Do you have a link to this document?
This is good. And I am compiling these things quickly and distributing them.
If you have this letter, can you post a scanned copy or a link that is official for verification purposes?
Thanks.
...let's pass it along.
“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 ... “
“...we pledged to provide $1 trillion in capital to ten million underserved families.”
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“underserved” my hairy white ass......
Here’s another good find. =]
In 1994, we pledged to provide $1 trillion in capital to ten million underserved families by the end of 2000.
Underserved families, key word, like they were kept out by the white establishment because they were of a different color. More like they had no job, poor credit rating and not a pot to piss in!
2006 PDF letter from the Fannie mae CEO - Daniel Mudd
http://www.fanniemae.com/ir/pdf/annualreport/2006/ceo_shareholder_letter.pdf
Please notice how the words American dream are used in Raines’ assessments of his accomplishments and his future goals. Perhaps he really believes that every American should be guaranteed a home that they own. That is not the American dream that I believe. The real American dream (the one that millions of immigrants came looking for) is to be assured the opportunity to earn a home. How do you earn the opportunity to own a home. You do so by demonstrating that you possess the discipline to obtain a job that will allow you to accumulate a reasonable down-payment and be able to meet the monthly notes. None of what he was about required this. Congress approved his activities and now we are left with no choice but to depend on Congress to get us out of this mess. Congress will fail us again.
Goal-oriented: Fannie Mae and Freddie Mac every year are required to meet affordable housing goals set by the Department of Housing and Urban Development (HUD). As we approach a new deadline for setting the 2004 goals, HUD may be considering putting more teeth into the goals.(Cover report: legislative / regulatory)
President George W. Bush, like presidents before him, has made closing the gap in the homeownership numbers a priority. He announced earlier this year an initiative to add 5.5 million new minority homeowners by 2010. And, according to the president’s 2004 budget proposal, the two government-sponsored enterprises (GSEs)-Fannie Mae and Freddie Mac—will be tapped to help deliver on that goal.
Fannie Mae and Freddie Mac play a critical role in the secondary market by buying mortgages from mortgage lenders and continually replenishing the supply of capital available for housing. They also can help launch innovative loan programs designed to get low-and moderate-income borrowers into homes by agreeing to buy the loans and setting the underwriting ground rules.
Read it a weep folks! This is the ‘New Tone’ and ‘Compassionate Conservatism’ GWB brought to D.C.
http://goliath.ecnext.com/coms2/gi_0199-3381382/Goal-oriented-Fannie-Mae-and.html
I made sure when I bought my house that I picked one where I afford to put 20% down. Mainly I did not want to pay mortgage insurance. Now with all the defaulters (wow 5%!!!) out there, where is their PMI or did they also put down 20%+??
If this is a real source (sorry, there’s no link — could you scan the letter and post it here if you have it?), this explains EXACTLY how Fannie Mae-—yes, FANNIE MAE-—infected the entire global market with the Rat notion of “money for nuthin’,houses for free.”
This is another one of those “must get out” docs.
Proving you can fool most of the people most of the time until you get caught,
Franklin Raines looted and pillaged Fannie Mae as Clinton's appointee.
POSTED FOR YOU REFERENCE
CIRCA 2004----RAINING MONEY - Franklin Raines fired for cooking the books---walks away w/ $90 million tax dollars
SOURCE: 2004 archived headliner reports dot.com---- with 2006, 2008 updates.
Franklin Raines 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 earnings and accounting irregularities between 2000-2004.
(POSTER'S NOTE: Can you say offshore wire transfer?)
Former chief executive Franklin Raines received more than $40 million in bonuses and other pay as a result of falsely inflated earnings at the US' largest mortgage finance company. This is according to a supplement of a lawsuit filed by Ohio Attorney General Jim Petro. Fannie Mae added "tens of millions of false revenue" to meet "Raines' 1999 publicly announced goal to double" earnings over the next five years, Petro's November 23, US District Court in Washington alleges. The filing alleges that, "Raines personally profited by over $40 million by this false earnings history.
Update -- 2/22/2006: Former Senator Warren Rudman's team of investigators and auditors selected from his law firm, Paul, Weiss, Rifkind, Wharton & Garrison, and from Huron Consulting Group presented their 600-page report calling Fannie Mae's accounting systems "grossly inadequate." It is based on a review of millions of documents.
The report found that accounting obfuscations were intended to increase stock valuations, thus increasing executive bonuses.
Raines was one of the most influential and politically savvy figures in Washington is identified by the Rudman investigation as not directly knowing that Fannie Mae's accounting practices violated rules. The report does state, "We did find, however, that Raines contributed to a culture that improperly stressed stable earnings growth and that... he was ultimately responsible for the failures that occurred on his watch".
Raines will continue to live well being supported by Fannie Mae's shareholders. Some relevant facts include: -- Raines and his wife will be paid $114,393 a month as long as they live. -- Stock options: Raines holds vested stock options worth roughly $5.7 million. -- Stock bonuses: Raines was granted awards, payable in stock, for reaching performance goals. Under the program, he got 69,577 shares... half of what Fannie determined he should receive in January. At Monday's close, the shares are worth $4.9 million. It is unclear if he will receive the rest. -- Deferred pay: For tax planning while employed by the company, Raines was allowed to put off the receipt of payment. These deferred past payments total $8.7 million --
Future salary: Although Fannie Mae says Raines' retirement was effective December 21, 2004, he is seeking to have it effective as of June 22, 2005, and thereby receive $600,000 more in pay.
Mr. Raines followed a well-worn path in the United States during the later half of the 20th century. His humble beginnings were in Seattle. He won a scholarship to Harvard and was a Rhodes Scholar at Oxford. He worked on Wall Street for over a decade in the prestigious firm Lazard Freres. He was a member of President Clinton’s cabinet and director of his Office of Management and Budget. In 1999, Clinton selected him for the position of Fannie Mae CEO.
Following revelations of the financial scandal, Mr. Raines took early retirement from Fannie Mae so that he could collect a compensation package including $1 million per year for life and $11 million in vested stock. In 2003 Mr. Raines was paid $20 million in salary and bonus.
Fannie Mae is facing criminal investigations by the Justice Department, operational investigations by the SEC, and various Congressional investigations. There are questions regarding earnings statements being incorrectly inflated. In 2003, if derivative and other losses had been included, no bonuses would have been paid to top executives. However, deferral of the losses allowed declared earnings to reach a level which triggered maximum executive bonuses.
It is a far stretch to imagine that Franklin Raines actually was capable of satisfying the requirements of the positions he held from Harvard to Director of the White House Office of Management and Budget. If he had been competent enough to hold those positions, how could he have been Fannie Mae's CEO for 5 years and allowed, not known about, or not understood that $9,000,000,000 was being mishandled.
FR POSTED http://www.freerepublic.com/focus/news/2086744/posts?page=1
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9/26/08 UPDATE: LA grand jury probing Countrywide VIP loans
LAtimesblogs via WSJ ^ | September 25, 2008 | Peter Viles
FR Posted on 09/26/2008 5:50:44 AM PDT by stockpirate
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. (Excerpt) Read more at latimesblogs.latimes.com ...
FR POSTED http://www.freerepublic.com/focus/f-news/2090987/posts