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Keyword: franklinraines

Brevity: Headers | « Text »
  • Donilon fought off housing regulation proposals

    10/10/2010 8:13:27 AM PDT · by Enchante · 11 replies
    AP ^ | 10/09/10 | Pete Yost
    The second person, a former housing industry executive intimately familiar with of Fannie Mae's operations, agreed that Donilon was at the head of an unceasing anti-regulatory campaign that the company waged throughout his tenure. The former housing executive said that on political issues, especially regulatory oversight, Donilon was the right-hand man to Fannie Mae chairman and CEO Franklin Raines.
  • Former Clinton Official Paid $26 Million by Fannie Mae Before Taxpayer Bailout Now on Obama...

    03/23/2011 3:47:37 PM PDT · by Nachum · 34 replies
    CNS News ^ | 3/23/11 | Chris Neefus
    ( –Jamie Gorelick, a former Clinton administration official who has reportedly made the Obama administration's to become considering the next director of the Federal Bureau of Investigation (FBI), was paid more than $26 million in total compensation as a top executive at Fannie Mae--before taxpayers had to bail out the mortgage giant. Gorelick, who left the Clinton Justice Department in 1997 to work for Fannie Mae CEO Franklin Raines, was paid $26,466,834 in salary, bonuses, performance pay and stock options from 1998 to 2003, according to the Report of the Special Examination of Fannie Mae (2006), conducted by the Office...
  • Carbon Trade Ends on Quiet Death of Chicago Climate Exchange

    11/07/2010 9:34:59 PM PST · by Ernest_at_the_Beach · 84 replies ^ | Nov 7, 2010 | John O'Sullivan
    Republican mid-term election joy deals financial uncertainty among green investors as the Chicago Climate Exchange announces the end of U.S. carbon trading. The Chicago Climate Exchange (CCX) announced on October 21, 2010 that it will cease carbon trading this year. However, Steve Milloy reporting on (November 6, 2010) finds this huge story strangely unreported by the mainstream media.To some key analysts the collapse of the CCX appears to show that international carbon trading is “dying a quiet death.” Yet Milloy finds that such a major business failure has drawn no interest at all from the mainstream media. Milloy noted...
  • Insider Patenting: How Fannie Mae Chief Got the Patent for Cap and Trade in 2006(Corruption)

    05/29/2010 1:19:33 PM PDT · by day21221 · 39 replies · 919+ views ^ | May 28, 2010 | John Bambenek
    Just one day after the Democrats seized control of Congress, the Chief Executive of Fannie Mae, Franklin Raines, received the patent for a residential cap-and-trade system (Patent 6904336), What this means is that Raines, along with several colleagues who also “own” the patent, could stand to make huge amounts of money if the cap-and-trade regime was ever brought to the residential marketplace. What does this have to do with Fannie Mae? Absolutely nothing. To understand the implications, a little discussion about patenting is needed. Patents are basically “ownership” rights to an invention. If you invent something, you can license it...
  • Disgraced Fannie Mae deep in carbon scheme

    06/26/2010 10:55:50 AM PDT · by opentalk · 15 replies · 1+ views
    wnd ^ | Jerome R. Corsi
    With the Obama administration pushing for cap-and-trade legislation, former Clinton and Obama adviser Franklin Raines has positioned the government-sponsored mortgage giant Fannie Mae to make millions by selling carbon credits from American homes. Two patents applied for by Raines as one of several "co-inventors" – Nos. 6904336 and 7133750 – create a "method for identifying, quantifying, and aggregating reductions in residential emissions into a tradable commodity." The patents are identically titled "System and Method for Residential Emissions Trading." The idea appears to be for Fannie Mae to create "Collateralized Carbon Obligations," or CCOs, by utilizing a methodology similar to its...
  • Glenn Beck- The Fannie Mae Patent You Should Know About..

