Posted on 10/10/2009 9:35:18 AM PDT by WashingtonSource
From 2002 to 2007, Fannie Mae and Freddie Mac loaded up on $1.73 trillion of subprime and $1.44 trillion of Alt-A loans and securities, taking a lion's share of these markets, according to mortgage market guru Ed Pinto. The agencies' share of loans and securities, then, was higher than the total for all private label mortgage-backed securities market held outside the agencies' purchases -- contrary to widely held views in the mortgage markets. The two agencies hid the level of risky lending and investment in securities by failing to classify the loans initially as subprime or Alt-A.
(Excerpt) Read more at mindovermarket.blogspot.com ...
What political party dominated the executive ranks of these organizations? What political party provided cover the actions of the executives? What political party continues to hide the actions of these organizations?
Republicans should be calling investigations into it and wondering how Barny couldn’t have known about it... oh, wait.
Thanks, again Bush.
I had a Mortgage Broker tell me Tuesday night that DU (Desktop Underwriter) was accepting Mortgages that she KNEW would never have a single payment made on them.
She said that in her opinion, it was all about booking loan fees for Fannie/Freddie, and the banks running the program.
Fannie and Freddie are the banking wing of ACORN. Many of us have been saying for years that they need to be shut down, now we have an administration that is loaded up with old Fannie and Freddie swindlers. They represent what the left and moderate Republicans think of as enlightened government, institutions of social justice and engineering. Welcome to the real organized crime in America, now post-America. Welcome to the new order of robber barons. Housing, global warming, healthcare, education, the new robber barons are loaded with new ideas.
“What political party continues to hide the actions of these organizations?”
If Fannie/Freddie wasn’t reporting huge amounts of fee bookings for it’s loans, they couldn’t continue to hand out money by the MILLIONS to ACORN-related Orgs and Democrats, or to the Democrats in charge as 8 figure bonus’s...
“Fannie and Freddie are the banking wing of ACORN.”
Take a look at who the Fannie Mae, and Freddie Mac Foundations have made grants to. Most of the organizations listed read as a who’s-who of the Radical Democrat left, INCLUDING a huge number of ACORN-related orgs.
Those numbers are treasonous.
Yes, the numbers are truly treasonous. And, nothing is being done to hold anyone accountable for this treason and corruption that defines Washington and the Democrat Party. People should be hanging from trees on D.C. and not laughing their asses off and continuing business as usual.
Social engineering at its best.
He spoke out about it even before 9/11/01, and many times during his terms.
This is another reason to be mad at the GOPers of that time frame.
>>1992 change to FNE
That’s about the time Penny Pritzker... Subprime banking pioneer (and National Finance Chairwoman of the Obama Campaign) started doing her “Bidness”.
George W. Bush tried to rein in Fannie and Freddie, and was shot down, at every turn, by Democrats and their RINO compatriots in Congress. He pushed that legislation in 2003, and again in 2005, so don’t blame this on him.
At least it’s reassuring to know that all (all!) those responsible are currently serving life terms in federal prisons. Oh, wait....
Like how her family pays $460M over 15 years because they did nothing wrong.
He failed to succeed or make the case.
So, it’s clear that the housing bubble and the subsequent mortgage meltdown and Great Recession were foisted on the country by Democrat criminal Communist politicians and their partners in crime, Fannie and Freddie. Surely the people at these agencies knew the day of reckoning was coming. The fact they hid what they were doing shows they knew it was wrong. When are people going to jail?
The President wasn’t a dictator. In the case of Fannie and Freddie, he had to depend on the votes of the Republicans in Congress. The Democrats voted as a bloc, on the Committee that would have brought it to the floor. Sadly, even though they weren’t in the majority, they peeled off a couple of Republicans and made it a majority against the legislation the President supported.
Nobody hid what they were doing. It bought lots of votes and that’s what it was designed to do.
The did “hide” it from the public and investors by classifying those loans as conforming prime loans when they were not. I’m sure preferred voting constitutencies knew they had received a mortgage from Fannie and Freddie because the Dhimmi crooks were tauting it but the public never knew the extent to which the loans at Fannie and Freddie were junk.
BS. If he would have tried as much as he did for Amnesty, no child left behind, Billions for Africa, Prescription Drugs, etc. he could have stopped hit.
He mad no ‘real’ effort. He’s a central planner. Nothing more than a socialist.
Thought you were talking about the chg to the charter and the annual purchasing benchmarks.
All those other issues were already supported by the Dems; no stretch there.
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