Thread: Crackdown on Fannie Mae corruptocrats supporter of Laraza

Fannie Mae is a big supporter of LaRaza. It is no wonder our economy is breaking down and no wonder that Bush has thrown in a deal of bail out too people losing there homes. Most of these home buyers are illegal immigrants.

http://michellemalkin.com/2006/12/19/cr ... uptocrats/

Fannie Mae is Government Sponsored. More corupt politics.

The corruption at behemoth government boondoggle Fannie Mae–I’ve called it the mother of all financial scandals– deserves as much attention as the Enron debacle, but it won’t get it. Check it out: Clintonite Franklin Raines now faces civil charges, along with two other former executives, of manipulating Fannie Mae’s earnings to jack up their bonuses:

In a complaint with an administrative law judge, the Office of Federal Housing Enterprise Oversight detailed 101 charges from 1998 to 2004 against Raines, former chief financial officer Timothy Howard and former controller Leanne Spencer, who all resigned in 2003 as the Fannie Mae scandal worsened.

OFHEO is seeking $100 million in penalties and $115 million in return of bonuses. The regulator also seeks the return of legal fees, and to bar the former executives from any future business with Fannie Mae.

A major force in the mortgage investment market, Fannie Mae has been engulfed in political controversy and financial scandal for years. Lawmakers and regulators are seeking greater regulatory control of the government-sponsored housing finance giant.

Fannie Mae was run by Harvard University graduate Raines, former budget director in the Clinton administration and one of the first black CEOs of a major corporation.

James Lockhart, OFHEO’s director, said the actions of the former executives “cost the enterprise and shareholders many billions of dollars and damaged the public trust.â€

Bush unveils mortgage crisis first steps

Bush claims this is for Americans? Huh? Isn't there always a hidden agenda somewhere?


By: Mike Allen
Aug 31, 2007 12:09 AM EST
Updated: August 31, 2007 01:50 PM EST




President Bush has unveiled his first detailed steps to intervene in the subprime mortgage crisis that threatens to throw hundreds of thousands of people out of their homes and send financial markets into a tailspin.

"We will deliver help and hope to American families who need it, we'll help guard against future problems in the housing sector, we'll reaffirm the vital place of homeownership in our nation," Bush said.

"The recent disturbances in the subprime mortgage industry are modest -- they're modest in relation to the size of our economy," Bush said. "But if your family is -- if your family's one of those having trouble making the monthly payments, this problem doesn't seem modest at all. I understand these concerns."

"The government's got a role to play, but it is limited," Bush said. "A federal bailout of lenders would only encourage a recurrence of the problem. It's not the government's job to bail out speculators or those who made the decision to buy a home they knew they could never afford. Yet there are many American homeowners who could get through this difficult time with a little flexibility from their lenders or a little help from their government."

With a spreading credit crisis now a staple of newscasts, polls show that financial security is rapidly becoming a major issue for voters as they evaluate the 2008 presidential candidates.

The Democratic field has been especially vocal about issuing and promoting plans prompted by a skyrocketing number of loan delinquencies, which are causing lenders to tighten up their borrowing standards. Subprime loans were offered to people with weak credit histories who in normal times would have trouble buying a house.

Earlier this month, Sen. Hillary Rodham Clinton (D-N.Y.) even compared the mortgage industry's woes to the disastrous savings and loan failures of the early 1980s, warning that the federal government needs to intervene to protect borrowers and police lenders.

Former North Carolina Sen. John Edwards has proposed a “predatory mortgages" policy, and Sen. Barack Obama (D-Ill.) has an agenda that calls for “stiff penalties to deter fraud and protect consumers against abusive lending practices.â€