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Keyword: fnma

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  • White House exodus continues as National Security Adviser resigns

    10/08/2010 12:58:30 PM PDT · by Schnucki · 18 replies
    London Telegraph (U.K.) ^ | October 8, 2010 | Alex Spillius
    The exodus of senior aides from the White House continued as Gen James Jones, Barack Obama’s head of National Security, resigned. His departure, which comes a week after Rahm Emanuel, the chief of staff, resigned, removes one of the few senior officials not belonging to the US president’s coterie of long-time advisers. Brought in originally for his vast experience and independent voice, it had been clear for some time that the former Nato supreme commander had failed to gel with the president’s inner circle. Gen Jones is being replaced by one of those close aides, his former deputy Thomas Donilon....
  • New Obama security adviser clashed with military

    10/08/2010 12:05:49 PM PDT · by ColdOne · 12 replies
    Yahoo/Reuters ^ | Oct 8,2010 | Ross Colvin and Patricia Zengerle
    WASHINGTON (Reuters) – President Barack Obama will name close aide Tom Donilon as his new national security adviser on Friday in a move that could have implications for the struggli
  • PERRIS: Fannie Mae Abandoned Horse, Records Show

    07/25/2012 2:32:34 PM PDT · by DogByte6RER · 5 replies
    The Press Enterprise ^ | July 23, 2012 | Peter Surowski
    PERRIS: Fannie Mae abandoned horse, records show A horse that was found blind, starving and nearly crippled at a foreclosed home in Perris may have been a victim of Fannie Mae. I reported on the horse’s rescue last week by a couple of local good Samaritans, but I didn’t know who owned the property. I do now. It was Fannie Mae. That’s what the County Assessor’s records show, anyway. I had a feeling this was the case, based on an unreliable tip that was blurted at me by the real estate agent in charge of the property. When I called...
  • The foreclosure mess isn’t going away

    04/05/2011 7:53:31 AM PDT · by Chunga85 · 18 replies
    Yahoo News - The Lookout ^ | 4/4/2011 | Zachary Roth
    We've told you before about how big banks cut corners on paperwork over the last few years in order to speed struggling homeowners into foreclosure. And a "60 Minutes" report that aired last night offers fresh anecdotal reporting on just how irresponsible--and potentially fraudulent--the banks' practices were. Meanwhile, compelling video of a grandmother being evicted from her home by a SWAT team last week suggests the banks aren't slowing down their rush to foreclosure and eviction. Banks profit by processing a vast number of homes into foreclosure as quickly as possible. But as "60 Minutes" details, many of the mortgages...
  • Woman Tied to 9/11, Fannie Mae on Obama's FBI Shortlist!

    03/23/2011 2:50:41 PM PDT · by fightinJAG · 84 replies
    FOX ^ | March 23, 2011 | Chris Neefus
    The Obama administration reportedly is considering former Clinton administration official Jamie Gorelick, among others, to become the next director of the Federal Bureau of Investigation (FBI). The Wall Street Journal’s Evan Perez first reported the news last week, citing “U.S. officials” familiar with the situation. Gorelick served as vice chairman of the Federal National Mortgage Association (Fannie Mae) when the government-sponsored enterprise began bundling subprime loans into securitized financial instruments. Prior to that, she served as deputy attorney general in the Clinton Justice Department under then-Attorney General Janet Reno from 1994 to 1997. ... But Gorelick is perhaps best known...
  • Issa's First Subpoena: BofA/Countrywide

    02/16/2011 7:55:20 PM PST · by george76 · 17 replies
    FOX Business ^ | February 16, 2011 | Rich Edson
    Countrywide’s VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. The “Friends of Angelo” program, named for former Countrywide CEO Angelo Mozilo, has been under committee investigation since 2008 for allegedly granting generous mortgage deals to influential government officials, lawmakers and employees at Fannie Mae. “Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,”...
  • Barbara Hollingsworth: Fannie Mae owns patent on residential 'cap and trade' exchange

    04/21/2010 9:10:40 PM PDT · by givemELL · 55 replies · 1,539+ views
    The Examiner ^ | April 20, 2010 | Barbara Hollingsworth
    Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in the "green" movement were inventing a patented system to trade residential carbon credits. Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 -- the day after Democrats took control of Congress. Former Sen. John Sununu, R-N.H., criticized the award at the time, pointing out that it had "nothing to do with Fannie Mae's charter, nothing to do with making mortgages more affordable." "It wasn't about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed it...
  • Euphoria Over Greece Bailout Ignores Fannie Mae Death Rattle!