    06/18/2010 2:49:36 PM PDT · by amabokcarab · 33 replies · 1,019+ views
    YouTube ^ | June 17, 2010 | Glenn Beck
    Why does Fannie Mae, a government mortgage finance company, have a patent on a device that would allow the government to turn off the energy in your home whenever they want to? The device is put into the outlets in your home and cannot be removed without a special device. Love him or hate him, Glenn Beck and his staff have possibly uncovered something big with this..if cap-and-trade passes, this could be what is coming our way..Among those helping with this investigation is Congressman Jason Chaffetz (R-UT)
  • Guess who holds patent for carbon trading plan

    06/18/2010 10:35:41 AM PDT · by day21221 · 23 replies · 1,063+ views ^ | June 18, 2010 | Jerome R. Corsi
    Guess who holds patent for carbon trading plan Disgraced Fannie Mae CEO set to cash in for millions Obama housing adviser Franklin Raines Former Clinton and Obama budget adviser Franklin Raines owns a key carbon-emissions patent he developed as CEO of the government-sponsored mortgage giant Fannie Mae, positioning him and his partners to make millions of dollars if it is used in any carbon-capping scheme implemented by the Obama administration. Raines and his associates led Fannie Mae and Congress to believe Fannie Mae owned the patent, despite public records to the contrary, a WND investigation has found. Raines and his...
  • Barbara Hollingsworth: Fannie Mae owns patent on residential 'cap and trade' exchange

    04/21/2010 9:10:40 PM PDT · by givemELL · 58 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...
  • We Know About Soros — But Who Is Maurice Strong?

    05/24/2010 7:10:46 AM PDT · by opentalk · 22 replies · 1,178+ views
    Pajamas Media ^ | May 24th, 2010 | Ed Lasky
    Canadian mogul and avowed socialist Maurice Strong manipulates governments to benefit his "green" portfolio and those of his friends: George Soros, Ted Turner, Al Gore, and China. Intercontinental Exchange has agreed to purchase the parent company of the Chicago Climate Exchange, the preeminent market for trading carbon credits. This is a market that exists solely to capitalize on possible federal legislation that would mandate reduced greenhouse gas emissions or the purchase of “pollution credits.” Politicians created this market out of thin air by fiat, and not surprisingly, cronies of these politicians will be the beneficiaries. These climate change profiteers include...
  • System and method for residential emissions trading

    05/02/2010 4:08:18 PM PDT · by DBCJR · 22 replies · 601+ views
    Google ^ | Franklin D. Raines et al
    The present invention is directed to a method of residential emissions trading and a residential emissions trading commodity. In particular, an embodiment of the present invention is a method for identifying, quantifying, and aggregating reductions in residential emissions into a tradable... Inventors: Franklin D. Raines, Robert J. Sahadi, Kenneth Berlin, Michelle Desiderio, Scott Lesmes, Elizabeth Arner Cavey, Carlton Bartels, Jane Bartels What is claimed is: 1. A method for providing a residential emissions trading program, comprising the steps of: identifying an energy savings opportunity in a residential property; quantifying an emissions reduction produced by the energy savings opportunity; and aggregating...
  • The Cause of the 2008 Mortgage Crash

    05/01/2010 9:15:09 AM PDT · by Johnny_Longtorso · 17 replies · 535+ views
    Limited modified Hangout ^ | 2/6/2010 | Johnny Longtorso
    ...In early 2005, largely at the behest of the banking sector, the Office of Thrift Supervision implemented new rules that were widely perceived as weakening the CRA. Supervision of banks with under $1 billion in assets was loosened, and larger banks were allowed to voluntarily reduce the amount of regulator scrutiny of their "investment" and "service"-two long-standing categories of assessment under the CRA. This had two unintended consequences that would later prove to be very costly. In the first place, it increased CRA scrutiny of larger banks, who were now the main focus of regulators. This put even more pressure...
  • Glenn Beck vs. Joel Rogers, King of the Progressives

    04/30/2010 9:10:14 AM PDT · by ConjunctionJunction · 96 replies · 2,580+ views
    Right Pundits ^ | April 29th, 2010 | Andrew Zarowny
    Glenn Beck vs. Joel Rogers, King of the Progressives If Fox News commentator, Glenn Beck is right, Joel Rogers may be the man behind Obama and the entire Progressive Movement. Not a far stretch as Progressives got their start in Wisconsin, where Joel teaches law, political science and sociology at the University of Wisconsin. Thursday morning, Joel was a featured speaker at an Earth Day conference in Chicago on public transportation. Needless to say, he’s all for it! But Beck has connected the dots on his magic blackboards (He needs about three or four now, at least!) as he ties...
  • The $10 Trillion Climate Fraud

