Tag Archives: fannie mae

The Morally Bankrupt Who Bankrupted America

I believe we have the most corrupt government in our history.    They set up the real estate bubble, which led inevitably to the foreclosure crisis which is not over yet.  They bailed out their bad guy friends at the banks and mortgage companies.

While the bubble was building, our trusted public servants were able to get sweetheart deals on their own mortgages.

Mirable dictu!  Marvelous to say!  The House and Senate ethics (that makes me choke) committees decided that their members did nothing wrong.

Foxes guarding the henhouse.  Crook Senator Dodd, featured at the left, did not think it was out of the ordinary that he got his special deal from the top brass at Countrywide, the worst offender.

He had plenty of company, as disclosed by John Fund in National review Online:

Representative Darrell Issa (R., Calif.), chairman of the House Government Reform and Oversight Committee, issued a report last July concluding, among other things, that Countrywide lobbyists would frequently refer members of Congress and their staff to the company’s VIP desk so they could receive “enhanced customer service.” E-mail evidence was found showing that specific requests for personal loans were made to the VIP desk and quickly facilitated. Issa’s committee found that more than six current and former lawmakers — including retiring Senate Budget Committee chairman Kent Conrad, a North Dakota Democrat, and House Armed Services Committee chairman Buck McKeon, a California Republican — obtained mortgages through the Countrywide VIP program.Continue Reading

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More Michigan Bankruptcy And Foreclosure News

house

The bailout cost for the “too big to fail” banks and mortgage companies has not even peaked. Taxpayers, like Joe Inhoch, our new fictional blog character, are on the hook hundreds of billions more, counting only the Fannie Mae and Freddie Mac loans that go south. Our politicians already already bailed out those companies, with Joe’sContinue Reading

Foreclosure Fraud, What Does It Mean?

We write mostly about specific issues and ways to improve family finances, what might be called micro issues by the economists. This post is a look at the macro picture, as it is referred to by the “dismal science” of economics. Massive fraud in mortgage documentation is coming to light across America. The Federal Reserve,Continue Reading

2 Responses to Foreclosure Fraud, What Does It Mean?

  1. Wall Street was incompetent to allow this to happen, and it is handling the situation incompetently. Proposals from NACBA and others to reduce mortgage notes and interest rates would decrease the value of the funds, but the funds would be intact. Hypothetical: I invest $10,000 a year in a fund which promised a return of $1000 a year, but I end up with a share of a fund worth $8,000 which returns $400 a year. Not good, but better than my fund managers destroy the fund, and the only who benefit are the lawyers who billed for the lift stay motions and the foreclosures. The current style of management is to resist to the utmost any law mandating re-writing mortgages. This Is the Louis XVI style of management. You will recall early in the French Revolution, Louis was called upon to become a constitutional monarch, in return for which the Estates General would reform his financial system and “bail out” his royal butt. He wanted to be bailed out, but not reform. Two decades later, a revolutionay military dictator reformed the system. Wall Street is worse than criminal. It is incompetent. I hope history doesn’t repeat itself and there won’t be a Napolean to straighten out the mess.