    05/10/2010 6:28:09 AM PDT · by Stayfree · 6 replies · 315+ views
    Various | May 10, 2010 | Stayfree
    Fannie Mae reported a net loss $13.1 billion on Monday and forecast weakness in the housing and mortgage markets to continue throughout 2010.
  • U.S. Move to Cover Fannie, Freddie Losses Stirs Controversy

    12/26/2009 5:30:51 PM PST · by Stayfree · 18 replies · 1,201+ views
    Wall St. Journal ^ | JAMES R. HAGERTY and JESSICA HOLZER
    The Treasury announced Thursday it was removing the caps that limited the amount of available capital to the companies to $200 billion each.
  • Fannie Mae suffers massive loss, seeks more aid

    08/06/2009 3:32:58 PM PDT · by Jet Jaguar · 17 replies · 973+ views
    AFP via Breitbart ^ | Aug 06, 2009 | N/A
    Troubled state-backed mortgage firm Fannie Mae took a massive 14.8-billion-dollar second-quarter loss
  • Fannie plans bonuses of up to $611K for 4 execs

    03/18/2009 11:12:41 AM PDT · by TenthAmendmentChampion · 42 replies · 2,620+ views
    AP via Yahoo News ^ | March 18, 2009 | Alan Zibel
    WASHINGTON (AP) -- Fannie Mae is planning to pay retention bonuses of as much as $611,000 each to several top executives of the government-controlled mortgage finance titan. Sibling company Freddie Mac is planning similar awards.
  • AIG Watch: The Taxpayer Is Being Fleeced Twice

    03/17/2009 12:16:50 PM PDT · by arthurus · 9 replies · 354+ views
    Seeking Alpha ^ | March 17, 2009 | Bruce Krasting
    ...Fannie Mae and Freddie Mac bought as much of this 'enhanced' paper as they could. The yields were great and how could they lose if the likes of AIG were going to guarantee the first loss? In 2006, FNM/FRE were trying to build market share in high risk mortgages. They kept the party going....
  • Timeline Shows Bush, McCain Warning Dems of Financial and Housing Crisis; Meltdown

    03/07/2009 1:49:38 PM PST · by Enough_Deceit · 50 replies · 2,508+ views
    Fox News, You Tube ^ | 2002 | Fox News
    This was taken off of You Tube due to the liberal media. This link is to the same video, but is routed through Canada.
  • Elizabeth Dole "Infuriated"

    10/10/2008 1:09:25 PM PDT · by jessduntno · 72 replies · 3,794+ views
    newsmax ^ | 10/10/08 | Newsmax
    Senator Elizabeth Dole, a member of the Senate Banking Committee, tells Newsmax TV she and other Republicans tried to move legislation five years ago to rein in Fannie Mae and Freddie Mac but Democrats blocked their efforts and it "infuriates" her to think about how that could have prevented what eventually happened.
  • Bailout passes: Pelosi promises show trials to pin blame on Repubs [VANITY]

    10/03/2008 10:53:01 AM PDT · by pabianice · 57 replies · 2,138+ views
    Fox News | 10/3/08
    No sooner had the $805B bail-out bill passed the House than Pelosi went to the TV cameras and promised show trials under Henry Waxman to pin the blame for this mess (on Republicans). She then praised Barney Frank's courage and leadership in delivering the country from the evil of Republicans in general and Wall Street in particular. Denny Hoyer then spoke of how we must never let the greedy lenders destroy the economy and that he is going to make sure that never happens again. James Clyburn assured viewers that Congress will make sure that no one loses their home...
  • Fannie Mae Proof

    10/01/2008 10:56:51 AM PDT · by safetysign · 12 replies · 860+ views
    New York Times ^ | 09/30/1999 | Steve A. Holmes
    In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring. Fannie Mae, the nation's biggest...
  • Andrew Cuomo - How the youngest HUD Secretary in history gave birth to the mortgage crisis

    09/21/2008 6:35:28 PM PDT · by silverleaf · 30 replies · 829+ views
    Village Voice ^ | August 5, 2008 | Wayne Barrett
    Andrew Cuomo and Fannie and Freddie How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis By Wayne Barrett ...... http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/ There are as many starting points for the mortgage meltdown as there are fears about how far it has yet to go, but one decisive point of departure is the final years of the Clinton administration, when a kid from Queens without any real banking or real-estate experience was the only man in Washington with the power to regulate the giants of home finance, the Federal National Mortgage Association (FNMA) and the Federal...
  • Update, CEO telling the Dems,and Obama that they are the "Family" the "Conscious" of Fannie Mae.

    09/17/2008 5:15:59 PM PDT · by Pacothecat · 27 replies · 229+ views
    http://www.youtube.com/watch?v=usvG-s_Ssb0 | you tube
    UPDATE VIDEO BACK UP...PLEASE MAKE COPIES video unearthed CEO of Fannie Mae telling the Democrats (specifically Barack Obama and the Congressional Black Caucus) that they are the "Family" the "Conscience" of Fannie Mae.
  • Fannie Mae's Patron Saint

    09/09/2008 8:53:07 AM PDT · by cowtowney · 8 replies · 216+ views
    Wall Street Journal ^ | 9/9/2008 | WSJ
    Taxpayers are now on the hook for as much as $200 billion to rescue Fannie Mae and Freddie Mac, and if you want to know why, look no further than the rapid response to this bailout from House baron Barney Frank. Asked about Treasury's modest bailout condition that the companies reduce the size of their high-risk mortgage-backed securities (MBS) portfolios starting in 2010, Mr. Frank was quoted on Monday as saying, "Good luck on that," and that it would never happen. There you have the Fannie Mae problem in profile. Mr. Frank wants you to pick up the tab for...
  • We're Stuck With The Mortgage Monsters

