This MESS, this ECONOMIC MESS with Fannie and Freddie BEGAN, was instigated by, was promulgated by, NONE OTHER than Bill Clinton (that despicable despot) and Alan GreenSPAM.
This so-called Chairman and Chief Executive Officer, Franklin D. Raines of Fannie Mae, was a Clinton appointee. Franklin D. Raines TOOK the money, got the money, drained the Coffers of Fannie Mae – have him RETURN the money. Why is HE allowed to KEEP the money? He Stole It. He got it under false circumstances. He is definitely not entitled to this money.
All of these CROOKS involved with Fannie and Freddie; Jamie Gorelick who has no Financial background, Jim Johnson, Henry Cisneros, Angelo Mazilla, on and on – why are they not prosecuted, why are they not in jail? Do Not Pass GO. Do Not Collect $200. Go Straight to Jail. There is no need to burden the taxpayers with a trial. They Are Guilty. Get the money back from them and extricate them from normal society and put them in Jail where they belong. This wording, subprime market – people unable to PAY.
Why even bother to give them a mortgage, draw up a whole lot of papers; they can’t afford to PAY BACK the loan. So it’s NOT a loan to begin with – it’s FRAUD. Out and Out FRAUD.
And Clinton, and GreenSPAM, and Raines KNEW it from the very beginning. In a New York Times (of all places) article dated September 30, 1999, shows that Alan GreenSPAM KNEW. The Chairman of the Federal Reserve gets all his information from the BANKS. Banks are all that the Federal Reserve deals with. The mortgages go through the BANKS. He had all the data. He left the Federal Reserve January 31, 2006; so he knew when these one-year, two-year, three-year Adjustable Rate Mortgages would be adjusting. He filled the books with GOOD numbers to make himself look good; remember they called him the Maestro.
The NYT article says that “Fannie Mae is taking on significantly more risk. . . may run into trouble in an economic downturn” – you don’t need an advanced degree to know that one day the bubble bursts. You don’t need an advanced degree to know that one day the good times don’t roll on forever. You don’t need an advanced degree to know that one day the chart STOPS going up. Your article says “…make more loans to people with less-than-stellar credit ratings” – less-than-stellar? They had NO income. The statistic that sums it up – “African Americans who got mortgages to buy a home during the economic boom of the 1990′s increased by 71.9 per cent”. Alan GreenSPAM didn’t notice?
As for African Americans, how many of them know where in Africa their ancestors came from? What if the ancestors came from the Caribbean? Many of them don’t even know who their father is. With many of them, even their mother can’t remember who their father is.
As the article concludes, “…the Department of Housing and Urban Development PROPOSED that by the year 2001, 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low and moderate-income borrowers.” REAL people who work and struggle to pay their mortgage; REAL people who are moderate-income were excluded from this free-for-all. Where is the financial package for them? And in the concluding paragraph . . . “HUD is investigating allegations of RACIAL DISCRIMINATION”. It seems as though the only way to get this money was to belong to a certain race. It makes no difference how much money is given to them, how big the economic program is, how substantial the package is; the asset loses its value.
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