    04/28/2010 5:50:50 PM PDT · by raptor22 · 33 replies · 1,227+ views ^ | April 28, 2010 | INVESTOR'S BUSINESS DAILY Staff
    Cap-And-Trade: While senators froth over Goldman Sachs and derivatives, a climate trading scheme being run out of the Chicago Climate Exchange would make Bernie Madoff blush. Its trail leads to the White House. Lost in the recent headlines was Al Gore's appearance Monday in Denver at the annual meeting of the Council of Foundations, an association of the nation's philanthropic leaders. "Time's running out (on climate change)," Gore told them. "We have to get our act together. You have a unique role in getting our act together." Gore was right that foundations will play a key role in keeping the...
  • Harry Reid Implies Radio Host is Racist for Tying Fannie Mae Exec to Obama (flashback)

    01/10/2010 8:51:46 AM PST · by TornadoAlley3 · 15 replies · 1,297+ views
    KXNT-AM radio/Breitbart ^ | 10/09/08 | KXNT-AM radio/Breitbart
    "[Franklin] Raines, who you're talking about, worked for Fannie Mae, was there for a while. The only connection that people could bring up about Raines and Barack Obama is they both are African-American, other than that there is nothing." audio @ link.
  • Fannie / Freddie - What Does Treasury Know?

    12/25/2009 7:30:21 PM PST · by blam · 17 replies · 1,601+ views
    Seeking Alpha ^ | 12-25-2009 | Karl Denninger
    Fannie / Freddie - What Does Treasury Know? by: Karl DenningerDecember 25, 2009 On Christmas Eve one would think you could have a nice evening with your family. Little did I know what Timmy Geithner had up his sleeve: The two companies, the largest sources of mortgage financing in the U.S., are currently under government conservatorship and have caps of $200 billion each on backstop capital from the Treasury. Under the new agreement announced today, these limits can rise as needed to cover net worth losses through 2012. I see. But I thought housing was getting better? That's what I...
  • The CRA and Key Players

    09/27/2008 10:08:08 AM PDT · by hiredhand · 54 replies · 3,831+ views
    Various ^ | 27 Sep 2008 | Self
    The Subprime home mortgage collapse...a Primer. It's ALL about the CRA of 1977 Community Reinvestment Act (CRA) of 1977 - This required banks to offer credit throughout their entire market area for “underserved” populations and small businesses. The CRA gave incentives to help low income borrowers become “home owners”. Liberals call this group “low income borrowers”. Conservatives call them a RISK!The CRA was passed by the Carter administration. In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000,...
  • Fannie Mae Eases Credit To Aid Mortgage Lending ( 1999 affirmative action in lending)

    02/28/2009 4:07:54 PM PST · by dascallie · 6 replies · 1,207+ views
    Fannie Mae Eases Credit To Aid Mortgage Lending The New York Times STEVEN A. HOLMES Published: September 30, 1999 In a move that could help increase home ownership rates among minorities and low-income consumers, Fannie Mae is easing credit requirements on loans that it will purchase from banks and other lenders. The action will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people ''Fannie Mae has expanded...
  • The Democrat Party Is A Criminal Enterprise

    02/08/2009 8:59:20 PM PST · by ElKafir · 13 replies · 825+ views
    Transsylvania Phoenix ^ | Transsylvania Phoenix
    Next time when your liberal friend / relative* starts whining about how Bush economic policies caused the financial meltdown and how Obama will save America with his GigaPork stimulomarxist package, hit him back hard with this video. Read on
  • THE DEMS' 'POLICE' NEED POLICING (Dodd, Frank & gang - still no investigation of the perps)

    01/11/2009 11:20:56 AM PST · by Libloather · 16 replies · 1,172+ views
    NY Post ^ | 1/08/09 | Victor Davis Hanson
    <p>Sen. Chris Dodd (D-Conn.) simply can't tell the whole truth about his cut-rate, quid pro quo mortgage deals.</p> <p>The taped exchanges between Rep. Barney Frank (D-Mass.) and Franklin Raines in the 2004 House financial-oversight hearings are metaphors for the entire subprime crisis.</p>
  • Stop Covering Up And Kill The CRA

