Feds crack down on all the mortgage scammers but one
There was a big dog-and-pony show earlier today led by Tiny Tim Geithner, who announced bold new initiatives to crack down on mortgage scammers and shut down irresponsible lenders cooking the books.
Speaking of mortgage scammers who cooked the books, when will they shut down Fannie and Freddie and go after their enablers in Congress?
Oh, never mind.
Judicial Watch has a new trove of FOIA records on congressional complicity in the Fannie/Freddie racket:
Judicial Watch obtained the documents from the Federal Housing Finance Agency (FHFA) in response to a Freedom of Information Act (FOIA) request dated December 4, 2008. Judicial Watch requested records related to members of Congress activity regarding the policy of Fannie Mae and Freddie Mac to increase lending to individuals with poor credit risk, as well as correspondence and records about contacts between FHFA and Fannie and Freddie. Among the important documents:
*FHFA letter, dated March 26, 2007, from the director of the Office of Housing Enterprise Oversight (OHFEO), James B. Lockhart, to U.S. Senators Elizabeth Dole, Chuck Hagel, Mel Martinez and John Sununu: “This is a very serious issue. Freddie Mac’s inadequate systems and controls make it a significant supervisory concern. Furthermore, its lack of timely public disclosures deny market participants the essential financial information made available by all other publicly traded companies so that investors may make informed judgments.” The letter also mentions, “…Fannie Mae still has not filed financial statements for 2005 and 2006 and thus, they are not timely filers either.”
*FHFA letter, dated December 3, 2004, to Congressman Barney Frank: “On November 15, 2004 Fannie Mae filed a Form 12b-25 with the Securities and Exchange Commission (SEC). Fannie Mae indicated that its external auditors could not complete their reviews of its financial statements and noted the possibility of up to a $9 billion loss dating back to 2001. As a result, OHFEO has determined it will not provide a monthly capital classification at this time.”
*Letter dated June 16, 2006, from OHFEO Director Lockhart to Senator Chuck Hagel: “…In January 1999, Chairman and CEO Franklin Raines approved a recommendation made by the Chief Financial Officer (CFO) (Tom Howard) and the Controller (Leanne Spencer) to defer recognition of $200 million in amortization expense. This deferral, along with other accounting decisions made at that time relating to provisions for loan losses and the recognition of low-income housing tax credits, allowed management to meet the EPS threshold for maximum bonuses.”
Overall, these documents show that Congress was made aware of the massive problems at Fannie Mae and Freddie Mac over the last six years. Yet liberals, led by Congressman Barney Frank, repeatedly blocked attempts to rein in Fannie Mae and Freddie Mac.
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- A Bounty on Your 401(K) | OpenMarket.org
- Gazzer’s Gabfest » Blog Archive » Gubmint is broke[n]
- Michelle Malkin » Barney Frank protests (and sputters and bullies) too much
- Michelle Malkin » Barney Frank protests (and sputters and bullies) too much
- Watch Barney Frank bully a college student and lie through his teeth about his role in the mortgage crisis. « The IUSB Vision Weblog
- Barney Frank–Hang Him High–Just Kidding–Put Barney Frank In Jail for 30 Years For Malfeasance–Fair Enough! « Pronk Palisades
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You know, some days I think you, Michelle, and therefore the posters here, are the only ones that notice anymore. Or care.
It all makes me so very sad.
Let’s organize a bus tour of Chris Dodd and Barney Frank’s house…
My wife is always telling me to get into politics because I care so much. I tell her I can’t because my diplomacy skills would result in my immediate incarceration.
Defer massive losses to allow for maximum bonuses! What could be wrong with that?
Um… wasn’t Barney Franks’ boyfriend at the time an executive at Fanny or Freddy? Just a coincidence, I’m sure.
Rogue Cheddar,
My hubby thinks he may go into politics, but like you, he is WAY too vocal to be elected in a sane world. He would not be a ‘player’. Too bad, we need more of ‘not the player’ mode.
L
Yes Dexter, I do believe Barney’s little honey-cake dude was among the higher-ups at one of those institutions.
But the portion you quoted seems to me to be unadulterated fraud.
We need a divorce in this country. Received recently via email…
The official government position on Fannie/Freddie is: “too big to fail”.
Referencing Webster’s Collegiate Cynical Political Euphemism to English Dictionary, that translates to: “Leave our good ole boys alone!”.
Iamsaved: that was just priceless!
I know what you mean, my BS meter pegs too easily. As it is where I work, they don’t call me to meetings unless they really have to, because they don’t like it when I tell them where the dog died.
@ iamsaved: LOVED it! It’s a popular meme whose time has come. Here’s a similar one – tell me what you think:
http://stand.blogtownhall.com/2008/12/19/the_detroit_automaker_bailout_and_the_confederacy.thtml
I love the divorce idea
Clearly written by someone who hates gays, minorities and poor people.
Me too. Wondering where I can download the divorce forms.
