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Keyword: raines

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  • Study Shows a Pattern of Risky Loans by F.H.A.

    12/16/2012 9:05:54 PM PST · by Lorianne · 3 replies
    New York Times ^ | 12 December 2012 | Gretchen Morgenson
    A new and extensive analysis of 2.4 million loans insured by the Federal Housing Administration in recent years shows a pattern of risky lending that could generate $20 billion in losses and harm thousands of the nation’s most vulnerable borrowers. By ignoring risks in loans it insured in 2009 and 2010, the study concludes, the F.H.A. is imperiling both borrowers and taxpayers who stand behind the agency. The analysis emerged less than a month after the F.H.A.’s auditor submitted a troubling report on the financial soundness of its insurance fund. In mid-November, the auditor estimated that the fund, which backs...
  • EXPLOSIVE INTERVIEW W/ DEBT COLLECTOR WHO FOUND OBAMA ALIAS HARRISON J BOUNELL RELATED TO MICHELLE O

    05/26/2011 7:44:09 AM PDT · by Hotlanta Mike · 66 replies
    Rick ^ | May 19, 2011
    EXPLOSIVE INTERVIEW WITH DEBT COLLECTOR WHO FOUND OBAMA ALIAS HARRISON J BOUNELL WHO IS RELATED TO MICHELLE OBAMA Barack Obama / Barry Sotero / Harrison J Bounel Blatant Real Estate / Tax Fraud? LONG LEGGED MAC DADDY has even more names. Harrison J Bounell J Harrison Bounell 5046 South Greenwood Avenue Chicago, Illinois 60615 This address where real estate fraud has been committed is owned by Judge Jane L Stuart. Obamanation’s book keeper Esquire Harvey Weinberg cooked the books on this fraudulent Real Estate deal for Obamanation at the tune of about 1.23 million dollars. SS#042-68-4425 Real Estate and Tax...
  • Fresh Group Of Life Insurance Companies Sue Countrywide Alleging "Massive Fraud"

    01/24/2011 2:36:01 PM PST · by FromLori · 6 replies
    The Business Insider ^ | 1/24/2011 | Joe Weisenthal
    Full title..Fresh Group Of Life Insurance Companies Sue Countrywide Alleging "Massive Fraud" In Mortgage Security Sales Just another taste of the legal worries that will keep Brian Moynihan's lawyers busy putting out mortgage related fires. A group of life insurance companies has sued Countrywide alleging massive mortgage fraud. Here's the list of plaintiffs. Here's the intro of their complaint:
  • Ann Coulter: INVESTIGATE THIS! [financial crisis, Democrat hacks running Fannie Mae and Freddie Mac]

    01/05/2011 10:04:44 PM PST · by RonDog · 25 replies
    www.anncoulter.com ^ | January 5, 2011 | Ann Coulter
    INVESTIGATE THIS!by Ann CoulterJanuary 5, 2011The Republicans are back in charge in the House of Representatives this week, and not a moment too soon! Forget "stimulus" bills and "shovel-ready" bailouts (for public school teachers, who need shovels for what they're teaching), the current financial crisis, which is the second Great Depression, was created slowly and methodically by Democrat hacks running Fannie Mae and Freddie Mac over the past 18 years. As even Obama's treasury secretary admitted in congressional hearings, "Fannie and Freddie were a core part of what went wrong in our system." And if it's something Tim Geithner...
  • The Chicago Climate Club Gets Capped (List of influential RATS too coincidental?)

