Archive for the ‘Freddie Mac’ Category
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…)
Tags: Angelo Mozilo, armando falcon, Chris Cox, financial criis inquiry commission and mary schapiro, Financial crisis inquiry commission, financial crisis inquiry commission and finra, financial crisis inquiry commission and freddie and fannie, financial crisis inquiry commission and goldman sachs, financial crisis inquiry commission and originators, financial crisis inquiry commission and sec, financial crisis inquiry commission vs pecora commission, Franklin Raines, investigation of financial crisis inquiry commission, Leland Brendsel, Lloyd Blankfein, Mary Schapiro, mission of financial crisis inquiry commission, what will financial crisis inquiry commission investigate, who should financial crisis inquiry commission investigate ill, will financial crisis inquiry commission be effective, william donaldson
Posted in FINRA, Fannie Mae, Franklin Raines, Freddie Mac, General, Goldman Sachs, Mary Schapiro, SEC, derivatives, fraud | 17 Comments »
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…)
Tags: audit Freddie and fannie, Barney Frank, Chris Dodd, Dennis Kucinich, Freddie and fannie's blank check, House Financial Services Committee, House Oversight and Government Reform panel, I want to roll the dice, John Kerry, Larry Summers, Scott Garrett, Spencer Bachus, sub-prime lending comment by Barney Frank, Tim Geithner, toxic assets on Wall Street, transferring losses from Wall Street to taxpayers, trust but verify
Posted in Barney Frank, Fannie Mae, Freddie Mac, Larry Summers, Tim Geithner | 9 Comments »
Posted by Larry Doyle on December 30th, 2009 12:16 PM |
Who will reveal the truth and consequences embedded in the operations of Washington’s newly designed slush funds housed within Freddie Mac and Fannie Mae? The Washington Way all too often pays off those who promote the administration’s interests (both Republican and Democrat alike) while sticking future generations with an ever larger bill.
Is slush fund too harsh a characterization for a Washington-issued blank check? In my opinion, a blank check in Washington has never been anything other than that.
Ron Paul (R-TX) has created quite a stir in 2009 given his continual calls to audit the Fed. Who in Congress will call for the same treatment for Freddie and Fannie?
Let the record show that on December 30th, Sense on Cents is issuing what will be the first of many calls to audit Freddie Mac and Fannie Mae. Why am I calling for an audit of these entities? (more…)
Tags: audit Freddie and fannie, audit the fed, blank check for freddie and fannie, credit risk in mortgages, effective duration, Fannie Mae, Fannie Mae audit, freddie and fannie risks, Freddie Mac, Freddie mac audit, mortgage backed securities risks, mortgage risks, prepayment risk, risk in mortgages, risks within freddie and fannie, Ron Paul, what is duration
Posted in Fannie Mae, Freddie Mac, General | 13 Comments »
Posted by Larry Doyle on December 30th, 2009 7:56 AM |
Freddie Mac and Fannie Mae have served as Washington’s piggy bank for far too long. The issuance of a blank check by Uncle Sam on Christmas Eve to cover losses at Freddie and Fannie through 2012 only cements the legacy of the pigs who have fed at the Freddie and Fannie trough.
While the sty is mighty big, don’t think for a second that the pillaging and plundering of these organizations is restricted to the high and mighty politicos who pretend to know how to develop housing policy and programs. What do I mean?
Tucked away in one corner of the sty is this little gem posted by The Wall Street Journal, Freddie HR Chief’s Big Payday: (more…)
Tags: compensation at Freddie Mac, Freddie HR Chief's Big Payday, Freddie Mac pigsty, kenneth feinberg, Paul George of Freddie Mac, Tim Geithner, who is Paul George
Posted in Fannie Mae, Freddie Mac, General | No Comments »
Posted by Larry Doyle on December 28th, 2009 8:38 AM |
I remain incensed at the sheer arrogance and brazen demeanor of the Obama administration providing a blank check on Christmas Eve to cover future losses of the failed institutions Fannie Mae and Freddie Mac. Given the fact that this check has been issued, America deserves to know what exactly it is covering. Over and above a full and total exposition of these government sponsored entities, America is in a position to demand certain retributions. Let’s bang the drum and demand some answers, including:
1. The current valuations of all of Freddie’s and Fannie’s holdings so America can fully evaluate those holdings relative to market prices.
2. The current fees being paid for all services rendered.
3. An independent audit.
4. Why aren’t these stocks delisted immediately? To allow stock in these entities to continue to trade is a total mockery of a legitimate market.
