The government is backing the country into a corner of dictatorship while breaking the rule of laws that we hold so dear.
The government seized their opportunity to acquire the best cash cow using power not legal or moral authority.
What the government did to the GSE's is essentically declare eminent domain over shareholders property and then make terms the shareholders never agreed to.
Government tells Fannie Mae and Freddie Mac how to conduct business and lets bank commit fraud against the GSE's and now want the banks to control the mortgage industry. Seems to me the government is committing fraud now on its own citizens.
She said government is picking the pockets of shareholders. I say they're picking it clean, leaving nothing
July 24 (Bloomberg) -- Bobby Joe Cooper says she ``kicks herself every day'' for not using a Fannie Mae or Freddie Mac mortgage when she refinanced her Terre Haute, Indiana, home three years ago.
Instead, the 29-year-old mother of three borrowed $55,000 at 5 percent, a point lower than a so-called conforming loan guaranteed by the nation's two biggest mortgage-finance companies. Cooper, the manager of Courtesy Cleaning Center on the city's south side, said she didn't understand it was a subprime mortgage, reserved for borrowers with poor credit histories, and that its rate would triple within two years.
When Cooper realized her monthly payment would rise 78 percent, ``I cried myself to sleep because I knew I wasn't going to be able to keep up.'' Cooper refinanced her home again last year, this time with a loan acceptable to Fannie and Freddie.
#1 If Federal government gave FnF money, where did that money go? If it went to loans that defaulted, then FHA mortgage insurance should have covered those defaults.
Government claims they are watching out for the taxpayers but they got them in 18 Trillion dollars worth of debt already. So watching out is fraud, plain and simple. FnF have helped the citizens obtain mortgages for 50 years since the New Deal. The shareholders had faith in the government to conserve their business until the business got on sound footing but the government got greedy and is screwing the shareholders.
The government overthrew the executives and forced bailout on the companies. The companies were not in immediate danger of failing, they could have gotten a much better deal using a secured loan from Federal Reserve at really low rates if necessary. Then the government filled positions with their yes anything you say boss cronies for executives.
I just got off phone with FNMA investor relations and they told me NO Fannie BOD's signed the agreement in AUG 2008 for the Senior Preferred Stock Purchase, which was amended Sept 26, 2008
What other companies have the U.S. government owned stock in?
The money the federal government earned is laughable, those were slam dunk winnable cases a first year law student would have prevailed.
#2 Where is this documentation showing this agreement about recovered monies? #3 FnF was under duress from the strong arming done by Federal Government, making any contract null and void
I hear all the time from people that black people sold your people into slavery. Now we got a modern example of a black person (Obama) sell people (shareholders) into a type of slavery with no pay.
I agree this Timhoward guy shouldn't be negative on someone else having a plan of action. What has he accomplished?