    12/26/2010 10:40:43 AM PST · by Libloather · 19 replies · 7+ views
    12/22/10
    Link only - The Chicago Climate Club Gets Capped
  • The super-villain of subprime unmasked! (and it's not Angelo Mozilo)

    11/16/2010 10:57:07 AM PST · by Riflema · 6 replies
    Yahoo/AP ^ | 11-16-10 | Peter Gorenstein
    As detailed in this previous clip, co-authors Bethany McLean and Joe Nocera say there's plenty of blame to go around, from Alan Greenspan .....
  • 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
    suite101.com ^ | 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 Pajamasmedia.com (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...
  • 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.
  • Carbon Cronyism: Why Cap-and-Trade Is Not Dead Yet

    07/29/2010 3:14:06 AM PDT · by Scanian · 2 replies · 2+ views
    The American Thinker ^ | July 29, 2010 | Brian Sussman
    This past weekend, while addressing the Netroots convention in Las Vegas, Senator Harry Reid gave the gathering of lefties a promise regarding U.S. health care. "We're going to have a public option," Reid said. "It's just a question of when." The same thing can be said of a cap-and-trade energy bill: the Democrats are determined to get cap-and-trade. It's just a question of when. There's too much money to be made for Democrat cronies to let this opportunity pass. Nancy Pelosi pushed the original 1,200-page cap-and-trade bill though the House of Representatives a year ago. I have written extensively about...
  • Countrywide probe snares Fannie, Freddie execs

    07/20/2010 12:06:58 PM PDT · by Sub-Driver · 22 replies
    Countrywide probe snares Fannie, Freddie execs By: Jake Sherman July 20, 2010 02:34 PM EDT Employees at Fannie Mae and Freddie Mac — including top executives — received more than 170 cut rate loans from Countrywide Financial, according to a congressional probe, the latest accusation that the lender tried to curry influence with people in power. The investigation revealed that Fannie Mae employees — including an assistant to the CEO, a government relations lobbyist and a vice president for sales — received 153 favorable loans, while 20 VIP loans were issued to employees at Freddie Mac. Countrywide Financial collapsed in...
  • Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion

    06/29/2010 9:31:15 AM PDT · by NormsRevenge · 27 replies
    CNBC ^ | 6/29/10 | Steve Liesman
    For American taxpayers, now on the hook for some $145 billion in housing losses connected to Fannie Mae and Freddie Mac loans, that amount could be just the tip of the iceberg. According to the Congressional Budget Office, the losses could balloon to $400 billion. And if housing prices fall further, some experts caution, the cost to the taxpayer could hit as much as $1 trillion. Two things are clear: Taxpayers don’t want to foot the bill, and Fannie and Freddie, taken over by the government in 2008 to stanch the financial bloodletting, need a major overhaul.
  • 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
    biggovernment.com ^ | 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...
  • 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...
  • $10 Trillion Climate Corruption & Fraud

    05/02/2010 6:59:04 PM PDT · by DBCJR · 10 replies · 575+ views
    iReport ^ | 5/1/10
    The Chicago Climate Exchange (CCX) received its seed money from the Joyce Foundation. Barack Obama sat on the board of directors for the Joyce Foundation as well as Valerie Jarrett. The money went to a firm owned Richard Sandor who knew Obama well during Obama's time on the board. Sandor estimates the climate trading market to be $10 trillion dollars per year. The massive money attracted London-based Generation Investment Management (GIM) to purchase a large stake in CCX. GIM was founded by Al Gore as well as David Blood, Mark Ferguson and Peter Harris all from Goldman Sachs. GIM is...
  • Former NYT Editor Howell Raines Accuses Fox News of Sabotaging Obamacare, Waging Jihad on Obama

    03/13/2010 1:51:47 AM PST · by Suvroc10 · 9 replies · 1,360+ views
    Associated Content (AC) ^ | March 13, 2010 | Marc Schenker
    Former NYT editor Howell Raines accuses Fox News of sabotaging Obamacare and waging Jihad on Obama's administration in a new op-ed slated to appear in the Washington Post this Sunday. Raines is the disgraced, former editor of the NYT who ran the yellow journalism rag for a very short time, from 2001 until 2003, when the laughable scandal of the affirmative-action plagiarist, Jayson Blair, forced him to resign. Ironically, Raines' accusations against Fox News make no sense because as anyone who watches Fox News will tell you, the channel boasts its fair share of liberal and Democrat commentators—Alan Colmes, Bob...
  • What Ailes Raines

