Feds allege plot to destroy Fannie Mae data

Breitbart ^ | 1/30/09 | staff

[philman_36]

A veritable cornucopia of information on mortgage...
Mortgage News Archive

It brought me, eventually 'cause many of the links are broken, to this...
Civil suit launched to prevent NY lender funding FHA loans Thursday, October 23, 2008 at 09:38AM

And now I'm quitting for the night.

[JrsyJack]

Why didn’t they just send Sandy Berger to smuggle the data out in his pants?

[grey_whiskers]

What a crock. H1-B's are supposed to be reserved for jobs with critical skillsets, for which there is a shortage of American-born workers.

I'm sure with the mortgage crisis, there is NO shortage of American geeks who would want to cripple the Fannie Mae systems ;-)

Cheers!

[philman_36]

I strongly feel in my gut that this news release was issued so that it would cause people to question what was going on. This incident happened three months ago and it is only just now hitting the wires.

...a malicious code that was set to spread throughout the Fannie Mae network and destroy all data this Saturday.
The questions I keep asking myself...What was going to happen in the next two or three days that would prompt such action?
Why didn't this guy, if his intent was merely to destroy the information, set the bug to go off the very next day after his firing instead of waiting for three months?

There are answers to these questions, I'm sure. I'm just not that informed on the issue yet to make any kind of guess.

[bert]

The Queeah should have hired an American instead of an H1B

The question is, will the Justice Department sweep it under the rug? Of course they will.

A swift death penalty is needed to curtail the crimes of the recent past.

[Doohickey]

Hey, that’s my town. Glen Allen is just west of Richmond if you don’t feel like looking it up. I didn’t know Fannie had any offices down here.

Funny, this hasn’t turned up in the local news...

[Doohickey]

Maryland, near Frederick.

[Doohickey]

He probably didn’t work directly for Fannie, but rather through an outsourcer or subcontractor.

Still...the rule that applies to DoD should apply to all Federal jobs - US citizens only need apply.

[philman_36]

Fannie Mae Redemption
Fannie Mae (NYSE: FNM) will redeem the principal amounts indicated for the following securities issues on the redemption dates indicated below at a redemption price equal to 100 percent of the principal amount redeemed, plus accrued interest thereon to the date of redemption:
February 1, 2009
February 2, 2009

[philman_36]

Mortgage-Backed Securities
Fannie Mae intends to update its internal servicing system to make loan reporting easier for its servicers. Market participants should expect an implementation as early as February 2, 2009.
That might have been hard to do if he were successful.

[philman_36]

Foreclosures and Delaying the Day of Reckoning
Putting foreclosures on hold to allow time for lenders and servicers to work things out is a popular notion these days. Recently, both Fannie Mae and Freddie Mac extended their holiday foreclosure suspension to Jan. 31, giving the companies more time to hammer out the details of their streamlined loan modification program.

There seem to be several reasons for the bug to have been implemented today instead of three months ago.

[UCANSEE2]

IF it was a setup, then

The H1B contractor is the fall guy. Not that he didn’t do the deed, but it does seem it was made easy for him to do so.

(of course, we weren’t there, so we really don’t know)

BUT, after he left, the supervisor probably set some employee on a search of files created by the fired worker, and, lo and behold, he found them.

So, the scapegoat is publicly identified.

NOW, if another undiscovered ‘program’ goes off , well, it would automatically be pinned on the fired worker.

Wouldn’t it?

[UCANSEE2]

I’m sure Barney Frank would have demanded that Fannie Mae back up.

I'm sure Barney Frank has seen a lot of fannies backing up.

[UCANSEE2]

The point is that it would have meant they entire network would be down while the system was being restored, and then verified.

That would have been a problem.

[UCANSEE2]

How did they catch him, just in time?

Anyone who watches TV knows they always defuse the bomb 1 second before it goes off.

[jetson]

Maybe the commie news stations will have to start reporting some truth about who was really responsible for the Fannie Mae failure.

[UCANSEE2]

Of course, there is always the possibility that this happened exactly as described, and that the media source in this article was trying to fill a space, and found this info because of it’s target date, and voila!

[Gandalf_The_Gray]

(the)entire network would be down while the system was being restored, and then verified.

That would have been a problem.

I thought that "Fannie" was already shut down, thanks to Franks and Dodd...Being bankrupt is a bigger problem then a computer virus for a lending agency.

Regards,
GtG

[Tolerance Sucks Rocks]

Maryland “Freak State” PING!