5. Clawback all bonus payments rendered to Franklin Raines, James Johnson, and Leland Brendsel, the executives at Fannie and Freddie who truly plundered these institutions. (more…)
Tags: delist fannie and freddie, fannie and freddie stock, Fannie and freddie's blank check, Fannie and freddie's contingency liabilities to Wall Street, Fannie and freddie's portfolio holdings, Fannie Mae, Fannie Mae and freddie Mac future, Franklin Raines, Freddie Mac, hat is fueling america's rage, James johnson, Leland Brendsel, socialized housing, w
Posted in Fannie Mae, Freddie Mac, General | 8 Comments »
Posted by Larry Doyle on October 23rd, 2009 12:03 PM |
The twists and turns along the landscape of the Uncle Sam economy remain ever challenging. How so?
What is an investor to do if he desires to sue an entity that is now part of Uncle Sam’s portfolio? If that is not challenging enough, how does one proceed with the process of discovery if those who could and want to share information have a gag order imposed upon them? What is going on here? Welcome to the world of Freddie Mac investors circa 2009.
In the process of failing, did Freddie Mac’s management engage in illegal and fraudulent activities by misrepresenting the overall health of the company? Did they misrepresent the risks embedded in the portfolio? Many investors believe that to be the case and are considering bringing suit. Who possesses a lot of very useful information? Former employees. Not unlike former employees of many companies, Freddie Mac employees were required to sign departure agreements which compelled them to not share company information. If the employee does speak, he runs the risk of losing his severance. This experience is very common in corporate America. That said, Freddie Mac’s failure hardly represents corporate America. The New York Times addresses this legal and financial entanglement by writing, Freddie Mac’s Secrecy Pacts Face Court Test:
One year after the government took over and bailed out Freddie Mac, the giant mortgage finance company, federal regulators are blocking former employees from revealing information to investors who are suing the company for fraud, lawyers for shareholders say.
The Treasury has propped up Freddie Mac with more than $50 billion in taxpayer money since the company nearly collapsed more than a year ago, and officials warn that the company will probably need additional billions in the months ahead.
Federal prosecutors in Virginia and the Securities and Exchange Commission are already investigating whether the company misled investors about the risks it was taking with securities backed by subprime mortgages and no-document loans.
But in a battle that will surface on Friday in a federal courtroom in New York, the company and its primary government overseer, the Federal Housing Finance Agency, are trying to enforce secrecy agreements that scores of former employees signed as a condition for receiving severance payments when they left the company.
In their class-action lawsuit against Freddie Mac, three big union-based pension funds charge that Freddie Mac executives defrauded investors by concealing the company’s exposure to high-risk mortgages, its mounting losses and its inadequate capital position.
At the hearing on Friday, lawyers for shareholders will argue that Freddie Mac’s secrecy agreements amount to buying silence from willing witnesses who may have crucial information about what the company’s top executives knew at the time they were assuring investors that all was well. The lawyers will ask a judge to invalidate the restrictions, a move that Freddie Mac and federal regulators will say the court has no right to do.
“Federal dollars are being used to bribe people, to buy their silence,” said David George, a lawyer representing the pension funds in a class-action lawsuit.
Wow. Our country is sinking to new depths when we have an arm of the government openly working to prevent the truth from being revealed. To this point, the blockage of the truth would typically take place behind the scenes.
For those Freddie Mac employees who would like to share the truth as to what transpired, are they wondering ‘where did my country go?’
LD
Tags: David George, Federal Housing Finance Agency, federal regulators and Freddie Mac, FHFA, Freddie Mac, Freddie Mac employees, Freddie Mac portfolio, Freddie Mac suits, Freddie Mac's Secrecy Pacts Face Court Test, high risk mortgages at Freddie Mac, problems with Freddie Mac, risks with Freddie Mac, sub-prime mortgages at Freddie Mac
Posted in Freddie Mac, General | 4 Comments »
Posted by Larry Doyle on September 2nd, 2009 8:57 AM |
With housing prices down 30+% on average over the last few years, is Uncle Sam blowing fresh air into the housing balloon and actually creating another housing bubble? I believe that’s exactly what is happening.
If you are scratching your head and think I am off base with my assertion, please navigate this path along our economic landscape with me.
What drove the housing bubble? Cheap rates and undisciplined lending from the private sector. What added to the bubble? The internal ‘hedge fund’ portfolios of Freddie Mac and Fannie Mae.
What is perpetuating the housing bubble if not creating another mini-bubble of sorts? Cheap rates and undisciplined lending directly from Uncle Sam or supported by Uncle Sam. What is adding to this bubble? Those same internal portfolios at Freddie and Fannie.
