Green Energy
From Ace:
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HEY! Has anyone heard anything about the Superduper Committee lately? You know, that extra-constitutional gang of 12 Angry Men and Women who were supposed to cure all the nations economic woes by Thanksgiving. Have they met yet? Have they made any proposals...
- Memo From "banker Guy"
Posted by: Hugh Hewitt at 5:54 PM One of my regular correspondents is a senior and very successful advertising exec who stays hidden because of his politics. You know him as "Bear In The Woods." Now I'm pleased to introduce you to "Banker Guy,"...
- Barney Frank ... Criticism Of Dems Over Mortgages Is Racism, It 's Racism I Tell You
What a farce ! I wonder if Frank sees the irony at all as he blames republicans for deregulation being the cause, as well Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation's housing crisis is a veiled attack...
- Bloomberg :how The Democrats Created The Financial Crisis
How the Democrats Created the Financial Crisis: Kevin Hassett Commentary by Kevin Hassett ...
- Fannie Mae/fannie Mac Ceo's Are Economic Advisers To Obama
From IBD: In the past couple of weeks, as the financial crisis has intensified, a new talking point has emerged from the Democrats in Congress: This is all a "crisis of capitalism," in socialist financier George Soros' phrase, and a failure to regulate...
Green Energy
Freddie/Fannie Scandal: It's Fraud on a Massive Scale
From Ace:
Oh my:
It's bad enough that Fan and Fred lowered the loan approval thresholds. [Former Freddie Mac Chief Credit Officer Edward] Pinto's point is that for 15 years, they doubled down by "routinely" misclassifying approved loans, effectively telling the capital markets and the public that these loans weren't as risky as they really were. Because of this, securities backed by these mortgages carried lower interest rates than they would have if the risks had been properly disclosed. Some of the offerings should probably never have been issued or should have been given junk bond pricing. Further, misrepresented loans Fan and Fred kept on their books enabled the two entities to continually make false claims of financial health.
Powerline blog comments:
. It seems that Fannie Mae and Freddie Mac--the U.S. government, in effect--"routinely misrepresented the mortgages they were acquiring, reporting them as prime when they had characteristics that made them clearly subprime or Alt-A...." The much-reviled Wall Street bankers relied on those representations by agents of the federal government when they bought and sold securities backed by those misrepresented mortgages.Qualitatively, this is not quite as bad as Bernie Madoff's Ponzi scheme, but it is worse than anything Enron did. Quantitatively, it caused financial devastation compared to which Enron and Madoff are barely grains of sand in the ocean. So, wouldn't one expect our reporters to show a little curiosity? Silly question, perhaps: mainstream reporters don't like where that trail leads. Also, to be fair, most of them are not smart enough to understand it.
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HEY! Has anyone heard anything about the Superduper Committee lately? You know, that extra-constitutional gang of 12 Angry Men and Women who were supposed to cure all the nations economic woes by Thanksgiving. Have they met yet? Have they made any proposals...
- Memo From "banker Guy"
Posted by: Hugh Hewitt at 5:54 PM One of my regular correspondents is a senior and very successful advertising exec who stays hidden because of his politics. You know him as "Bear In The Woods." Now I'm pleased to introduce you to "Banker Guy,"...
- Barney Frank ... Criticism Of Dems Over Mortgages Is Racism, It 's Racism I Tell You
What a farce ! I wonder if Frank sees the irony at all as he blames republicans for deregulation being the cause, as well Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation's housing crisis is a veiled attack...
- Bloomberg :how The Democrats Created The Financial Crisis
How the Democrats Created the Financial Crisis: Kevin Hassett Commentary by Kevin Hassett ...
- Fannie Mae/fannie Mac Ceo's Are Economic Advisers To Obama
From IBD: In the past couple of weeks, as the financial crisis has intensified, a new talking point has emerged from the Democrats in Congress: This is all a "crisis of capitalism," in socialist financier George Soros' phrase, and a failure to regulate...