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HomeFannie 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…)
Tags: composition of Fannie and Freddie portfolio, crony capitalism, Daniel Mudd, Edward Pinto, Fannie-Freddie Fix at $160 Billion with $1 Trillion Worst Case, Franklin Raines, future of Fannie and Freddie, future of housing, Housing Crisis, housing finance, Leland Brendsel, losses at Fannie and Freddie, Mark Hanson, Mortgage Crisis, mortgage defaults, mortgage delinquencies, mortgage foreclosures, mother of all bailouts, size of losses at Fannie and Freddie, socialized housing, Washington's financial illiterates
Posted in Fannie Mae, Freddie Mac, General | 4 Comments »
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…)
Tags: Barack Obama, Barney Frank, Chris Dodd, Daniel Mudd, Fannie Mae, Fannie Mae losses, Fannie Seeks $15 Billion in U.S. Aid After 10th Straight Loss, Franklin Raines, housing, Housing Crisis, housing policy, John Kerrey, Mortgage Crisis, Mortgages
Posted in Fannie Mae, General | 3 Comments »