    11/28/2008 5:45:34 PM PST · by Kaslin · 35 replies · 1,211+ views
    IBD Editorials ^ | November 28, 2008
    Regulation: The Community Reinvestment Act is to blame for the financial crisis, but it so powerfully serves Democrats' interests that they'll do anything to protect it — including revising history.The CRA coerces banks into making loans based on political correctness, and little else, to people who can't afford them. Enforced like never before by the Clinton administration, the regulation destroyed credit standards across the mortgage industry, created the subprime market, and caused the housing bubble that has now burst and left us with the worst housing and banking crises since the Great Depression. The CRA should be abolished, along with...
  • When are the FDR hearings? (Fwank, Dodd, Raines)

    11/28/2008 1:31:50 AM PST · by rvoitier · 3 replies · 602+ views
    It's only the biggest financial scandal in the nation's history
  • Biden Asked: "Aren't You Embarrassed By The Blatant Attempts To Register Phony Voters By ACORN?"

    10/25/2008 5:46:34 PM PDT · by TheFourthMagi · 47 replies · 2,000+ views
    YouTube ^ | October 25, 2008 | Barbara West and Joe Biden
    Video here.
  • Dems to hold Fannie hearing – after the election

    10/20/2008 3:08:21 PM PDT · by BGHater · 6 replies · 493+ views
    The Hill ^ | 20 Oct 2008 | Mike Soraghan
    Democrats are giving Republicans the hearing they’ve been demanding to dig into the failures of Fannie Mae and Freddie Mac, but it won’t happen until after the election. House Oversight and Government Reform Chairman Henry Waxman (D-Calif.) Monday announced that he will hold a hearing into the collapse of the mortgage giants on Nov. 20, and plans to call several of the firms’ ex-CEOs, including Fannie Mae's Franklin Raines. Republicans view the two companies as Democrats’ political Achilles heel amid a financial meltdown that has led to calls for more regulation of the financial sector. The GOP dubbed the companies...
  • Not Quite Ready to Join the Crusade

    10/11/2008 11:11:22 PM PDT · by george76 · 16 replies · 794+ views
    Pajamas Media ^ | October 7th, 2008 | Victor Davis Hanson
    So far we know that the meltdown of Frannie and Freddie, abetted by Wall Street greed, caused the larger financial panic. Yet, there is little outrage that a Franklin Raines or Jim Johnson gave money to oversight members of Congress, hid behind a mantle of political-correctness in boasting about home ownership for everyone, and then cooked the books and borrowed to the hilt to justify mega-bonuses for themselves and their friends. I don’t think a special prosecutor will ever look into the maze of conflict of interest problems of a Barney Frank, or the political associations of a Franklin Raines,...
  • Letter: Government should stop move toward socialism

    10/10/2008 11:28:24 AM PDT · by rabscuttle385 · 30 replies · 764+ views
    The Pantagraph, Bloomington, IL ^ | 2008-10-09 | Travis Donaldson
    For most of my life I've been told that the government was to protect our rights and freedoms in the United States, how is it doing these days? Not well as I see it and here's why: Socialist government now is to raise us all from cradle to grave so we can all be equally unhappy. Government now knows best what to do with your money; you are too ignorant! Do you really want this government to run your health care? They tried to run the mortgage industry, see where that got us - $800 trillion in debt and no...
  • Worse than the AIG Spa Vacation (updated - RAT Franklin Raines scores $4.9 million penthouse condo)

    10/09/2008 5:22:40 PM PDT · by Libloather · 21 replies · 1,010+ views
    American Thinker ^ | 10/09/08 | Thomas Lifson
    Worse than the AIG Spa Vacation (updated)Thomas Lifson October 09, 2008 The last few days we have been treated to hyperventilation over the outrage of AIG executives attending a lavish sales incentive meeting at a ritzy California spa. I hope that Henry Waxman and his committee will be evenhanded in exposing this outrage. But I bet they will ignore Raines. Franklin Raines, the Democrat who inflated Fannie Mae earnings in order to pay himself fabulous bonuses, earning $90 million dollars, is feeling none of the real estate market pain he helped to create for so many others. The Washingtonian reports:...
  • 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...
  • Democrat fingerprints are all over the financial crisis

