Free Republic

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 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...

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:

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...

Link only - The Chicago Climate Club Gets Capped

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 .....

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...

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.

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 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...

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.

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...

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...

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 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...

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...

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 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 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? 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...