Rep. Frank questions safety of Fannie Mae, Freddie Mac investments

The Washington Post ^ | Friday, March 5, 2010; 2:41 PM | By Zachary A. Goldfarb

[FromLori]

He took it back we are still on the hook!

Statement by Chairman Barney Frank

Washington, DC – Today, House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement:

“I have been asked some questions by members of the media and others about my noting the distinction between the legal status of Fannie Mae and Freddie Mac debt and the debt of the U.S. Treasury. Throughout the debate over Fannie and Freddie in past years, I have noted that Fannie and Freddie debt did not have the same legal standing as Treasury debt. This does not prevent the Treasury from treating the debt of Fannie and Freddie in the manner that it believes best supports the important goal of stabilizing the financial system. Specifically, I support the intention of the Treasury to stand fully behind the terms of its December 24 statement with regard to Fannie and Freddie debt. It is also the case in going forward, as we restructure housing finance, we will make sure that there are no implicit guarantees, hints, suggestions, or winks and nods. We will be explicit about what is and is not an obligation of the federal government.

“To reiterate, I continue to think that it would be a mistake for Congress to take action that formally conferred on Fannie and Freddie debt the legal status of debt issued by the Treasury. But nothing in that position prevents Treasury from acting as it thinks best with regard to its obligation to provide stability to the housing market and the financial system.”

http://www.zerohedge.com/article/barney-frank-backtracks-gse-statement-realizes-put-foot-mouth-yet-again

[bray]

This crook should be in jail.
http://www.brayincandy.com/id147.html

Pray for Freedom

[bunkerhill7]

FM was trading at 99 cents from a high of $2.99(?) last year- only way to go is up(?).

[HereInTheHeartland]

“had assumed our mortgage from Wells Fargo”

It will most likely still be serviced by WF. I would be surprised if you don’t still send your payment to WF?

[EBH]

Gee Bwarney...ya’ think?

[OrangeHoof]

Rep. Frank questions safety of Fannie Mae, Freddie Mac investments

...about nine years too late.

[Ernest_at_the_Beach]

From your link:

********************************EXCERPT***************************

Diamond, with 14 years of experience in the financial markets, calls his book a course in "Economic crisis 101" because of the need to inform ordinary Americans of what is happening right before their eyes.

The book is easy to read, although it deals with complex financial regulations and operations, and is only 118 pages.

The theme is that the economic crisis was deliberately engineered for profit and political gain and has already resulted in the "looting" of $11 trillion from the U.S. economy.

[Ernest_at_the_Beach]

But Zubi Diamond, author of the powerful new book, Wizards of Wall Street, says the agenda of Soros and other short sellers is clear. Their purpose, he says, is "to loot America and any foreign country which invested in America. Greece was one of them. Iceland was ravaged and annihilated."

[Candor7]

Franks is about 4 years too late. What about Frank's boyfriend who walked off with a multi million dollar bonus of "investor" funds? Done while they were fraudulently rating affirmative action sub prime mortgages as low risk on tne secondary mortgage markets?

FEANKS SHOULD BE INVESTIGATED AND THEN TRIED. HE IS A CRIMINAL.