    10/03/2008 6:11:59 AM PDT · by XHogPilot · 38 replies · 2,066+ views
    3 Oct 2008 | Dominic Lawson
  • "A little Socialism Won't Hurt" A Letter to My Son

    10/02/2008 6:51:51 AM PDT · by Hillary'sMoralVoid · 71 replies · 2,967+ views
    It was no surprise that my son plans to vote for Obama. He's been veering left throughout his college years. We had a rather heated discussion about Obama on the phone. I told him that Obama was a socialist. His response was "maybe a little socialism won't hurt". Here is my written response. Dear Son, When we discussed Barack Obama and I said he was a socialist, I remember that you responded that "maybe a little socialism won't hurt." We are now in the midst of an economic crisis of global proportions, the results of which will impact much of...
  • Susan Estrich: Remembering Alcee Hastings

    09/30/2008 10:38:27 AM PDT · by 2ndDivisionVet · 54 replies · 2,030+ views
    Creator's Syndicate ^ | September 30, 2008 | Susan Estrich
    Alcee Hastings used to be a federal judge. Then he got impeached by the House and convicted by the Senate. Now he's a congressman from Florida. People have a right to vote for whomever they want, even one of the six federal judges in America ever to be removed by Congress. But with friends like Hastings making the case for him, Barack Obama doesn't need enemies. Participating in a panel discussion in Washington this week sponsored by the National Jewish Democratic Council (I don't even want to ask why they invited him — maybe everybody else was busy trying to...
  • Youtube: 'Democrats Defend Fannie/Freddie from Regulation - 2004 Video'

    09/30/2008 9:26:46 AM PDT · by ETL · 15 replies · 979+ views
    Democrats Defend Fannie/Freddie from Regulation - 2004 Video Rep. Maxine Waters, 2004: "We’ve been through nearly a dozen hearings where frankly we were trying to fix something that wasn’t broke. Mr. Chairman we do not have a crisis at Freddie Mac and in particular at Fannie Mae under the outstanding leadership of Mr. Frank Raines."
  • An Investigation Has Started on Fannie/Freddie (AP) -- Now its a SCANDAL (Enron times TEN)

    09/30/2008 8:11:22 AM PDT · by Hillary'sMoralVoid · 92 replies · 3,235+ views
    Per AP, Freddie and Fannie are facing a Grand Jury as a U. S. Attorney's Investigation is underway. Folks, this is huge! It is now a SCANDAL, the repercussions of which are TEN to TWENTY times the impact of the Enron Scandal!!! We need to write to the editors of our newspapers and publicize this every way possible. Of course, we need to trace the money path through Dodd, Frank and company, directly to the annoited one. Get excited, this is great news!
  • Fannie Mae’s Thugs Vilified Whistleblowers, Told Avalanche of Lies

    09/30/2008 6:27:48 AM PDT · by LibFreeUSA · 19 replies · 411+ views ^ | 7/23/2008 | Hans Bader
    [note: this article is from July 23, 2008] A $25 billion bailout of government-backed mortgage giant Fannie Mae is now planned. But Fannie Mae has such political power that its crooked managers will probably never be held accountable for their fraud in any way, unlike the Enron executives who went to jail. Instead, its lending authority will likely expand under federal mortgage bailout bills. Paul Gigot, a Wall Street Journal editor, describes the personal vilification he has received over the years after the Journal began warning, prophetically, that Fannie Mae was engaged in fraudulent accounting, and that the taxpayers might...
  • THE POLITICS OF BLACKNESS: Fannie Mae and Freddie Mac: Do you want the truth or the Kool-Aid?

