Fannie and Freddie, Still the Socialites

NY Times ^ | October 15, 2011 | GRETCHEN MORGENSON

[neverdem]

THE mortgage business is moribund. New loans are down. New foreclosures are up.

But why let a little sorry news get in the way of a good party? Last week, almost 3,000 people descended on the Hyatt Regency in Chicago for the 98th annual convention of the Mortgage Bankers Association...

--snip--

Representative Randy Neugebauer, the Texas Republican who heads the oversight and investigations subcommittee of the House Financial Services Committee, said he was disturbed by the turnout from Fannie and Freddie. It reflected a troubling “business as usual” approach by the mortgage giants, he said.

“They don’t act like companies that have had a huge infusion of taxpayer money,” he told me. “Why do they feel the need to go out and spend the money for networking when they have all of the mortgage market in its entirety?”

Trying to tally the costs borne by the taxpayers for the four-day event in Chicago, Mr. Neugebauer sent a letter last week to the Federal Housing Finance Agency, conservator for Fannie and Freddie. “I am concerned that the expenditures that Freddie and Fannie made in connection with the conference bear no relation to furthering the actual purposes of the conservatorship,”he wrote.

He requested a rundown of amounts paid by the companies to cover travel, lodging, entertainment and sponsorship. He also asked for details about whether Fannie and Freddie had consulted with the agency beforehand about sponsoring and attending the conference. The agency was asked to respond within a week.

”We’re going to really look through their entire budget and see if we can see signs where they are tightening their belt,” Mr. Neugebauer said, referring to Fannie and Freddie. “The American people are tightening their belts, businesses all over the country are tightening their belts. These entities can certainly do the same.”

[G Larry]

Frank Raines, Jamie Gorelick, and Barney Frank, belong in jail.
(Send Barney to a women’s prison)

[Tigerized]

Fannie and Freddie suffer from the same disease that’s infected most of our “public servants”.

In short, they’re untouchable. No personal accountability, a lifetime career with no danger of dismissal, regular promotions based on nothing but time in service, wonderful benefits, and an attitude of superiority over those who pay their fat salaries.

Having just gone through the purchase of a REO for my son and his wife, I have a bit of experience with how schizoid Fannie is. If you or I tried to sell a property that we didn’t hold the title to, we’d go to jail.

Fannie? Not even the slightest of apologies, and no penalty at all for their incompetence.

[freedumb2003]

Fannie and Freddie execs are the biggest freaking “1%-ers” in the room. Where were all the “occupy whatever/wherever” protesters?

[scooby321]

put Fannie and Freddie in Bankruptcy.

[Qbert]

"Fannie? Not even the slightest of apologies, and no penalty at all for their incompetence."

Yep.

The GOP needs to hammer away at this.

[Southack]

"Fannie and Freddie execs are the biggest freaking “1%-ers” in the room. Where were all the “occupy whatever/wherever” protesters?"

Fannie and Freddie aid the socialist cause of universal housing at government expense, and because of that will forever escape any real anger from the professional socialists who back OWS.

[RedMDer]