Posted on 09/30/2008 8:11:22 AM PDT by Hillary'sMoralVoid
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!
You want to post a link or is this just a vanity??
Please. This is just a Democrat political stunt. Remember the 911 commission? The Waco investigation?
Where does AP say this?
Bob Bennett, (R-Ut)
Bush will be blamed and Obama will benefit. This is not good news. It keeps the crisis on the front page and lets Dems/Obama and the DBM to perpetuate the Bush (ergo McCain) blame.
There should definitely be an investigation, but it should start in earnest AFTER the election.
For those who disagree, why do you think all of a sudden the AP has gotten so interested in FM and FM? They wouldn’t care a whit unless they thought it could help Dems. They always ignore scandals that would hurt Dems (e.g. Edwards).
FREDDIE,FANNIE,FRANK,FRANKLIN REIGNS,BLACK CAUCUS AND OUR YES WE CAN(take from the American people and no they cant investigate us, because we are black, we call it a lynching, racist,white privileged tactic) Senator Acorn from IL.Obama.
Put Guiliani in charge!!! Make him a special prosecutor that can never ever be fired.
Can’t Bush do something like this with his so-called justice department?
I am beginning to suspect that Bush is suffering from severe depression. He doesn’t seem to have fire anymore.
Source: San Antonio Express News, lead story on front page of business section, 30 Sept morning edition.
Hopefully this ‘investigation’ will produce something. The precursor to this mess...FHA...8 years ago was supposed to be investigated as well...we see how that turned out...
I’ve been purging through 25 years of paperwork. I just came across a note I made while listening to a radio program about an article in Mother Jones from 2000.
The title is “HOME CHEAT HOME”.
First the notes I made: Cuomo, HUD...Mortgage bankers lobby....changes in 1994 to lending voted in by the democrats....realtor and lender often the same....low income limit mortgage loan $220,000.00......6 to 8 billion per year on defaults......FBI Investigating.......
And yesterday we heard the ‘FBI is investigating”...again???
http://www.motherjones.com/news/outfront/2000/07/outfrontja00.html
July/August 2000 Issue Mother Jones
[snip]Evans is among tens of thousands of low-income homeowners victimized by a scam called “flipping” that is being repeated every day in inner-city neighborhoods from Syracuse to Los Angeles. To resurrect blighted urban areas, the government sells abandoned houses to real estate investors for renovation. But some speculators simply slap on cosmetic repairs and “flip” the properties, reselling them for many times their true value. Because the FHA co-signs the loans, it gets stuck with the bill when homeowners can’t pay the inflated mortgages. Last year the agency spent $6.5 billion to bail out 78,890 home loans that went bad-up 30 percent in three years. The foreclosed homes are seized, boarded up, and put back on the market, and the cycle starts all over again.
“We have found flipping scams in every city we’ve investigated,” says an official with the Department of Housing and Urban Development, which recently indicted 41 Realtors, lenders, and appraisers in California. “What has me shaking is that we have these kinds of numbers on defaults and we are in a bull market.”
Federal investigators call flipping more lucrative than bank robbery — but it was mortgage bankers who lobbied to make the scheme possible. Historically, the FHA assigned independent appraisers to inspect houses and set a fair value. But lenders wanted to select their own appraisers. They claimed it would streamline the process. But it would also make it easier to find someone who would ignore shoddy repairs and approve jacked-up prices.
The industry certainly had plenty of clout on Capitol Hill. From 1991 to 1994, lenders handed out $2.3 million in campaign contributions, and the investment paid off. At a meeting of the Mortgage Bankers Association in 1993, the FHA unveiled a “lender select” policy allowing bankers to choose appraisers. The news was greeted by a standing ovation.
Because the FHA supports low-income home buyers with shaky credit, defaults on agency loans have always been above the industry average. But since lenders have been allowed to handpick their own appraisers, investigators say, foreclosures have skyrocketed.”
The “investigators” have requested documents from JANUARY 2007 and on. To make sure the outcome can be blamed on Bush.
Looks like they are giving Raines Johnson Gorelick Cuomo at HUD and other dem cronies a “get out of being investigated free” card.
Would you be surprised if Jamie Gorelick was appointed to participate in the investigation?
uuugh
Because their collapse was a major cause of the biggest financial crisis in 70 years?
It doesn't matter who it helped or hurt politically, the media could not ignore it. There was no decision to make.
I agree. Notice how the investigation is only going back to 2007. Why not go back further? There sure is plenty to look at.
That’s the good news. The bad news is that the investigation will be conducted by congress with Fwank and Dodd chairing the committee doing the investing.
Faith in Senate Repubs?
Let me know when that tree bears fruit.
Looks like an October Surprise to crush Obama.
And it is well deserved.
How about activities starting BEFORE 2007? Guess they don't count.
It’s a “political lynching!”
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
http://www.youtube.com/watch?v=_MGT_cSi7Rs
Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis.
At a 2004 hearing see Democrat after Democrat covering up and attacking the regulations to protect Fannie Mae and Freddie Mac (their Cash Cows) that are now destroying our economy because the Democrats let them cheat.
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