Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Here we go again.  Instead of fixing the problem, let's put our tails between our legs and throw money on it, just like we did last time.  Yeah, that'll get us outta here and out on the golf course.  After all, we get hundreds of millions of dollars every year to support our campaigns.

What the hell, it's not our money any way.  The taxpayers can afford it.
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Pour Gasoline on the Fire

EVERY ONE OF THE SERVICERS WREAKING HAVOC WITH OUR LIVES ARE FOLLOWING THE “GSE BUSNESS MODEL” THAT IS SELF-DESTRUCTING BEFORE OUR EYES.  OUR EFFORTS SHOULD BE FOCUSED ON PREVENTION OF ANY ATTEMPT TO RESURRECT THIS BUSINESS MODEL THAT HAS CAUSED TENS OF THOUSANDS TO LOSE THEIR HOMES.

Fannie Mayhem: A History

July 14, 2008

 

 Fannie Mae Ugly 07/12/08 – Investors continued to flee Fannie Mae and Freddie Mac almost as frantically as the political class tried to reassure everybody there was nothing to worry about.
 

 

 The Price of Fannie Mae 07/10/08 – It's time Americans understood the price they could soon pay for the Beltway's confidence game with these high-risk "government-sponsored enterprises."
 

 

 Too Political to Fail 04/21/08 – Fannie Mae and Freddie Mac aren't held to the same standards of accountability as everyone else.
 

 

 Fannie Mayhem 11/20/07 – Chuck Schumer is lucky Congress ignored his idea that Fannie Mae and Freddie Mac should ride to the rescue of the housing market.
 

 

 Fannie More 10/23/07 – Barney Frank and Chuck Schumer have come up with a proposal that would increase the risk to taxpayers from Fannie Mae and Freddie Mac.
 

 

 Fannie to the Rescue? 09/29/07 – Fannie and Freddie went up the Hill to fetch a pail of money.
 

 

 Freddie Krueger Mac 05/10/07 – Just when you think they're defeated, Fannie Mae and Freddie Mac arise in Congress to kill any attempt to clean up their dangerous habits.
 

 

 The Fannie Tax 04/12/07 – Democrat Barney Frank and the Bush Administration seem to have found common ground on new rules for Fannie Mae and Freddie Mac. Naturally, there's a catch.
 

 

 Memo to Fannie 06/14/06 – A joke in Washington these days goes like this: "What's the difference between Enron and Fannie Mae? Answer: The guys at Enron have been convicted."
 

 

 Freddie's Friends on the Hill 04/27/06 – The Federal Election Commission sheds some light on how Freddie Mac rewards its friends.
 

 

 Fannie Mae's House 10/25/05 – Every Congressional session can be counted on to produce its share of bad bills. But the "reform" bill for Fannie Mae and Freddie Mac is in a class of its own.
 

 

 Fannie's Friends on the Hill 05/09/05 – Congress finally seemed ready to protect taxpayers from Fannie Mae and Freddie Mac. Then Republican Mike Oxley decided to ride to their rescue.
 

 

 Fannie Turns a Page 12/23/04 – Fannie Mae – a slick, semiprivate firm operating with the patronage of politicians – is the kind of institution one still expects to find in a country like France.
 

 

 Fannie the Centaur 12/17/04 – Understanding their half-man, half-beast nature is crucial to fixing Fannie Mae and Freddie Mac in the wake of their recent financial scandals.
 

 

 Fannie Mae Liberals 10/14/04 – There were many moments of high entertainment during the House hearings on Fannie Mae's creative accounting. But our favorite was the Mister Magoo performance given by Barney Frank (D., Massachusetts).
 

 

 Fannie Mae Enron? 10/04/04 – The company was cooking the books. Big time.
 

 

 Fannie Uncovered 09/23/04 – The housing-finance giant has been engaging in some accounting funny business.
 

 

 Fannie's Risky Business 02/25/04 – Alan Greenspan puts his credibility behind the cause of reforming Fannie Mae and Freddie Mac.
 

 

 Christmas for Fannie Mae 12/23/03 – The Federal Reserve Board releases a new staff study about the impact of taxpayer subsidies for Fannie Mae and Freddie Mac.
 

 

 White House Fannie Pack 11/11/03 – White House chief economist N. Gregory Mankiw dares to tell the truth about Fannie Mae and Freddie Mac. The mortgage giants were not amused, which means we're getting somewhere.
 

 

 Fannie Takes the Hill 10/09/03 – When the House of Representatives can't get even a modest regulatory bill out of committee, the dangers of Fannie Mae become clear in reality.
 

 

 Speaking Truth to Fannie 03/12/03 – The president of the Federal Reserve Bank of St. Louis warns of a potential crisis arising from Fannie Mae and Freddie Mac.
 

 

 Fan and Fred Get the Business 02/19/03 – The year has not started auspiciously for the two mortgage-finance behemoths.
 

 

 Fannie Mae's Risky Business 09/23/02 – We've been suggesting that Fannie Mae was exposed to too much interest-rate risk. All of a sudden investors seem to agree with us.
 

 

 Fannie Capitulates, Sort Of 07/15/02 – Fannie Mae and Freddie Mac end months of resistance, stonewalling and downright crankiness and agree to register their common stock with the Securities and Exchange Commission.
 

 

 Fannie's Inside Info 07/01/02 – Even in this post-Enron world, Fan and Fred do not provide as much information about these securities as private mortgage lenders do.
 

 

 Inside Fannie 03/19/02 – Fan and Fred don't function like other companies. They're allowed to pile up debt, implicitly guaranteed by taxpayers, without being held to even the minimum of corporate governance standards.
 

 

 Frantic Fannie 02/28/02 – Companies taking on so much risk and debt, and backed by taxpayers, ought to be more transparent in what they tell the world.
 

 

 Fannie Mae Enron? 02/20/02 – Fan and Fred look like poorly run hedge funds: lots of leverage and snarkily hedged risk. Does the word Enron ring any bells?
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4 justice now

After being responsible for the care and feeding of such organizations as Fannie Mae and Freddie Mac, it's truly amazing Washington ever had the balls to criticize any form of welfare what-so-ever, no matter how ineffective and/or repugnant their programs may have become.

 

After all, Fannie Mae and Freddie Mac are no better than financial welfare programs for the already wealthy.  Those responsible for the day-to-day operations and management of these two behemoths have only one duty to accomplish in the fulfillment of their employment, and that is to collect any and all profits that can possibly be squeezed out of these two out-dated and obsolete financial gravy trains, for themselves and the shareholders.

 

Any and all financial liability, responsibility, indebtedness associated with their existence falls directly upon the tax payers of this nation. What a sweet-heart deal that is... for everyone but the tax payers of course. The top ten positions at these two organizations have annual salaries over $1M ea. And more than $240M in bonuses were paid out recently despite the blatant mismanagement and/or fraud that has been taking place for years at these two organizations.

 

Fannie Mae and Freddie Mac along with the Federal Reserve itself are nothing but glorified welfare gravy trains for the wealthiest citizens of this nation.  Actually, the fact of whether or not they are truly citizens is merely an assumption on my part.

 

It simply makes paying taxes that much more disgusting task to say the least. After all, it certainly appears that none of the taxes have been used for any form of law enforcement, certainly not in this country anyway, and most definitely not for our benefit and/or protection.

 

IMHO

 

4J


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