[Oldeconomybuyer]

[Brad from Tennessee]

ANDREW CUOMO AND FREDDIE AND FANNIE

‘How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis’

By Wayne Barrett (8-5-08)

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 Home Loan Mortgage Corporation (FHLMC), better known as Fannie Mae and Freddie Mac. . .

http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/1

[Onelifetogive]

It infuriates me that the government so obviously caused the mortgage meltdown and then blamed “capitalism” for the problems!!!!!

[Oatka]

And check out the fun and games CHASE is playing with their mortgage holders HERE.

(Yeah, it's from HuffPost via Yahoo, but I expect other banks are having the same problem.)

[LomanBill]

 

"We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission [CFTC] -- who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country's key economic powerbrokers to take actions that could have helped avert the crisis. "They were totally opposed to it," Born says. "That puzzled me. What was it that was in this market that had to be hidden?"

http://www.pbs.org/wgbh/pages/frontline/warning/view/

[LomanBill]

[“Since mid-2006, I have continually identified these breakdowns in processes and internal controls,” Mr. Bowen writes in a detailed November 2007 e-mail memorandum sent to Robert E. Rubin, an influential Citi executive and board member, as well as the bank’s risk and finance chiefs. “I know this will prompt an investigation into the above circumstances, which will hopefully be conducted by the officers outside the consumer lending group.”]

Evidently Mr. Bowen didn't follow the example of the Blind, Deaf and Dumb "Manager" Monkeys, either...:



...and evidently he got about as far as I did in getting The Company to shut down the systemic fraud.

Why should they... when they were just playing by "The Wizard's" rules?