    09/26/2008 9:49:57 AM PDT · by markomalley · 25 replies · 1,152+ views
    South Florida Times ^ | 9/26/2008 | Barbara Howard
    Fannie Mae, the Federal National Mortgage Association and Freddie Mac, the Federal Home Loan Mortgage Corporation, own about half of America’s $12 trillion mortgage market. Even though Fannie Mae goes back to President Roosevelt’s New Deal, it is commonly known that the present focus of both Fannie and Freddie are “creations of the congressional Democrats (particularly the Congressional Black Caucus) and the Clinton White House, designed to make mortgages available to more people,” meaning minorities. Jesse Jackson, according to the National Legal and Policy Center, has had a cozy relationship with Fannie and Freddie since 1998, when he accused Freddie...
  • Equal Opportunity Corrupters

    09/26/2008 2:29:00 AM PDT · by markomalley · 1 replies · 324+ views
    The American Spectator ^ | 9/26/2008 | David Boaz
    John McCain's campaign is under fire for his campaign manager's ties to Freddie Mac. Rick Davis's lobbying firm, it turns out, was still receiving monthly payments until very recently, despite previous assurances that the relationship had ended three years ago. Meanwhile, McCain is running television ads tying Sen. Barack Obama to Franklin Raines, the CEO of Fannie Mae who was forced out for misstating the company's earnings. Obama vigorously protests that Raines isn't really one of his advisers, though Raines had previously said that he advised the campaign. But McCain doesn't need to focus on Raines. Obama selected another Fannie...

    09/25/2008 3:50:58 PM PDT · by tallyhoe · 27 replies · 1,489+ views
    Fox News/Johmn Gibson Radio show ^ | 9/25/2008 | John Gibson
    Former Fannie Mae CEO Jim Johnson STILL advising Obama, Further this was reported by e-mail from Tom Daschle to Democrat insiders to see updates daily on political progress from the campaign, by Tom Daschel and Jim Johnson. Gibson also reported today that Franklin Raines was still advising Obama on housing! As you all well know that Jim Johnson was in charge of Fannie Mae with Franklin Raines. They also were paid very well with Johnson getting in excess of 20 million dollars and Franklin Raines getting 90 million dollars in executive pay.
  • 1999 NY Times Article Revealed True Cause of Current Fannie Mae Crises

    09/25/2008 1:31:16 PM PDT · by PJ-Comix · 50 replies · 1,992+ views
    NewsBusters ^ | September 25, 2008 | P.J. Gladnick
    This is probably an article that the New York Times wishes it didn't have in its archives because it reveals the true culprits behind the current Fannie Mae meltdown. You will find "uncomfortable" truths in this September 30, 1999 article by Steven A. Holmes starting with the title, "Fannie Mae Eases Credit To Aid Mortgage Lending," that you won't find in current editions of the New York Times (emphasis mine): 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...
  • Rules 'bent' to provide Obama advisers loans ( Democrats )

    09/24/2008 10:33:19 AM PDT · by george76 · 5 replies · 527+ views
    WorldNetDaily ^ | September 22, 2008 | Jerome R. Corsi
    Fannie Mae CEOs Raines, Johnson got exemptions from standard requirements. Two Barack Obama advisers, Franklin Raines and James Johnson, received preferential home loans as industry favors, apparently in deference to their executive positions heading Fannie Mae. Raines and Johnson, as "friends of Angelo Mozilo," the chief executive of Countrywide Financial Corp. ...were funneled millions of dollars for personal home loans. Mozilo himself made exceptions from Countrywide policy to provide the two Fannie Mae CEO's "sweetheart deals." Countrywide was acquired by Bank of America in January in an emergency rescue ... Johnson earned $21 million in just his last year at...
  • Crony Capitalism (Dem style)

    09/20/2008 5:00:03 PM PDT · by Lorianne · 12 replies · 1,350+ views
    Toledo Blade ^ | September 20, 2008 | Jack Kelly
    Most important was corruption and mismanagement at the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac), which together controlled 90 percent of the secondary mortgage market. Fannie and Freddie went broke because they bought billions of dollars worth of subprime mortgages, on which borrowers defaulted when the housing bubble popped. Fannie bought most of its bad mortgages from Countrywide Financial, whose CEO, Angelo Mozilo, gave sweetheart loans to senior executives of Fannie Mae. Fannie and Freddie cooked their books so senior executives would be paid millions of dollars in bonuses to which they...
  • Linking Obama to Ex-Fannie Mae Chief Is a Stretch