    03/16/2010 5:21:45 PM PDT · by Kaslin · 5 replies · 294+ views
    Investors.com ^ | March 16, 2010 | INVESTORS BUSINESS DAILY Staff
    Media: In changing times the old guard can either adapt or they can react bitterly. As the old world of elite journalists crumbles, the latter kind of outburst is predictable. But some outbursts are astonishingly clueless. Take Howell Raines. No journalist was more elite — or more locked into a rigid world view that is also crumbling. In 2003 Raines left his post as executive editor of the New York Times in disgrace. Raines retains admirers in the old world. Before his elevation to the newspaper's top position, he led its editorial page. Some still lionize him for bringing a...
  • Howell Raines, Horse's Rump

    03/13/2010 8:48:06 AM PST · by jay1949 · 9 replies · 201+ views
    Annuit Coeptis ^ | March 13, 2010 | Jay Henderson
    Former New York Times editor Howell Raines claims that a question has “tugged at my professional conscience throughout the year-long congressional debate over health-care reform,” to-wit, Why don’t honest journalists take on Roger Ailes and Fox News? Which naturally raises the followup question, when did Howell Raines develop a “professional conscience”? Considering that the New York Times has been fabricating news for close to half a century, including a seamy plagiarism scandal while Raines was a Times editor, it is hard to conceive that he actually had one of those during his tenure. Yard sale item, maybe?
  • 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,...
  • Fair Game: They Left Fannie Mae, but We Got the Legal Bills

    09/06/2009 3:39:51 AM PDT · by TigerLikesRooster · 9 replies · 661+ views
    NYT ^ | 09/06/09 | GRETCHEN MORGENSON
    Fair Game They Left Fannie Mae, but We Got the Legal Bills By GRETCHEN MORGENSON PRECISELY one year ago, we lucky taxpayers took over Fannie Mae and Freddie Mac, the mortgage finance giants that contributed mightily to the wild and crazy home-loan-boom-turned-bust. In that rescue operation, the Treasury agreed to pony up as much as $200 billion to keep Fannie in the black, coughing up cash whenever its liabilities exceed its assets. According to the company’s most recent quarterly financial statement, the Treasury will, by Sept. 30, have handed over $45 billion to shore up the company’s net worth. It...
  • Bill Haling: Where’s the outrage? (Hussein triples nation's debt in just 2 months? WOW!)

    04/01/2009 4:03:47 PM PDT · by Libloather · 19 replies · 2,003+ views
    Summit Daily ^ | 3/24/09 | Bill Haling
    Bill Haling: Where’s the outrage? President Obama has been in office just 60 days and we have tripled the nation’s debt. Wow! All those that voted for change certainly got it — along with the rest of the taxpayers. Everyone knows this depression is Bush’s fault. “Give the stimulus time!” is the response. The Bush depression will take time for the Democrats to rescue this country. How long will it take for our children and grandchildren to pay for the excesses? Any outrage? The news of AIG paying $165 million in executive bonuses has certainly created a lot of media...
  • Freddie Mac records exempt from FOIA (Obama Admin Denies FOIA Request)

    03/27/2009 2:16:18 PM PDT · by BuckeyeTexan · 107 replies · 7,098+ views
    Sunlight Foundation ^ | 03/26/2009 | Bill Allison
    Bob Secter and Andrew Zajac of the Chicago Tribune report that, while researching what went at Freddie Mac during the period White House Chief of Staff Rahm Emanuel served on the government sponsored enterprise’s board of directors, they were unable to get minutes of board meetings and other information: The Obama administration rejected a Tribune request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel’s time as a director. The documents, obtained by Falcon for his investigation, were “commercial information” exempt from disclosure, according to a lawyer for the Federal Housing Finance Agency....
  • Republican Says Documents, Raines's Statements At Odds [Countrywide mortgage]

