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Archive for the ‘Fannie Mae’ Category

Caroline Herron’s Lawsuit Targets Fannie Mae’s Mismanagement of Mortgage Modification Program

Posted by Larry Doyle on August 11th, 2010 7:17 AM |

Have executives at Fannie Mae worked to benefit their own financial interests versus promoting the well being of American taxpayers and homeowners looking to permanently modify their mortgages? Is Fannie Mae merely a perpetual train wreck or has something even more nefarious gone on inside the halls of our national stepchild?

In recently reviewing The Center for Public Integrity, I was not shocked — but certainly dismayed — to read Whistleblower: Fannie Mae Bungled HAMP Anti-Foreclosure Program,

Fannie Mae executives bungled their stewardship of the federal government’s massive foreclosure-prevention campaign, creating a bureaucratic muddle characterized by “mismanagement and gross waste of public funds,” according to a whistleblower lawsuit by a former Fannie Mae executive and consultant. (more…)

Fannie and Freddie Ordered to Delist from NYSE

Posted by Larry Doyle on June 16th, 2010 11:28 AM |

Fannie and Freddie don’t live here anymore.

News just broke that the stocks of our two government stepchildren, Fannie Mae and Freddie Mac, have been ordered to delist from the NYSE. The Washington Post reports, Fannie Mae, Freddie Mac to Delist Shares from NYSE:

The companies’ regulator, the Federal Housing Finance Agency, said Wednesday that it expects Fannie Mae and Freddie Mac shares to trade on the Over-the-Counter Bulletin Board, an electronic quotation service. (more…)

Fannie and Freddie: The Legacy of Washington’s Financial Illiterates

Posted by Larry Doyle on June 14th, 2010 8:54 AM |

When the day of reckoning comes, the record will show that those misguided, incompetent and reckless legislators who supported and were supported by the house of cards known as Fannie Mae and Freddie Mac will have cost our nation untold hundreds of billions of dollars. In fact, the losses attributed to these organizations may ultimately cross the trillion dollar threshold. Think about that for a second.

While Franklin Raines, Leland Brendsel, Daniel Mudd, and other Fannie and Freddie execs walked out the door with tens of millions of dollars, our nation is left with a financial sinkhole that will serve as a drag on our economy for years if not generations. How and why did this happen? (more…)

Let’s Review “What They Said About Fan and Fred”

Posted by Larry Doyle on June 3rd, 2010 5:55 AM |

What do you have to do today? What did you do yesterday? What is on your schedule for tomorrow? What did the market do yesterday? What will the market do today? What might it do tomorrow?

America lives in the moment. While in certain circumstances that emphasis on the immediate may be helpful and appropriate, in my opinion, that approach generates a lack of real depth and understanding within our national psyche.

Real sense on cents requires a much greater understanding of the past in order to generate a much more astute projection of the future. We must hold our financial and political leaders to a similar — if not even more vigorous — standard. Regrettably, we allow the Wall Street and Washington establishments, in concert with an ineffective media, to frame our national debate. In the process, are we mere mindless lemmings being led to slaughter? (more…)

America’s Future Is Dark Unless…

Posted by Larry Doyle on May 4th, 2010 9:28 AM |

Land of the free, home of the brave.

No doubt, the United States of America is the greatest nation on the face of the earth. I love my country. I love hearing the stories of immigrants from all parts of the world who have come here to make a better life. Even though there is current concern around our immigration policy (or lack thereof), there exist endless numbers of stories of people making real sacrifice and, in turn, real progress for their families. I am inspired by these stories.

Despite all our greatness, I am extremely concerned that our nation will erode from within unless there is serious change in one very large corner of our political and economic landscape. What is it? (more…)

Forget Daniel Mudd. Let’s Cross Examine Franklin Raines, Tim Howard, and James Johnson

Posted by Larry Doyle on April 9th, 2010 4:19 PM |

Former CEO of Fannie Mae Daniel Mudd took the stand today to get grilled by the Financial Crisis Inquiry Commission. Ooooohhh, ahhhhh….what did we learn from Mr. Mudd? Very little. Although Mr. Mudd fed at the Fannie trough for a good number of years and was paid tens of millions of dollars during his tenure, the fact is he only took over the reins in what amounted to the bottom of the eighth inning.