    09/20/2008 3:50:13 PM PDT · by Onelife Onecountry · 82 replies · 359+ views
    The Washington Post ^ | September, 20, 2008 | Washington POst Editorial Board
    The McCain campaign is clearly exaggerating wildly in attempting to depict Raines as a close adviser to Obama on "housing and mortgage policy." If we are to believe Raines, he did have a couple of telephone conversations with someone in the Obama campaign. But that hardly makes him an adviser to the candidate himself -- and certainly not in the way depicted in the McCain video release.
  • ARCHIVE: (Franklin Raines) RAINING MONEY - he will be paid $3,831.10 everyday for life

    09/20/2008 3:01:02 PM PDT · by doug from upland · 16 replies · 910+ views
    NOTE: this is from several years ago with a 2006 update. Raines actually made $90 million. ================================================================== Proving you can fool most of the people most of the time until you get caught, Franklin Raines, who reigned for 5 years following Clinton's appointing him as CEO of Fannie Mae, the US' quasi-governmental mortgage house, has been ousted. There are several ongoing investigations of Fannie Mae's operations and accounting practices covering the last 5 years in order to determine when accounting irregularities started and the magnitude of the financial shortfalls. Current estimates indicate that there was a $9 billion misstatement of...
  • A Homecoming At Fannie Mae; Franklin Raines Takes Charge Of a Most Political Company [1998]

    09/20/2008 2:44:14 PM PDT · by syriacus · 5 replies · 174+ views
    The New York Times ^ | May 17, 1998 | By RICHARD W. STEVENSON
    In recent years, under [James] Johnson, a prominent Democrat... Fannie Mae has established itself as perhaps the most politically astute of big corporations. hiring some of the best lobbyists in town, spreading campaign contributions around [snip]The company has repeatedly neutralized efforts to re-examine or scale back the benefits of its Government-chartered status, including its exemption from state and local income taxes and the widely held assumption -- nowhere written down -- that the Government would bail out Fannie Mae if it ever got into financial trouble.[snip]... Mr. Raines no doubt understands full well the power of well-placed campaign contributions. [snip]Fannie...
  • Obama's Statements Concerning Franklin Raines Eerily Similar To His Statements Concerning Tony Rezko

    09/20/2008 12:14:13 PM PDT · by Laissez-faire capitalist · 9 replies · 379+ views
    9/20/2008 | Laissez-Faire Capitalist
    1.) Barack Obama, concerning former Fannie Mae CEO Franklin Raines: "My opponent [John McCain] attacked me for being associated with a Fannie Mae guy who I met once and talked to for maybe five minutes." SOURCE: 2.) Barack Obama, concerning Tony Rezko: In the South Carolina Democratic Party presidential debate on January 21, 2008, Senator Hillary Clinton said that Obama had represented Rezko, who she referred to as a slum landlord. Obama responded that he had never represented Rezko and had done only about five hours work, indirectly for Rezko's firm. SOURCE: "Obama On Rezko Deal: It was A...
  • Archive 10-1-99: Fannie Mae Moves to Loosen Home Loan Credit Rules (how did that work out?)

    09/20/2008 11:24:01 AM PDT · by doug from upland · 16 replies · 389+ views
    L.A. TIMES ^ | orig 1999 | Strickland
    Archive for Friday, October 01, 1999 Fannie Mae Moves to Loosen Home Loan Credit Rules By Daryl Strickland October 01, 1999 in print edition C-1 The nation’s largest provider of mortgage funds, moving to increase homeownership among minorities and low-income citizens, unveiled a program Thursday to loosen lending standards for people with “slightly impaired” credit. The Federal National Mortgage Assn. said it will encourage banks and other financial institutions to accept borrowers with blemished credit who may not otherwise qualify for conventional loans. The program will begin on a pilot basis in 15 states, including California, and the District of...
  • Linking Obama to Ex-Fannie Mae Chief Is a Stretch (It was The Post that reported the "link")