    03/04/2009 6:25:15 PM PST · by Timeout · 23 replies · 817+ views
    Washington Post ^ | 3/4/09 | zachary goldfarb
    Franklin D. Raines, the former chief executive of Fannie Mae, used a special program at mortgage lender Countrywide Financial to receive a below-market rate on a home loan, contrary to sworn testimony he made to Congress in December, according to the top Republican on the House Committee on Oversight and Government. Rep. Darrell Issa (Calif.) released documents yesterday that he said show Raines received discounts and waivers of fees on a June 2003 home loan through the "Friends of Angelo" program, named after Countrywide's then-chief executive, Angelo R. Mozilo.
  • LENDER COMPENSATION OKAY FOR GORELICK, RAINES, JOHNSON BUT NOT FOR BANKERS

    02/12/2009 9:49:44 AM PST · by SERKIT · 29 replies · 1,631+ views
    MULTIPLE | 2/12/2009 | SELF-COMPILATION OF SOURCES
    It seems making big bucks at the expense of failing lenders was perfectly OK for FOB (friends of Barry) but it is not OK for current bankers to make anything over $500,000. Obama insists limits to bankers should be $500,000.KGorelick earned an estimated $26,000,000 serving as vice chair of Fannie Mae from 1998 to 2003The Clinton administration's White House Budget Director Franklin Raines ran Fannie and collected $50,000,000. Jamie Gorelick — Clinton Justice Department official — worked for Fannie and took home $26,000,000. Big Democrat Jim Johnson, recently on Obama's VP search committee, has hauled in millions from his Fannie...
  • "Why did Congress create Fannie Mae and Freddie Mac"?

    02/08/2009 3:52:02 PM PST · by Free ThinkerNY · 7 replies · 632+ views
    Doug Ross @ Journal ^ | Feb. 8, 2009 | Doug Ross
    Government-Sponsored Enterprises (GSEs): An Institutional Overview is one of thousands of documents recently made available on WikiLeaks. A veritable myriad of Congressional Research Service documents offer startling glimpses into the scale and scope of government intrusion in the free markets. Why Did Congress Create GSEs? GSEs were not created for the purpose of expanding home ownership by lower- and middle-income members of the public. Rather, Congress established GSEs "to improve the efficiency of capital markets" and to overcome "statutory and other market imperfections which otherwise prevent funds from moving easily from suppliers of funds to areas of high loan...
  • Freddie and Fannie still broke (yet no investigation of the Banking Queen)

    02/03/2009 3:31:01 AM PST · by Libloather · 12 replies · 656+ views
    The Democrat ^ | 2/03/09
    Freddie and Fannie still brokeAn Editorial February 03, 2009 Freddie Mac, the quasi-federal outfit that Cong. Barney Frank guaranteed us was solvent, needs $35 billion more in taxpayer aid, according to Bloomberg News. The company got $13.8 billion from taxpayers in November. So far Treasury officials have pledged as much as $100 billion each to Freddie Mac and Fannie Mae since Frank's indignant guarantee that both were financially healthy. Frank's emotional endorsement of the two mortgage giants came after officials of the George W. Bush Administration questioned their viability two years ago. The companies have posted five consecutive quarters of...
  • Former GSE chiefs scolded for careless lending

    12/09/2008 9:35:49 AM PST · by NormsRevenge · 11 replies · 931+ views
    Reuters on Yahoo ^ | 12/9/08 | Patrick Rucker
    WASHINGTON (Reuters) – Four men who led mortgage finance giants Fannie Mae and (FNM.P) Freddie Mac (FRE.P) were called before a U.S. House of Representatives panel on Tuesday and chided for making irresponsible loans that fueled a housing crisis and helped push the economy into recession. "The CEOs of Fannie and Freddie made reckless bets that led to the downfall of their companies. Their actions could cost taxpayers hundreds of billions of dollars," House Oversight and Government Reform Committee Chairman Rep. Henry Waxman said. The committee reviewed over 400,000 documents, many that passed through the hands of Daniel Mudd, the...
  • DFU YouTube Christmas Sing-Along: I Saw Maxine Kissing Franklin Raines (I Saw Mommy Kissing...)

