thursday, Freddie Mac said the average rate on a 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a...
  • Gov't report: Fannie knew of 'robo-signing' in '03

    10/04/2011 9:46:26 AM PDT · by Rusty0604 · 3 replies
    FindLaw ^ | 10/04/2011 | DEREK KRAVITZ AP Real Estate Writer
    Mortgage giant Fannie Mae knew about allegations of improper foreclosure practices by law firms in 2003 but did not act to stop them, a government watchdog says. Fannie officials said they told a government official about the law firm's findings in 2006. That unnamed official, who now works for Fannie's regulator, the Federal Housing Finance Agency, said he couldn't recall the conversation, the report says.
  • Obama and Insiders Honcho Private-Government Real Estate Sales

    09/27/2011 9:10:41 AM PDT · by Kaslin · 7 replies ^ | September 26, 2011 | Kathy Fettke
    Who’s the largest owner of REO (bank-owned) inventory in the country? The taxpayers! That’s right. You and me. Mortgage giants Fannie Mae and Freddie Mac, along with the Federal Housing Administration (FHA), are currently holding approximately 250,000 foreclosed homes. That’s roughly half of all unsold, repossessed properties. Plus, these government-backed agencies may soon be forced to repossess 830,000 more homes currently in some stage of foreclosure. What’s a government to do with so many distressed properties? Unloading them into the market would only further depress values, while damaging the fragile U.S. economy that depends on real estate stability. Holding the...
  • Issa probing Fannie's big mortgage buy - "backdoor bailout"

    09/15/2011 6:57:18 PM PDT · by opentalk · 21 replies
    The Hill ^ | September 15, 2011 | Peter Schroeder
    House Oversight Committee Chairman Darrell Issa (R-Calif.) is wondering why Fannie Mae agreed to buy 400,000 mortgages from Bank of America and whether its purchase of the risky assets constitutes a "backdoor bailout" of the bank. Issa sent a letter Thursday to Edward DeMarco, the acting director of the Federal Housing Finance Agency (FHFA) that regulates Fannie, asking for a justification of the deal, especially in light of the bank's recently announced spate of layoffs. "The transaction appears to have shifted a significant amount of risk from BofA's portfolio to Fannie.
  • Let's Play "Find The Fraud"! What's Wrong With This Assignment?

    09/09/2011 1:01:17 PM PDT · by Chunga85 · 24 replies
    The Foreclosure Hamlet ^ | 9/9/2011 | Capt. Jack
    HINT: MERS assigns to Wells Fargo. Same day, same person, same notary assigns from Wells Fargo to Fannie Mae! Whoopie!
  • ACORN Secretly Wrote 1992 Law That Set Fannie, Freddie 'On the Road to the Mortgage Meltdown'

    09/06/2011 6:12:34 AM PDT · by WashingtonSource · 30 replies
    MInd Over Market ^ | August 21, 2011 | Robert England
    The Association of Community Organizations for Reform Now (ACORN) was a key architect of a law passed in 1992 that set Fannie Mae and Freddie Mac on the road to ruin, according to a new book by Robert Stowe England to be released September 30 by Praeger. The book, Black Box Casino, uncovers the myriad factors that led to the financial crisis of 2008, the worst financial implosion of modern times. This story is one of many threads woven into the book's narrative. ACORN was a key leader in clandestine negotiations among housing activists to shape new legislation that would...
  • Settlement Said to Be Near for Fannie and Freddie [Government Struggles With: Define Subprime]

    09/09/2011 6:15:37 AM PDT · by fight_truth_decay · 6 replies
    NYT DealB%k ^ | September 8, 2011, 10:00 pm | BEN PROTESS ,AZAM AHMED
    Regulators are nearing a settlement with Fannie Mae and Freddie Mac over whether the mortgage finance giants adequately disclosed their exposure to risky subprime loans, bringing to a close a three-year investigation. The proposed agreement with the Securities and Exchange Commission, under the terms being discussed, would include no monetary penalty or admission of fraud, according to several people briefed on the case. But a settlement would represent the most significant acknowledgement
  • Huntsman Warns That GOP Can't Win the White House by Denying Climate Science (BARF)

