you tube video on freddy and fannie

• you tube video on freddy and fannie - Peg

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Freddie found itself in Justice Department crosshairs in 2003, after it finally admitted to years of accounting schemes to underreport its earnings...to the tune of $5 billion.  Freddie paid a $125 million fine to federal regulators, more than $400 million in shareholder lawsuit settlements, and $3.8 million in civil fines to settle Federal Election Commission charges of improper political fundraising.

Freddie's creative accounting was nothing compared to Fannie's.  As determined by two separate federal reports in 2004 and 2006, Fannie Mae out-and-out cooked the books so the bigwigs at the top could rake in millions in windfall profits.  The Washington Post reports that Fannie misstated its earnings by about $10.6 billion from 1998 through 2004.  all so fraudulent multimillion dollar bonuses could kick in for Fannhie's bigwigs.

Those Fannie Mae bigwigs who cashed in on the cooked books?  Chairman Franklin Raines, Bill Clinton's OMB director...A whopping $52 million.  Vice Chair Jamie Gorelick (remember her from the 9-11 Commission hearings), Clinton's deputy ATTORNEY GENERAL, $15 million.    Chairman and Chief Executive James A. Johnson, liberal lobbyist (the one who was kicked off Obama's VP vetting committee...looks like they should have vetted their committee) due to his role in the Countrywide financial scandal...$1.9 million.  Raines and the CFO of Fannie Mae were ousted.

Dems, loathe to clean up Fannie and Freddie houses even though Greenspan said preventitive action needed to be taken "sooner than later," came up with a "reform bill" in early 2005.  The Department of Housing and Urban Development (HUD) mandated that Fannie and Freddie had to start handing out mortgages to "minority and moderate income buyers."  Whether these new customers were creditworthywas of little concern; Congress had race and bean-counting to achieve.  And now they basically owned half of the US housing market.

And now the American taxpayer is bailing out BOTH of these companies.

Is Fannie Mae/Freddie Mac the Democrat's Enron?  Sure looks like it to me.

And incidentally, Franklin Raines has been advising the Obama campaign on the mortgage and housing issues....ahem.

1. Sen. Christopher Dodd (D-CT).. $165,400 (Chairman of Senate Banking Committee)
2. Sen. Barack Obama (D-IL)....... $126,349 (Only 4 yrs in the Senate)
3. Sen. John Kerry (D-MA).......... $111,000

Maybe the international community wants their money back now.  Maybe that is why credit markets are frozen.  Since AIG and Fannie and Freddie are backed by the full faith and credit of the United States, the world is lining up for their securitized mortgages to be repaid. 

Maybe this bailout is not to buy up bad debt, but to pay off bad debt the government has already bought, insured, and now needs to ask us money for to pay.  WE ARE BEING LIED TO AGAIN! 

Franklin Raines, who served as President Clinton's budget director, argues in court documents that the Bush administration felt the government-chartered agency wielded too much power in the mortgage industry. His attorneys say the White House pushed regulators to weaken Fannie Mae and triggered a $6 billion accounting scandal.

Raines subpoenaed the White House for documents in July. Justice Department lawyers will go before a federal judge Thursday to fight it.

Relying primarily on articles by financial journalists and the testimony of industry analysts, Raines describes in court documents an unofficial task force dubbed "Noriega" that was formed to weaken Fannie Mae and drive down its stock price.

Fannie Mae is the largest U.S. buyer and backer of home loans. It was created by Congress but is publicly traded. Raines says the Bush administration wanted to undermine confidence in the agency so it could push for tighter government controls.

Collapse or the Democrat Swindle of the U.S. Taxpayer

In 2006 an election year, the Democrats were still trying to lay the Enron scandal on Bush and the Republicans. With the help of the press a cover up of a larger financial scandal was taking place. A scandal that we are paying for today. In 2006 a 3 year investigation into fraud at Fannie Mae was concluded. It revealed a level of financial misconduct by Franklin Raines, Jamie Gorelick, and others that grossly overstated earnings by 10.6 Billion dollars. To gain bonuses.

