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Nice Work!
Get back to me when they go after Goldman Sachs as well.
...Like Freddie and Fannie Mac, these firms are also entrenched in our government.
Goldman Sachs has issues, no doubt, but Fannie and Freddie were BY FARknowingly selling the vast majority of the fraudently misrepresented MBS's. Literally trillions of dollars worth... ALL perceived as guaranteed by the federal government and therefore, the taxpayers.
Quote:
"...the policies (or policy malfeasance) of Fannie and Freddie, and not the actions of large banks or firms like AIG are the proximate cause of not just the credit crisis, but also the continuing multi-act, multi-bailout farce that continues to be passed off to the public as necessary "stimulus."
Can you back that claim up? I don't recall people saying F&F where clean as a whistle. I do recall people correctly asserting that they were not the
nexus of the sub-prime mortgage crisis. If the SEC numbers are correct they would seem to support the assertion. Other non-GSE firms and Banks had much higher levels of sub-prime mortgages on their books.
The Bush administration started raising red flags about F&F in 2001, but any attempt at regulating the GSE was stymied by Democrats. Here's a short list:
Franklin Raines
Chuck Shumer
Maxine Waters
Gregory Meeks
Artur Davis
Lacy Clay
And if you will take the time to listen to their own words,...here are some links.
I'd expect him to go after banks more so than a GSE, given his love for government involvement in private business. Investing Fannie and Freddie will likely lead to a lot of dirt with their ties to congress, that Obama doesn't want to see the light of day.
Not if Obama's deliberately distancing himself from Congressional Dems, who are heavily involved in the GSE fiasco.
Maybe this is the REAL reason for Barney Frank's retirement. He was a staunch defender of Freddie and Fannie even though everyone knew they were in trouble.
I can't find the six under investigation,...but I hope Franklin Raines is among them. His tenure cost taxpayers millions in salary,..and he quit amid accusation of accounting improprieties.
I can't find the six under investigation,...but I hope Franklin Raines is among them. His tenure cost taxpayers millions in salary,..and he quit amid accusation of accounting improprieties.
Franklin Raines... Obama's buddy ...
Quote:
"In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin Raines has been quietly constructing a new life for himself.
He has ...taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."
6 ex-Fannie, Freddie executives charged with civil fraud over risky subprime mortgages (http://www.washingtonpost.com/politics/courts-law/6-ex-fannie-freddie-executives-charged-with-securities-fraud-with-risky-subprime-mortgages/2011/12/16/gIQAPyXKyO_story.html?wprss=rss_national - broken link)
Attorney Generals nationwide are holding Wall St and mortgage co's accountable in court Plus federal judges are now writing new precedents to protect homeowners
More than 600 million in damages from Morgan Stanley, Goldman Sachs and Option One, as well as Fremont Investment Loan...and Ms Coakley is JUST getting started
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Plus federal judges are now writing new precedents to protect homeowners