    12/08/2008 7:27:44 AM PST · by doug from upland · 2 replies · 371+ views
    I'LL BE HOME FOR CHRISTMAS FROSTY THE SNOWMAN LET IT SNOW I SAW MAXINE KISSING FRANKLIN RAINES (I Saw Mommy Kissing Santa Claus)
  • Fannie Mae Gets Delisting Notice

    11/18/2008 1:38:22 PM PST · by Attention Surplus Disorder · 9 replies · 753+ views
    Fannie Mae, Yahoo Business News ^ | November 18, 2008 | Fannie Mae (8K)
    18-Nov-2008 Notice of Delisting or Failure to Satisfy a Cont Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. (a) On November 12, 2008, Fannie Mae (formally, the Federal National Mortgage Association) received a notice from the New York Stock Exchange (the "NYSE") that we had failed to satisfy one of the NYSE's standards for continued listing of our common stock. Specifically, the NYSE advised us that we were "below criteria" for the Exchange's price criteria for common stock because the average closing price of our common stock during the 30...
  • Feds Probe Countrywide's 'VIP' Program

    10/30/2008 10:53:32 AM PDT · by John W · 13 replies · 834+ views
    NBC via MSNBC ^ | Lisa Myers & Amna Nawaz
    The wide-ranging criminal investigation into wrongdoing at Countrywide - once the nation's largest mortgage originator - now includes serious scrutiny of a loan program that provided special mortgage deals to the well-connected and powerful, including two U.S. senators. NBC News has learned that Robert Feinberg - a former Countrywide loan officer who handled what were known as the "VIP" mortgages - spent six hours last Thursday with a six-person team from the Justice Department. The team included prosecutors from the Public Integrity section, which handles investigations of possible public corruption. "The Justice Department is making very serious inquiry into any...
  • 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,...
  • 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:...
  • Harry Reid Implies KXNT Radio Host is Racist for Tying Fannie Mae Exec (Franklin Raines) to Obama!

    10/09/2008 11:24:36 AM PDT · by tcrlaf · 21 replies · 2,486+ views
    Breibart ^ | 10-09-08 | Breibart
    Breibart has the Audio HERE! http://www.breitbart.tv/html/192383.html Not sure who this host is, but ti just got put at the top of the center column on DRUDGE. "[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 that they both are African-American, other than that there is nothing."
  • Shays: Fannie and Freddie are the Toxic Twins - can't wait until Halloween to unmask failed monsters

    10/07/2008 6:55:26 PM PDT · by PajamaTruthMafia · 2 replies · 338+ views
    C-SPAN ^ | 10/7/08 | C-SPAN
    During the, "Turmoil in the Financial Markets, Panel 1, hearings on AIG," Rep Chris Shays followed up his comments yesterday about Democrats refusal to investigate Fannie and Freddie, calling them the, "Toxic Twins," which should be the center of the investigation, not an afterthought. "We can't wait until Halloween to investigate these two failed monsters," he said. He also goes into detail on the accounting fraud and money Raines made while CEO. Link is C-SPAN video of Shays' remarks.
  • Franklin Raines, Jamie Gorelick and Fannie Mae (Vanity)

    10/03/2008 2:05:12 PM PDT · by The_Media_never_lie · 36 replies · 1,750+ views
    Radio Report | October 3, 2008 | self
    I cannot source this, but I heard the other day that Ms. Gorelick had worked for Fannie may at a salary of a little over $500,000 and left with $26,000,000 in bonuses. The bio on her website says she was Vice Chair of Fannie Mae from 1997 to 2003. She is a Harvard elitist (see link below). Jamie GorelickApparently she did a horrible job and left with a 26 million dollar bonus. To me, something just doesn't look right here. I think there should be a thorough investigation to see if any laws were broken and if she (and Franklin...
  • Quote from 2003 Franklin Raines Letter to Shareholders

