Free Republic

Why Biden thinks the Chinese Communists are “not bad folks” and “not competition for us.” “Biden Gets China,” headlined the January 2, 2012 report in The Atlantic. As author Steve Clemons explained, “Vice President Joe Biden will take the lead on the administrations next phase China policy.” This marked a shift to a “strategy of engagement with Biden at the top,” that allows the US to deal with China’s likely next president from a Vice President to a Vice President/Next President status -- and to continue both the Departments of State’s and Treasury’s ongoing engagement with other designated key Chinese...

A top U.S. regulator is considering taking steps to ease strains on mortgage companies facing a cash crunch as millions of Americans struggling with fallout from the coronavirus suspend their monthly payments, according to people familiar with the matter. The Federal Housing Finance Agency is weighing whether to allow Fannie Mae and Freddie Mac, the government-controlled mortgage-finance giants, to buy home loans that recently entered forbearance, meaning borrowers have stopped making payments, the people said. That would help nonbank mortgage companies that lend to home buyers and then quickly sell the loans to Fannie and Freddie. The strategy was upended...

President Obama never was shy about using his phone and pen to achieve what he could not get from Congress on regulatory matters. But documents revealed last week show the Obama administration may have been willing to get around congressional decisions on spending by using a slush fund of sorts funded by the profits of Freddie Mac and Fannie Mae, the two government-sponsored home loan giants. Fannie and Freddie are federally chartered enterprises which buy mortgage loans from banks and bundle them into securities that are sold to investors, thus freeing up capital so that banks can make more home...

"An examination of the Treasury Department’s balance sheet for Fiscal Year 2013 documented how the Obama administration diverted billions of dollars into Obamacare that Treasury confiscated from Freddie and Fannie earnings."

Let's collaboratively build a timeline of this disaster, starting with when these agencies were formed, tracking the legislation that was not only passed, but proposed, and quotes from who supported and opposed it. PLEASE INCLUDE URLs so we can link to sources. Here's a start. 1938 Fannie Mae, or the Federal National Mortgage Association, was founded in 1938. http://www.law.cornell.edu/uscode/html/uscode12/usc_sup_01_12_10_13_20_III.html 1954 1954 Charter Act 1968 1968 Charter Act 1970 Freddie Mac, or the Federal Home Loan Mortgage Corporation, was established in 1970 1989 Financial Institutions Reform, Recovery, and Enforcement Act of 1989 1990, James A. Johnson went to work for Fannie...

The exodus of senior aides from the White House continued as Gen James Jones, Barack Obama’s head of National Security, resigned. His departure, which comes a week after Rahm Emanuel, the chief of staff, resigned, removes one of the few senior officials not belonging to the US president’s coterie of long-time advisers. Brought in originally for his vast experience and independent voice, it had been clear for some time that the former Nato supreme commander had failed to gel with the president’s inner circle. Gen Jones is being replaced by one of those close aides, his former deputy Thomas Donilon....

WASHINGTON (Reuters) – President Barack Obama will name close aide Tom Donilon as his new national security adviser on Friday in a move that could have implications for the struggli

PERRIS: Fannie Mae abandoned horse, records show A horse that was found blind, starving and nearly crippled at a foreclosed home in Perris may have been a victim of Fannie Mae. I reported on the horse’s rescue last week by a couple of local good Samaritans, but I didn’t know who owned the property. I do now. It was Fannie Mae. That’s what the County Assessor’s records show, anyway. I had a feeling this was the case, based on an unreliable tip that was blurted at me by the real estate agent in charge of the property. When I called...

We've told you before about how big banks cut corners on paperwork over the last few years in order to speed struggling homeowners into foreclosure. And a "60 Minutes" report that aired last night offers fresh anecdotal reporting on just how irresponsible--and potentially fraudulent--the banks' practices were. Meanwhile, compelling video of a grandmother being evicted from her home by a SWAT team last week suggests the banks aren't slowing down their rush to foreclosure and eviction. Banks profit by processing a vast number of homes into foreclosure as quickly as possible. But as "60 Minutes" details, many of the mortgages...

The Obama administration reportedly is considering former Clinton administration official Jamie Gorelick, among others, to become the next director of the Federal Bureau of Investigation (FBI). The Wall Street Journal’s Evan Perez first reported the news last week, citing “U.S. officials” familiar with the situation. Gorelick served as vice chairman of the Federal National Mortgage Association (Fannie Mae) when the government-sponsored enterprise began bundling subprime loans into securitized financial instruments. Prior to that, she served as deputy attorney general in the Clinton Justice Department under then-Attorney General Janet Reno from 1994 to 1997. ... But Gorelick is perhaps best known...

Countrywide’s VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. The “Friends of Angelo” program, named for former Countrywide CEO Angelo Mozilo, has been under committee investigation since 2008 for allegedly granting generous mortgage deals to influential government officials, lawmakers and employees at Fannie Mae. “Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,”...

Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in the "green" movement were inventing a patented system to trade residential carbon credits. Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 -- the day after Democrats took control of Congress. Former Sen. John Sununu, R-N.H., criticized the award at the time, pointing out that it had "nothing to do with Fannie Mae's charter, nothing to do with making mortgages more affordable." "It wasn't about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed it...

Fannie Mae reported a net loss $13.1 billion on Monday and forecast weakness in the housing and mortgage markets to continue throughout 2010.

The Treasury announced Thursday it was removing the caps that limited the amount of available capital to the companies to $200 billion each.

Troubled state-backed mortgage firm Fannie Mae took a massive 14.8-billion-dollar second-quarter loss

WASHINGTON (AP) -- Fannie Mae is planning to pay retention bonuses of as much as $611,000 each to several top executives of the government-controlled mortgage finance titan. Sibling company Freddie Mac is planning similar awards.

...Fannie Mae and Freddie Mac bought as much of this 'enhanced' paper as they could. The yields were great and how could they lose if the likes of AIG were going to guarantee the first loss? In 2006, FNM/FRE were trying to build market share in high risk mortgages. They kept the party going....

This was taken off of You Tube due to the liberal media. This link is to the same video, but is routed through Canada.

Senator Elizabeth Dole, a member of the Senate Banking Committee, tells Newsmax TV she and other Republicans tried to move legislation five years ago to rein in Fannie Mae and Freddie Mac but Democrats blocked their efforts and it "infuriates" her to think about how that could have prevented what eventually happened.

No sooner had the $805B bail-out bill passed the House than Pelosi went to the TV cameras and promised show trials under Henry Waxman to pin the blame for this mess (on Republicans). She then praised Barney Frank's courage and leadership in delivering the country from the evil of Republicans in general and Wall Street in particular. Denny Hoyer then spoke of how we must never let the greedy lenders destroy the economy and that he is going to make sure that never happens again. James Clyburn assured viewers that Congress will make sure that no one loses their home...