    05/15/2006 8:41:04 PM PDT · by mcenedo · 4 replies · 566+ views
    Compost ^ | 05/15/06 | Jerry Knight
    After too many years tilting at Washington's windmills, there are few subjects left that can trigger my feelings of outrage. Fannie Mae is one of them. The White House is hardly in a position to provide leadership since presidents Bush and Clinton have significant responsibility for what went wrong. They appointed board members at Fannie and Freddie, reflecting their unique status. The failure of that system is obvious. The White House traditionally treated appointments to the boards as political plums: not as cushy as, say, being named ambassador to the Vatican but as nice a job as you can get...
  • WSJ: Systemic Political Risk - The Fannie Mae scandal - When it Raines, it pours.

    09/30/2005 6:06:48 AM PDT · by OESY · 6 replies · 1,041+ views
    Wall Street Journal ^ | September 30, 2005 | Editorial
    ...[I]nvestigators have uncovered even more accounting "irregularities" -- including overvaluation of assets, attempts to hide derivatives losses and the possible improper use of tax credits.... Which brings us to Mr. Oxley, the House Financial Services Chairman who is pressing a "reform" for Fannie and its sibling, Freddie Mac, that fails to address their core financial risks. His bill does nothing to reduce their huge portfolios of mortgage-backed securities (MBSs) and the derivatives they use to hedge those portfolios. Reducing their MBSs would dent their profitability. But a meltdown in their black-box hedging operations could have far worse consequences, and the...
  • WSJ: Mr. Oxley's Slush Fund - A Fannie Mae 'reform' far worse than current law.

    06/14/2005 5:24:09 AM PDT · by OESY · 3 replies · 485+ views
    Wall Street Journal ^ | June 14, 2005 | Editorial
    For the list of worst Congressional legislation ever, we have a new candidate: last month's debacle in the House Financial Services Committee on Fannie Mae and Freddie Mac. In the name of reforming these "government-sponsored" mortgage giants, the Members voted to make them even more financially dangerous, while grabbing a chunk of their profits for political payola to boot. Chairman Mike Oxley and friends voted to create a new "affordable housing fund" to the tune of $600 million or more a year. Already facing deserved criticism for being under-capitalized, Fannie and Freddie would have to dole out 5% of their...
  • NYP: THE $30B SCANDAL THAT TV FORGOT (CEO Franklin Raines and Fannie Mae)

    04/12/2005 5:18:56 AM PDT · by OESY · 15 replies · 1,089+ views
    New York Post ^ | April 12, 2005 | DAN GAINOR
    Why isn't TV news giving the Fannie Mae scandals the same level of coverage that it gave to Enron? Fannie Mae, the government-sponsored mortgage association, has been battling a mounting scandal since last year. It has accounting errors of about $11 billion. That's more than 19 times larger than Enron's $567 million error. Fannie faces a Justice Department inquiry, an SEC investigation and an Office of Federal Housing Enterprise complaint. The mess has caused the departure of CEO Franklin Raines and several other top executives. And Fannie Mae stock has dropped roughly 30 percent, from nearly $80 a share to...
  • NYT: Assessing What Will Now Happen to Fannie Mae (to the Democrats' favorite CEO, Franklin Raines)

    12/17/2004 5:56:58 AM PST · by OESY · 11 replies · 609+ views
    New York Times ^ | December 17, 2004 | STEPHEN LABATON
    WASHINGTON, Dec. 16 - Fannie Mae, the housing-finance giant, for years has fended off critics who contend that the company is too big, too powerful and too risky. But the Securities and Exchange Commission's Wednesday ruling, that Fannie Mae had seriously breached accounting rules, could touch off a chain reaction that results in stricter government controls, legislation limiting its growth and possibly even a change in top management. Democratic and Republican lawmakers alike demanded on Thursday that senior executives, including the chief executive, Franklin D. Raines, return tens of millions of dollars in bonuses and other compensation that they had...
  • WSJ: Fannie Mae Liberals

    10/14/2004 5:24:09 AM PDT · by OESY · 6 replies · 612+ views
    Wall Street Journal ^ | October 14, 2004 | Editorial
    ...Here's a case of misplaced moral outrage if we've ever seen one. Mr. Franks is mad about the salaries when he really should be mad at the rigged political game that has made them possible. Fannie's regulator, the Office of Federal Housing Enterprise Oversight, has reported that Fannie has been cooking its books. Add that to the increasing evidence that Fannie has been ignoring its mission to provide affordable housing, and we wonder if Mr. Frank doesn't need an eye checkup.... Maxine Waters (D., California) cooed all over Mr. Raines, and Clay Lacy (D., Missouri) played the race card by...