Don’t. Not unless you want to give up your morals and values. My Dad, once, had the opportunity to run and his decision, “no”, was because of his morals and values. Years ago, I didn’t understand that. Today, seeing how the government runs and knowing how the parties manipulate “newbies”, I can see why. Hang on to what you think is right, may find you an ignored “loner” in the mold, without re-election possibilities. You may have to sacrifice some of your values, just to get what you want looked at (as in bills). Unless it is city council, I wouldn’t consider it myself.
The Democrats in Congress started this avalanche. Not only are they not being prosecuted along with their stupid and greedy Wall Street partners (of whom Geithner is one), but they are still working their magic in full view of the public. And no one in authority sounds an alarm. Their consciences are seared beyond repair. No wonder they have no concept of their own criminality.
The world of right and wrong has been turned on its head.
Is there a bus we can throw these people under?What is the next step to get this out.I am afraid to contact my Senators or Congressman,they may be in on it too.
Walter Williams…among a lot of others…has been suggesting that a “divorce” is where we are headed.
I’ll let them take the East and West Coasts.
Just give us the middle, and we’ll see how things look in a decade or two…
Isn’t there some self respecting journalist out there that would love to make his/her name on a blockbuster story about FM/FM and Dodd and Frank?
Sadly, “self-respecting journalist” has to be seen through the reality of Bernard Goldburg’s A Slobbering Love Affair.
They don’t see reality.
They are not simply “self-respecting”…
they are self-loving, group-think meisters.
Well now…. what have we got here? Hmmmm?
Things do look bleak, but I am not sad, I’m fired up, ready to fight for Liberty. We are living history right now. We either roll over and become surfs or we rise up and fight. Our leaders, with clear voices like Michelle, are all about us here in this community. Take heart spacey, we will win this fight.
He is not self-respecting or a real journalist but David Gregory might do it. However, I think he and Herb Moses are co-writing a new book entitled How We got Fanny at Fannie Mae.
It’s all good. The liberals are just being given enough rope to… hang a noose on a doornob… and cry racism…..
Nevermind.
i am saved, divorce decree, my sentiments exactly. just before the election i got into a big argument with my brother who is married to a kumbia lib, and she sent me an email saying we should split into red and blue countries. she said the blue would have all the business of new york, california, washington, boston and chicago, while the red would have nascar. i wrote back the red would have all the doctors because the blue would get all the lawyers due to tort reform. the high wage earners would all move to the red states to escape all the onerous taxes and regulations imposed to maintain the welfare state. the blue states would have the welfare and illegal immigrant population, because the red states wouldn’t pay people to be lazy brood sows. and last but not least, the red states would have the food production, because california would have to buy water from us, and oh yeah, we would have the military to protect our sovereignty. she didn’t think it was funny. neither did i.
I notice that too. Libs make comments like that and when people like us point out things, like you did, they get angry. People only ever get angry when they are told truth that they do not like. You ever notice the liberals who grace us with their wisdom never come into threads like this one, if they do, they never comment. Ignoring corruption and double standards do not make them go away. Obama and administration are proving themselves to be failures. The world loves them alright, because they know what suckers they are.
The stench coming from this carcass grows day after day after day.
I’m with zorro.
There really does need to be a mass march on Barney & Chris’ houses with pitchforks and torches.
Good one I am saved. But don’t forget territory.
They can have the northeast and the part of PA within 20 miles of the Delaware. Plus SF and LA. But we’ll take everything else. We need the space for rifle ranges, hunting and houses of worship.
On April 6th, 2009 at 4:01 pm, d1carter said:
“Let’s organize a bus tour of Chris Dodd and Barney Frank’s house…”
Stay away from Frank’s basement!
Was that there one of them “double in-tan-dres”
Yeah, interesting about those bus tours. Obama’s thug squad is organized to threaten and intimidate the AIG employees who received contractually legal bonuses. Yet, the bonuses for Fannie Mae and Freddie Mac crooks are paid out and no one says “boo”. Congress stirs up public outrage over AIG, yet does a massive cover-up for thier “friends”. How much more of these cover-ups are we going to stand for as a country? How much more treason are we going to allow right under our noses? When are those pitchforks going to be aimed at congress? And by the way, when is our so-called “president” going to stop campaigning and start leading? Oh, never mind!
Good plan. I am in flyover country and I know a few folks who could help, including a bunch on this blog! Those of you who live on the east or west coasts, you are more than welcome to join us in the middle!
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I would like (the most ethical evah) Congress to get back the millions of dollars that JAMIE GORLICK has been given for her Justice Department and Freddie / Fannie work.
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I think she got a lot more than the businessmen did–and that she did a lot more damage to our country than the Wall Street types did.
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John Bibb
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Many, many weeks back “THE BANKING QUEEN” . FRANK said we will go after the “PEOPLE” responsible for this MESS… OHHH, be still my heart, were they to start with BARNEY FRANK and CHRIS DODD. What, what, ohh, yes dear time to get up… HUN, you should have seen the WONDERFUL dream I was having…