    09/08/2011 3:03:16 PM PDT · by ding_dong_daddy_from_dumas · 98 replies
    New York Times ^ | September 8, 2011 | EVAN LEHMANN
    "When you make comments that fly in the face of 98 out of 100 climate scientists, to call into question the science of evolution, all I am saying is that in order for the Republican Party to win, we can't run from science," Huntsman said. "By making comments that basically don't reflect the reality of the situation, we turn people off." Politico's John Harris, a debate moderator, pressed Texas Gov. Rick Perry to name the scientists that he refers to on the campaign trail as credibly refuting the international consensus that humans are contributing to global warming.
  • Banks Likely To Pursue "Total War" In Fight Against The FHFA (Will go after Fannie & Freddie)

    09/06/2011 6:41:28 AM PDT · by SeekAndFind · 41 replies
    Business Insider ^ | 09/06/2011 | Joe Weisenthal
    Intriguing note from POLITICO's Ben White today regarding the FHFA lawsuits against 17 of America's biggest banks. [Morning Money] hears that instead of contemplating settlements of the FHFA mortgage-backed securities lawsuits, big banks and their attorneys are more likely to pursue what insiders describe as an all out war strategy in which they go after Fannie Mae and Freddie Mac (and by default their Democratic supporters) in a scorched earth strategy to show the GSE’s took an active role in creating the very securities they are now suing the banks over.
  • Timeline shows Bush McCain Warning Dems of financial and housing crisis; meltdown - YouTube

    09/04/2011 10:24:05 AM PDT · by Sons of Union Vets · 163 replies · 1+ views
    Fox News ^ | Sept. 24, 2008 | Fox news
    From Fox News Channel Wednesday, September 24, 2008 Special Report With Brit Hume
  • U.S. government 'to sue' 17 major banks for billions over financial crisis mortgage sales

    09/03/2011 9:37:05 AM PDT · by Do Not Make Fun Of His Ears · 31 replies
    Daily Mail ^ | 9/3/11 | Daily Mail Reporter
    The government on Friday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed. Among those targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., and Goldman Sachs Group Inc. Large European banks including The Royal Bank of Scotland, Barclays Bank and Credit Suisse were also sued. The lawsuits were filed by the Federal Housing Finance Agency. It oversees Fannie and Freddie, the two agencies that buy mortgages loans and mortgage securities...
  • Government Sues Biggest U.S. Banks Over Mortgage-Backed Investment

    09/02/2011 7:17:45 PM PDT · by Blood of Tyrants · 32 replies
    FoxNews ^ | 9/2/11 | Jim Angle and The Associated Press
    <p>In a sweeping move that opens a new front on the housing crisis, the U.S. government on Friday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed.</p>
  • Could mortgage lawsuits against banks weaken the economy?

    09/02/2011 2:44:17 PM PDT · by Qbert · 19 replies · 1+ views
    Marketplace ^ | September 2, 2011 | Marketplace Morning Report (Transcript)
    Professor Eliot Spoon discusses whether the government can win its lawsuits against the nation's banks over the quality of mortgages they sold during the housing boom, and unintended consequences that could occur. JEREMY HOBSON: The federal government is on the verge of filing lawsuits against the nation's biggest banks. The New York Times reports this morning that the suits will accuse the banks of selling bad mortgages during the housing boom and saying they were top quality. The government mortgage companies Fannie Mae and Freddie Mac suffered losses of more than $30 billion. For more on this, let's bring in...
  • New plan: Let’s sue all the banks! (in response to the damage they did to Fannie and Freddie)

    09/02/2011 7:53:33 AM PDT · by SeekAndFind · 38 replies
    Hotair ^ | 09/02/2011 | Jazz Shaw
    Dear Banks, Remember all of that bailout money you received? Sure hope you saved some of it. US authorities are preparing to sue more than a dozen big banks over claims they misrepresented the quality of mortgages sold during the 2006-7 housing bubble.The US Federal Housing Finance Agency (FHFA), which is overseeing the remains of failed mortgage giants Fannie Mae and Freddie Mac, is reportedly planning to argue that America’s biggest banks failed to check the health of mortgages before they sold them on to investors. The collapse of hundreds of thousands of sub-prime mortgages triggered the 2008 credit crisis...