    09/30/2008 2:36:59 PM PDT · by PAR · 43 replies · 1,129+ views
    2003 Fannie Mae Annual Report Letter to Shareholders Excerpt | PAR
    ...Ten years ago, for example, the typical conforming mortgage required a down payment of 10 to 20 percent, and low-down payment mortgages were considered too risky. But then we helped to standardize the 3 to 5 percent down payment loan, brought it to global capital markets, and made it available to lenders and communities nationwide. Now low-down payment loans are commonplace. And we just adopted a new variance in our underwriting standards that will make the $500 down payment loan widely available as well... In 1994, we pledged to provide $1 trillion in capital to ten million underserved families by...
  • DFU SONG: It Never Rains in So. California (Franklin Raines really screwed California)

    09/30/2008 9:43:44 AM PDT · by doug from upland · 5 replies · 401+ views
    DFU News of the Day in Song ^ | 9-30-08 | Lyrics, Doug from Upland
    MIDI - NEVER RAINS IN CALIFORNIA
  • Probe Into Fannie Mae, Freddie Mac Widens

    09/30/2008 9:15:57 AM PDT · by STARWISE · 65 replies · 1,904+ views
    WashPost ^ | 9-30-08 | Zachary Goldfarb
    The government probe into Fannie Mae and Freddie Mac widened as the mortgage giants disclosed yesterday they are under investigation by the Department of Justice and the Securities and Exchange Commission. The companies, which were seized by the government three weeks ago, said that the U.S. Attorney for the Southern District of New York and the SEC have opened investigations over accounting, disclosure and corporate governance matters relating to events dating to Jan. 1, 2007.
  • Ninety five Democrats voted “No” but the media blames the GOP

    09/30/2008 4:49:49 AM PDT · by jmaroneps37 · 75 replies · 210+ views
    The Collins Report ^ | Sept. 30, 2008 | Kevin “Coach” Collins
    The financial crisis has boiled over. The Democrats who tried to hid it took a beating in yesterday’s vote on the 700 billion dollar bailout of the mortgage industry. They have no one but other Democrats to blame. This whole crisis was created, lock stock and barrel by greedy arrogant Democrats in and around the Clinton administration. They created Fannie Mae, the quasi public corporation, to deliver mortgage money to many poor White and minority voters. They gave our money away to insure mortgages for far too many clients who could not pay for their new homes. Nevertheless, this meant...
  • 2004 Hearings - Democrats Refuse to Reform Freddie & Fannie with Video

    09/27/2008 7:55:14 PM PDT · by SgtSaunders · 9 replies · 444+ views
    Right Side News ^ | September 27, 2008 | Ibn-Khaldun
    The Truth Does Not Lie - Fannie Mae and Freddie Mac Invest in Democrats The VIDEO Originally Published by Lindsay Renick Mayer on July 16, 2008 5:27 PM The federal government recently announced that it will come to the rescue of Freddie Mac and Fannie Mae, two embattled mortgage buyers that for years have pursued a lobbying strategy to get lawmakers on their side. Both companies have poured money into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but they've also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving...
  • The Democrats Own It

    09/26/2008 1:11:40 PM PDT · by Victory111 · 3 replies · 420+ views
    Cross Action News ^ | 9-26-08 | Marie Jon
    New Media pundits have been forthright when presenting well-investigated stories concerning Barack Obama and John McCain. While the alphabet biased media fawned over Obama, who marketed himself as a candidate who transcends race and represented a new brand of politics, others looked for the truth. As it turns out, the New Media found that Obama is just another disingenuous politician. He is a packaged and pretentiously scripted candidate created by the DNC. Obama’s promises are nothing but the oily words of a swindler.
  • REPORT: LA grand jury probing Countrywide VIP loans (includes all the DEM suspects)

    09/26/2008 5:50:44 AM PDT · by stockpirate · 35 replies · 1,542+ views
    LAtimesblogs via WSJ ^ | September 25, 2008 | Peter Viles
    The Wall Street Journal reports that a federal grand jury in Los Angeles is investigating the so-called "Friends of Angelo" loan program at Countrywide Financial, under which influential borrowers received preferential terms on home loans. The reported borrowers under the program have included U.S. Sen. Chris Dodd (D-Conn.), former Fannie Mae Chief Executive Franklin Raines, and California state appeals court judge Richard Aldrich.
  • L.A. grand jury probing Countrywide VIP loans (Sen. Obama adviser and Democrat Sen. involved)