What entities within Uncle Sam’s domain are providing the cheap rates and undisciplined lending?
1. The Federal Housing Administration ( FHA-insured loans are packaged into GNMA securities, which have the explicit backing of Uncle Sam)
2. The Federal Reserve’s quantitative easing program in which it has purchased hundreds of billions in mortgage-backed securities with authority to purchase a total of $1 trillion+ in MBS is also blowing fresh air into the balloon.
3. Freddie and Fannie are also supporting the bubble by providing fresh capital via their portfolios.
People may say that Uncle Sam had to provide this capital because the private sector would not. In fact, The Wall Street Journal makes that very assertion this morning in writing, Industry Seeks Fannie, Freddie Overhaul:
Together with the Federal Housing Administration, Fannie and Freddie now purchase or guarantee nearly nine in 10 new mortgages, since private buyers of such loans have been absent amid the housing bust.
I categorically do not accept this assertion. There is more than enough private capital in the system to purchase these mortgages. The issue is that the private capital will only purchase these mortgages at appropriate risk adjusted prices. Freddie, Fannie, the FHA, and the Federal Reserve are stepping ‘through the market’ and subsidizing mortgage rates by at least 50 basis points and, in turn, crowding out private buyers. The WSJ continues:
Fannie and Freddie have taken nearly $96 billion of capital infusions from the U.S. Treasury since last November. The companies have received nearly 10 times that amount in additional support through purchases of debt and mortgage-backed securities by the Treasury and the Federal Reserve.
![[Picking up the Slack chart]](http://s.wsj.net/public/resources/images/NA-BA159A_FANFR_NS_20090901200812.gif)
Who is benefiting from these subsidized rates? New homeowners. Do not think for a second, however, that risks are properly aligned in this current mortgage dynamic.
The continued mispricing of risk will mean our housing market will experience more protracted levels of delinquencies, defaults, and foreclosures than if mortgage rates were higher and real discipline were instituted into the lending process.
In fact, unless our country accepts a fully socialized mortgage finance system, mortgage rates will have to move higher to reflect private sector pricing. Risks and returns will then be properly aligned and the bubble will deflate.
LD
Related Sense on Cents Commentary:
“Uncle Sam Guaranteeing Sub-Prime Loans” (May 4, 2009)
Tags: cheap mortgage money leads to housing bubble, continuation of housing bubble, Fannie Freddie Federal Housing Administration support of mortgages and housing, Federal Reserve buying of mortgages pepetuating housing bubble, FHA insured mortgages, FHA insured mortgages are former sub-prime mortgages, hedge funds at Freddie Mac and Fannie Mae, housing, housing bubble, Industry Seeks Fannie Freddie Overhaul, mortgage defaults and delinquencies, Uncle Sam is guaranteeing sub-prime mortgages, Uncle Sam's support of housing perpetuates bubble, undisciplined lending leads to housing bubble
Posted in Fannie Mae, Freddie Mac, General, Housing Crisis, Mortgage Crisis, Mortgages | 2 Comments »
Posted by Larry Doyle on August 6th, 2009 8:51 AM |
When losses get so large something ultimately must be done.
In that vein, I am not surprised to see news developing about Freddie Mac and Fannie Mae’s future. The Washington Post is reporting Administration Considers Splitting Fannie Mae, Freddie Mac:
The Obama administration launched a broad government effort this week to overhaul mortgage giants Fannie Mae and Freddie Mac and is considering splitting the companies and putting their troubled assets in a new federally backed corporation, administration officials said.
Troubled assets is a misnomer. ALL of their assets are troubled. Some are more troubled than others. How so? Freddie Mac and Fannie Mae absorb all of the credit risk on loans which they guarantee. Given the current state of our domestic housing market, the risk or troubled nature of every mortgage in our country, let alone in Freddie and Fannie’s portfolio, has increased. As loans continue to default at ever increasing rates Freddie and Fannie just bleed money. More troubled assets encompass a variety of commercial mortgages, Alt-A, and sub-prime mortgages.
I am very interested to see how a good bank/bad bank model would be structured. The fact is to wipe the slate clean, Uncle Sam would literally have to move ALL of Freddie’s and Fannie’s current assets. At that point, Freddie and Fannie should simply guarantee future mortgages without actually purchasing them (meaning let the mortgage securities be purchased by private entities in the marketplace) with proper risk based pricing applied. Short of that, a restructured Freddie and Fannie will likely only replicate a version of past errors.