    09/20/2008 4:46:37 AM PDT · by tobyhill · 26 replies · 225+ views
    washington post ^ | 9/20/2008 | wp
    "Obama has no background in economics. Who advises him? The Post says it's Franklin Raines, for 'advice on mortgage and housing policy.' Shocking. Under Raines, Fannie Mae committed 'extensive financial fraud.' Raines made millions. Fannie Mae collapsed. Taxpayers? Stuck with the bill." McCain campaign video release, Sept. 18 An already nasty presidential election campaign is getting nastier. The meltdown on Wall Street has touched off frantic attempts by both the McCain and Obama camps to secure political advantage and indulge in guilt by association. Over the past 24 hours, both campaigns have issued what are, in effect, video news releases...
  • Explosive Video, Fannie Mae CEO calling Obama and the Dems the "Family" & "Conscience" of Fannie Mae

    09/19/2008 9:29:54 PM PDT · by politicket · 39 replies · 1,703+ views
    Youtube ^ | 9/17/2008 | NakedEmporerNews Explosive CEO calling Obama and Dems the "Family" "Conscience" of Fannie Mae The Banking Failures are because of the Housing Crisis, which was caused by mortgage lenders handing out bad loans and the biggest offenders: Fannie Mae and Freddie Mac The Democrats have been taking PAYOFFS from Fannie and Freddie to look the other way FOR DECADES! NOW VIDEO FOUND of the CEO of Fannie Mae in 2005 explaining the "FAMILY" connection with Democrats And specifically Barack Obama and the Congressional Black Caucus
  • US rivals at odds over credit crisis [Obama turns to Buffett, Volcker]

    09/19/2008 7:19:48 PM PDT · by DeaconBenjamin · 14 replies · 274+ views
    Financial Times ^ | September 19 2008 20:57 | By Andrew Ward in Washington
    Barack Obama called a summit of his senior economic advisers to help craft his response to the Wall Street financial crisis on Friday, as sparring intensified over which presidential candidate was best qualified to handle the turmoil. Mr Obama has assembled a stellar team of economists and financial leaders to advise him on the crisis, including Warren Buffett, the billionaire investor, Paul Volcker, former chairman of the Federal Reserve, and a trio of former Treasury secretaries. Several of them met Mr Obama for talks in Florida on Friday, with others joining by telephone as the Illinois senator sought to convince...
  • Mike Reagan Hammers the Dems/Wall Street Bailout

    09/19/2008 5:24:26 PM PDT · by RadioCirca1970 · 25 replies · 244+ views
    The Michael Reagan Show ^ | 09/19/2009 | Michael Reagan
    Mike Reagan declared the runaway government bailout of Wall Street at taxpayers expense a "ROBBERY!" Los Angeles, Ca. - On his nationally syndicated radio show Reagan declared that the "Democrats Franklin Raines, Jim Johnson, Jamie Gorelick, Penny Pritzker, Chris Dodd and Barney Frank, are robbing the American taxpayer, and Republicans in the House and Senate had been tapped to drive the getaway car. In a political system where well paid Democrat operatives can enrich themselves at the expense of the American people with zero downside, there is no incentive to behave properly, when the taxpayer will bail you out. Enough...
  • McCain Attacks Obama on Ties to Former Fannie Mae CEOs (FINALLY! KEEP IT UP!)

    09/19/2008 4:28:26 PM PDT · by Libloather · 70 replies · 210+ views
    Wall Street Journal ^ | 9/19/08 | Susan Davis
    McCain Attacks Obama on Ties to Former Fannie Mae CEOsSusan Davis reports on the presidential race. September 19, 2008, 10:26 am In both a new campaign ad and a speech this morning on the economy, John McCain is attacking Barack Obama for his ties to former Fannie Mae executive Jim Johnson–who headed the company a decade before the current financial crisis. Johnson, a long-time figure in Democratic Party politics, was part of the team originally tapped to help Obama find a running mate. He stepped down from that role after The Wall Street Journal first reported that he had received...
  • Advice from Raines (Ben Smith from Politico thinks Raines is Advising the One)

    09/19/2008 3:54:26 PM PDT · by Perdogg · 9 replies · 221+ views
    Poltico ^ | July 16, 2008 | Ben Smith
    An ill-timed -- for Obama -- profile of former Fannie Mae CEO Franklin Raines, forced out in an accounting mess a few years ago. The Style Section piece reports that he's recently been taking "calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."