 For those who don't know both Raines and Gorelick were high ranking officials in the Clinton Administration.

I hope you haven’t just eaten, because what you are about to read will disturb you–and well it should. It’s proof that John McCain foresaw the Freddie Mac, Fannie Mae disaster in 2006– and tried against all Obama-Like minds to ward it off.

Below are John McCain’s remarks urging the passage of the Federal Housing Enterprise Regulatory Reform Act of 2005, which he co-sponsored and which was rendered “Dead” in Congress.

Guess who prevailed and didn’t take heed? Or more appropriately, guess who deliberately “looked the other way”?

This is all we need to know to understand exactly WHICH candidate in this election is willing to break some eggs when it comes to Fannie Mae and Freddie Mac–two organizations that, with the help of certain Democrats, deliberately redistributed wealth the easy way. Now we are all paying for it, as intended all along. Just as John McCain warned below.

As we view the carnage, this is all we need to know to understand exactly WHICH candidate foresaw this carnage we are witnessing,  and which candidate worked to convince the other candidate to help avoid it. It is all we need to know to recognize exactly WHICH candidate had the right judgment and was looking out for the rest of us.

Joe Biden? It’s time for US to be Patriotic? No. It’s time for YOU to be patriotic. In fact, it’s too late. As for you saying, “It’s time to be part of the deal”. We want no part of this “deal”. And what a “deal” it was!

May 26, 2006

Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

Quick Info

S-90 Federal Housing Enterprise Regulatory Reform Act of 2005

Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

Status: Dead

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190,to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

Update: Well looky here. Here’s a glowing Wall Street piece on Obama, written in June 2008. You would think Mr. “Regulator” Obama really is Jesus looking out for us! But…..here’s the paragraph that hooked me–the paragraph that haunts today:

He characterized the senator as a quick study on financial services, citing his early support of efforts by Senate Banking Committee Chairman Chris Dodd and House Financial Services Committee Chairman Barney Frank to empower the Federal Housing Administration to help struggling homeowners.

Oh they “empowered” all right. The Democrats killed this bill while Dodd, Frank and Obama fiddled and helped Fannie and Freddie cook their books, continue to tank, all the while keeping the regulators out of their way. These are the guys who killed the bill that McCain fought for. The bill that would have avoided the financial disaster we witnessed during the past two weeks. In the meantime, take a look at which senators were feeding at the Fannie Mae/Freddie Mac trough. My party is not what it used to be. My party has not only let me down, but it has also screwed me and my country in the process.

Note:  All of these facts can be independently confirmed if you are interested in the truth of this matter.

the scenes of the candidate that has been romanced by the mainstream media for so long.  Very insightful.  Thanks for posting.

BTW:  Any bashers out there, flame away, but I won't respond.  You guys are despicable lately.  All you want to do is snuff out those not on your bandwagon, and I ain't getting into it with you because I have better things to do with my time.  I was pretty interested in your guy too, at first, but the more I learn about him and his policies, as well as who he is as a person, the more educated of a voter I am to know that he is not the right candidate to lead this country.  Try watching this video - it just might make you think twice.  And, no, I am not into FEAR tactics, just FACTS. 

As an American, I wish all of my fellow American MTs a great day!

There was a video of the reporter asking the people and that was the answers they gave. I can't remember the station, but I don't think it was Fox.

pretty clearly showed MO initiating the contact, and QE slightly shying back, before stopping. 

There is an endearing story told about Queen Elizabeth.  A dinner guest unfamiliar with the custom mistook his finger bowl for soup, picked up a spoon and started to eat it.  QE, also picked up her spoon and began to eat hers. 

Moral:  It wasn't really soup.  The guy was still an oaf.  The queen was simply being gracious.

or don't if you want to keep spreading lies. Now he's trying to blame his own words on saying he was using liberal lingo.

http://www.rawstory.com/news/2006/Seymour_Hersh__U.S._involved_in_0813.html

I found it very interesting, and you're right, he's yet to get it wrong.

nm

Whether you like him or not, this bush video clip is hilarious.

http://ca.youtube.com/watch?v=Ir9TqjGxrec