Do our regulators have the courage to push for this initiative? We will hear that they will work toward this structure ‘down the road.’ How long is the road? This situation will be very interesting. Will it be transparent?
Such an approach would keep the government on the hook for losses into the indeterminate future but would also clear the way for the revamped companies to play a critical role of financing home loans throughout the country.
This statement is nothing short of an acceptance of a ’socialized housing program’ to absorb current and future losses but also to underwrite future loans at what will effectively be below market rates. The fact is losses will be perpetuated simply because Freddie and Fannie will continue to subsidize mortgages via lower mortgage rates. In the process, risk is being mispriced under the guise of supporting our housing market. Increased risk will ultimately mean increased losses. (more…)
Tags: Administration Considers Splitting Fannie and freddie, Freddie ands fannie are socialized housing vehicles, Freddie mac and Fannie Mae's future, Freddie's and fannie's assets, housing, how might Freddie and fannie be split, James Lockhart resigns as director of FHFA, No Second act for Freddie and Fannie, socialized housing finance, socialized housing program, Uncle Sam will absorb freddie's and fannie's losses for a long time, Washington Post report on freddie and fannie, who fed at the Freddie and fannie trough, will Freddie and fannie be split, will Freddie and fannie have a good bank bad bank model
Posted in Fannie Mae, Freddie Mac, General | No Comments »
Posted by Larry Doyle on July 23rd, 2009 11:15 AM |
Uncle Sam may think he can keep losses of tens of billions of dollars somewhat secretive, but when those losses cross into the hundreds of billions the dirt is much harder to keep under the rug.
What is the nature and size of this dirt? The losses assocated with those dastardly large twins, Fannie and Freddie. I lifted the rug on this dirt on June 18th in writing, Uncle Sam’s Dirty Little Secret.
Fannie and Freddie hold 50% of the mortgages in our country. These entities are most likely sitting on hundreds of billions in embedded losses currently with limited prospects to generate real revenue. They have no viable business model at this point in time.
CNN reports today, Fannie and Freddie: The Most Expensive Bailout
When Congress was debating the bailout of Fannie and Freddie last July, the official estimate from the Congressional Budget Office was that a bailout would most likely cost taxpayers $25 billion, with only a 5% chance of the price tag reaching $100 billion between them.
In addition, both Fannie and Freddie are likely to need billions of dollars more after they report second quarter results in the coming weeks. Experts believe the cost will only continue to rise in the next year.
“We’re assuming they each will cross the $100 billion mark fairly soon. They could be hitting the $200 billion barrier by the end of next year,” said Bose George, mortgage analyst at Keefe, Bruyette & Woods, an investment bank specializing in financial services firms.
The fact remains that these two wards of the state are no longer for profit entities but rather vehicles for promoting Obama’s housing plans and redistribution of wealth.
The losses within Fannie and Freddie will accrue as long as housing delinquencies and defaults increase. No credible analyst can truly predict when those statistics may peak. They can guess but given the runup in home prices along with the growth in housing, that is all they can do.
In fact, the argument can be made that the very policies being utilized to forestall delinquencies and defaults will ultimately exacerbate and extend the pressure on the housing market, and in turn, Fannie’s and Freddie’s losses.
Will the American taxpayer ever see a return on the funds being pumped into Fannie and Freddie? Don’t hold your breath.
CNN continues,
Neither firm has given an estimate as to how high losses will reach. But the original limit of $100 billion in losses set in place when the government put Fannie and Freddie into conservatorship, essentially a form of bankruptcy, last September was quickly raised early this year to $200 billion each because of concerns about looming losses.
In return for pumping taxpayer dollars into the two firms, Treasury received preferred stock, which is designed to give the government a healthy 10% to 12% dividend. But few expect that Fannie or Freddie will be able to pay that dividend, let alone return the money handed to the firms to cover their losses..
Even James Lockhart, director of the Federal Housing Finance Agency, the government body that has overseen the two firms since they were placed into conservatorship, said it will be a challenge for Fannie and Freddie to make their scheduled payments.
Let’s be honest, Fannie and Freddie have become financial intermediaries used to promote a form of socialized housing.
With Uncle Sam’s dirty little secret now revealed, break out the industrial strength vacuums!
LD
Related Commentary
Freddie Mac, Fannie Mae Deja Vu? ; May 28, 2009
If you think Fannie and Freddie are alone amidst this dirt, they have sizable company in the form of the Federal Home Loan Bank system.