If the Financial Crisis Inquiry Commission truly wanted to serve America’s interests, they would shine the bright lights on three former Fannie execs who cultivated a culture which, in my opinion and others, allowed for Fannie Mae to cook their books while effectively paying off their friends up on the Hill. Who are these execs? (more…)

Fannie Mae Plays “Let’s Make a Deal”

Posted by Larry Doyle on March 5th, 2010 12:38 PM |

“Let’s see, do you want to go for the prize behind Door #1 or take a chance on what’s in the big box?”

“Well Monty, I’m playing with your money so it doesn’t really matter now, does it?”

1970’s vintage TV may have been entertaining, but is the current deal-making used by Fannie Mae to liquidate housing inventory truly the way to develop a healthy and robust housing market?

Just what is Fannie Mae doing? (more…)

Fannie Mae Blight Plagues America

Posted by Larry Doyle on February 26th, 2010 6:22 PM |

Is it any surprise that the next drawdown in a multi-billion dollar ongoing bailout gets posted at 5pm on a Friday afternoon? Not in this economy where Uncle Sam, that’s you and me boys and girls, continues to pay for the woefully mismanaged financial and legislative practices of those in Washington.

The gutless typically prefer to operate under a veil of darkness.

I am referring to the sinkhole that is the organization known as Fannie Mae, as it comes back to the well for another $15 billion. Bloomberg highlights this ongoing bleeding in writing, Fannie Seeks $15 Billion in U.S. Aid After 10th Straight Loss:

Fannie Mae, the mortgage-finance company under federal conservatorship, said it will seek $15.3 billion in aid from the U.S. Treasury after posting a 10th straight quarterly loss. (more…)

The Financial Crisis Inquiry Commission Should Investigate…

Posted by Larry Doyle on January 11th, 2010 9:28 AM |

Will America ever truly learn what happened on Wall Street that brought our markets, our economy, and our country to its knees?

We should not expect the incestuous Wall Street-Washington partners to implicate themselves and thoroughly expose their shortcomings. A full 16 months since the failure of Lehman Bros. and how much have we truly learned? What change has really occurred? Who has been fired in Washington? Who has been indicted on Wall Street? Will the Financial Crisis Inquiry Commission, charged with investigating the factors which facilitated our economic disaster, truly be effective?

The truth may hurt but if the hard questions are not asked, the failings are not exposed, and those responsible are not held to account, then the lessons will not be learned, and the experience will likely repeat itself.

Will the commission pretend to investigate, but ultimately wilt under the pressure of the incestuous pillars of power? Will the commission rise above the fray, hold people and institutions to account, and make our country proud?  Will the commission use its power to subpoena, if need be?

Whom should the commission pursue? What agencies and institutions should the commission target? If I were on the commission, I would recommend pursuing the following targets: (more…)

Trust Tim Geithner, Larry Summers, Barney Frank?

Posted by Larry Doyle on December 31st, 2009 11:34 AM |

Blank checks are the antithesis of good public policy.

America can not allow the passage of time to lessen the outrage over the Obama administration’s Christmas Eve bonus to the financial sinkholes known as Freddie Mac and Fannie Mae. Platitudes and posturing aside, the American taxpayer is being set up as never before.

A blank check may serve to cover a host of past financial and legislative failures promoted by the likes of Barney Frank, Chris Dodd, John Kerry et al, but who is monitoring and verifying the legitimate and proper use of these funds? Are we to blindly trust Treasury Secretary Geithner, White House economic adviser Larry Summers, and their respective staffs in this process? Are you kidding me? America needs to voice its outrage long and hard. In that spirit, I called yesterday to Audit Freddie and Fannie.

In the same vein, I am heartened by initiatives launched yesterday by Rep. Dennis Kucinich (D-OH), and Reps. Scott Garrett (R-NJ) and Spencer Bachus (R-AL) to pursue an investigation of this blank check.

The Wall Street Journal reports, Lawmakers Want Probe Into Treasury Aid for Fannie, Freddie: >>> (more…)

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