    09/25/2008 7:44:11 PM PDT · by tobyhill · 36 replies · 1,682+ views
    la times ^ | 9/25/2008 | Peter Viles
    The Wall Street Journal reports that a federal grand jury in Los Angeles is investigating the so-called "Friends of Angelo" loan program at Countrywide Financial, under which influential borrowers received preferential terms on home loans. The reported borrowers under the program have included U.S. Sen. Chris Dodd (D-Conn.), former Fannie Mae Chief Executive Franklin Raines, and California state appeals court judge Richard Aldrich. Today's Journal: Countrywide loans on preferential terms to influential figures are the subject of a federal grand jury investigation in Los Angeles, according to people involved in the inquiry. Prosecutors subpoenaed records of many of the so-called...
  • 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...
  • AP: FBI Investigating Fannie, Freddie, Lehman & AIG

    09/23/2008 4:14:03 PM PDT · by jern · 231 replies · 1,004+ views
    Fox News
    AP: FBI Investigating Fannie, Freddie, Lehman & AIG
  • Those behind market crisis should be punished: Sarkozy

    09/23/2008 2:45:44 AM PDT · by TigerLikesRooster · 34 replies · 330+ views
    Reuters ^ | 09/23/08
    Those behind market crisis should be punished: Sarkozy 1 hour, 39 minutes ago Those responsible for the crisis that has swept global financial markets should be punished, French President Nicolas Sarkozy said overnight in his first reaction to the latest bout of economic turmoil. In an acceptance speech at an award ceremony attended by U.S. and French business leaders, Sarkozy called for the "truth" on the crisis to be uncovered. "Today, millions of people across the world fear for their savings, for their apartment, for the funds they have put in banks. It is our duty to give them clear...
  • PUMA affiliated site: John McCain’s Fannie Mae/Freddie Mac Warnings - MAY 2006

    09/21/2008 4:01:25 PM PDT · by NoobRep · 19 replies · 318+ views
    Uppity Woman ^ | 9/21/08
    May 26, 2006 Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal. The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for...
  • Vanity: WHERE’S THE OUTRAGE? THE CLAMMORING FOR DISMISSALS? THE INVESTIGATIONS BY CONGRESS?

    09/21/2008 2:52:12 PM PDT · by Salvation · 73 replies · 325+ views
    FreeRepublic.com ^ | 09-21-08 | Self
    WHERE’S THE OUTRAGE? WHERE’S THE CLAMMORING FOR DISMISSALS? WHERE ARE THE INVESTIGATIONS BY CONGRESS?Remember Enron? When all the bad news came out about Enron, the media was clammoring for resignations, interviews, trashing the CEOs, etc.On the opposite of the spectrum we now have Freddie Mac and Fannie Mae. Where is the outrage over what these CEOs did? Where are the investigations by Congressional Committees?I see a very different picture here. What about all of you?It is 180 degrees different and I want to know why. Why was McCain’s bill in 2005 on Fannie Mae/Fannie Mac not passed?We need Bill McCollum’s...
  • 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...
  • 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...
  • Acorn,FannieMae,FreddieMac,Barack Obama Finance Chair-Penny Pritzker,All Tied To SubPrime Meltdown

    09/20/2008 7:41:24 AM PDT · by penelopesire · 28 replies · 644+ views
    RightVoices ^ | September 17, 2008 | RightVoices
    And let’s not forget Barack himself! This is the first portion of mandatory reading. I am posting just a teaser, but please take the time to read the info and email the link to everyone in your address book. (H/T Ace) As an executive at Fannie Mae, Franklin Raines illegally coerced his employees to falsify accounting facts so he’d get a maximum bonus. The government-backed firm used Enron-like fraud, in part at Raines’s orders, to create the largest bail-out in US history. Raines had the whistleblower fired. From the Heritage Foundation: In 2004, after a tip from a whistle blower...