Tags: bailout of Fannie Mae and Freddie Mac, Bose George analyst at KBW comments on Fannie and Freddie, CNN report Fannie and Freddie: The Most Expensive Bailout, director of Federal Housing Finance Agency, Fannie and freddie are no longer for profit companies, Fannie Mae Freddie Mac and FHLBs losses, future of Fannie Mae and Freddie Mac, housing, how large are losses at Fannie Mae and Freddie Mac, how much more money will fannie and Freddie need?, how will Fannie Mae and Freddie Mac be managed in the future, JAmes Lockhart, James Lockhart comments on Fannie and Freddie, losses within Fannie Mae and Freddie Mac, socialized housing, what is going on at Fannie Mae and Freddie Mac, will taxpayer make money on Fannie and Freddie investments
Posted in Fannie Mae, Federal Home Loan Banks, Freddie Mac, General, Housing Crisis | 2 Comments »
Posted by Larry Doyle on June 22nd, 2009 2:31 PM |
When a homeowner goes out without locking his doors and leaving some lights on, he is inviting trouble.
In a similar fashion, the American public should prepare itself for a continued plundering of the portfolios and balance sheets of Freddie Mac and Fannie Mae by our leading housing finance gurus, Barack Obama and Barney Frank.
The scene is already set for our dynamic duo to pile an ever increasing amount of risk onto these “wards of the state.” How so?
1. While Freddie and Fannie are very much the responsibility of Uncle Sam, their balance sheets are not technically on Uncle Sam’s roll. That ‘cover’ provides a convenient disguise, but the fact is these ‘foster children’ are now nothing more than receptacles for more of Uncle Sam’s risky undertakings.
2. Neither the media nor the political opposition truly call them on these financial charades.
We learn today that both Barack and Barney have grand visions to add more high risk loans at mispriced rates onto Freddie and Fannie’s books. The Wall Street Journal offers, Changes Urged to Rules on Condo Loans:
Two Democratic lawmakers are calling on Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery.
In March, Fannie Mae said it would no longer guarantee mortgages on condos in buildings where fewer than 70% of the units have been sold, up from 51%. Fannie Mae also won’t purchase mortgages in buildings where 15% of owners are delinquent on condo association dues or where one owner has more than 10% of units, which the firm sees as signals that a building could run into financial trouble. Freddie Mac will implement similar policies next month.
In a letter to the chief executives of Fannie and Freddie, Reps. Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, and Anthony Weiner (D., N.Y.) warned that the 70% sales threshold “may be too onerous” and could lead condo buyers to shun new developments. The legislators asked the companies to “make appropriate adjustments” to their underwriting standards for condos.
What does Barney Frank truly know about housing finance? This assessment is an elongated statement similar in style to Frank’s now famous approach to sub-prime lending back in September, 2003. Barney proposed, “I want to roll the dice.” America crapped out on that roll. Now in the height of hypocrisy, Barney is still providing insights and recommendations on mortgage topics. What’s wrong with this picture? (more…)
Tags: are 125% LTV loans eligible for freddie, Barack Obama and Freddie and Fannie, Barack Obama plans on housing, Barney Frank and GSEs, Barney Frank and rolling the dice, Barney Frank housing finance, Barney Frank hypocrite, Barney Frank plans with Freddie/Fannie, Barney Frank wants Freddie and Fannie to change condo rules, condo rules for Freddie and Fannie, fannie Mae's portfolio and balance sheet, Freddie Mac and Fannie Mae's downfall and decline, Freddie Mac's portfolio and balance sheet, government uses Freddie and Fannie for more risky mortgages, housing, loans with 125% LTV, losses at Freddie Mac and Fannie Mae, Obama refinancing plans, Obama wants to expand refinancing program, Obama wants to increase refinancing program, portfolios of Freddie/Fannie, risky mortgages, what does Barney frank know about mortgages, will freddie and fannie underwrite 125 loans
Posted in Barack Obama, Barney Frank, Fannie Mae, Freddie Mac, General | 3 Comments »
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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…)
Tags: audit Freddie and fannie, Barney Frank, Chris Dodd, Dennis Kucinich, Freddie and fannie's blank check, House Financial Services Committee, House Oversight and Government Reform panel, I want to roll the dice, John Kerry, Larry Summers, Scott Garrett, Spencer Bachus, sub-prime lending comment by Barney Frank, Tim Geithner, toxic assets on Wall Street, transferring losses from Wall Street to taxpayers, trust but verify
Posted in Barney Frank, Fannie Mae, Freddie Mac, Larry Summers, Tim Geithner | 9 Comments »