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Qtec
07-18-2010, 05:32 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Holding Bankers’ Feet to the Fire
By GRETCHEN MORGENSON

KUDOS to the Federal Housing Finance Agency, overseer of Fannie Mae and Freddie Mac, the crippled mortgage finance giants. While some in Washington have continued to coddle the big banks even after they drove our economy into the ditch, this agency seems serious about recovering money for taxpayers by holding bad financial actors to account.

The agency announced last Monday that it had issued 64 subpoenas to a throng of unidentified financial services institutions, seeking documents related to mortgage securities that Fannie and Freddie bought from Wall Street during the boom years.

The subpoenas are designed to tell the agency what many of us want to know: How did Wall Street package and sell private-label mortgage securities to investors, even though the nature and quality of some of the loans crammed inside those tidy little packages were, at best, suspect?

Once that question has been answered, Fannie and Freddie can force the institutions that sold the securities to repurchase the improper loans, allowing taxpayers to recover some of the losses they’ve swallowed on Fannie’s and Freddie’s federal bailout. </div></div>

link (http://www.nytimes.com/2010/07/18/business/18gret.html?_r=1&ref=gretchen_morgenson)

Q

Sev
07-18-2010, 06:07 AM
Nice sentiment.
However I wont be holding my breath on the tax payers actually ever seeing a dime of the money.

Freddie and Fannie should both be put to rest for their incompetence. I find it hard to believe that neither one of those institutions didnt have people there that did not know what they were getting involved in.

pooltchr
07-18-2010, 06:28 AM
I think if the truth be told, F & F are probably more responsible for our economic problems as any bank or mortgage company.

I still don't understand how Chris and Barny have managed to escape any questions for their part.

Steve

LWW
07-18-2010, 07:51 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: pooltchr</div><div class="ubbcode-body">I think if the truth be told, F & F are probably more responsible for our economic problems as any bank or mortgage company.

I still don't understand how Chris and Barny have managed to escape any questions for their part.

Steve </div></div>

Ahhhh ... but you are using reasoned thinking instead of accepting spoon fed "TRUTH" from the party.

The real qestions should be:

- Why was F/F buying the paper?
- Why was F/F guaranteeing the paper?
- Why were Johnson/Raines/Gorelich allowed to walk criminally after civilly confessing to massive accounting fraud?
- Why did F/F take a fortune and funnel into the campaign coffers of Obama more than anyone else?
- Why did the likes of Frank/Waters/Obama/Dodd run interference to keep the regulators from doing their job and investigating F/F?

LWW

Gayle in MD
07-21-2010, 10:39 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body"> <div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Holding Bankers’ Feet to the Fire
By GRETCHEN MORGENSON

KUDOS to the Federal Housing Finance Agency, overseer of Fannie Mae and Freddie Mac, the crippled mortgage finance giants. While some in Washington have continued to coddle the big banks even after they drove our economy into the ditch, this agency seems serious about recovering money for taxpayers by holding bad financial actors to account.

The agency announced last Monday that it had issued 64 subpoenas to a throng of unidentified financial services institutions, seeking documents related to mortgage securities that Fannie and Freddie bought from Wall Street during the boom years.

The subpoenas are designed to tell the agency what many of us want to know: How did Wall Street package and sell private-label mortgage securities to investors, even though the nature and quality of some of the loans crammed inside those tidy little packages were, at best, suspect?

Once that question has been answered, Fannie and Freddie can force the institutions that sold the securities to repurchase the improper loans, allowing taxpayers to recover some of the losses they’ve swallowed on Fannie’s and Freddie’s federal bailout. </div></div>

link (http://www.nytimes.com/2010/07/18/business/18gret.html?_r=1&ref=gretchen_morgenson)

Q </div></div>

<span style="color: #000000"> Yes, good news. I hope we can get back more of the money, for the fiasco which ocured due to republican policies, under Greenspan, a Republican, who fueld the housing </span> bubble with low interest rates to pump up Bush's numbers, under a Republican majority.

The entire fiasco was proof that Republican policies failed.
G.

Qtec
07-21-2010, 11:00 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Why was F/F buying the paper?</div></div>

...because the banks said it was good paper, so did the rating agencies. You still don't get it, this was a massive fraud perpetrated by the banks and mortgage lenders.

Q

Qtec
07-21-2010, 11:07 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">U.S. Queries 64 Issuers of Mortgage Securities, Others


By NICK TIMIRAOS

A federal regulator said it sent 64 subpoenas to issuers of mortgage-backed securities and other entities in an effort to probe whether the firms misled Fannie Mae and Freddie Mac, two of the biggest investors in privately issued bonds.

The subpoenas, issued on Monday by the Federal Housing Finance Agency, which oversees the government-backed mortgage titans, could lead the government to recoup some of the billions of dollars that Fannie Mae and Freddie Mac lost when they scooped up mortgage-backed securities <span style='font-size: 14pt'>issued by Wall Street banks during the housing boom.</span>


</div></div>

link (http://online.wsj.com/article/SB10001424052748704288204575362882033038278.html?m od=WSJ_hpp_LEFTWhatsNewsCollection)



Q

LWW
07-21-2010, 11:07 AM
Actually I do get it.

It was rated as "A" paper because Uncle Sam had tattooed the note,

LWW