Zee ----------'s Library tagged fannie-may →  View Popular

okay, the reason no one focuses on Obama's "community organizing" is because few understand how it fits into the
big picture. focus, trace, read [click acorn] - revisit if necessary - but do understand why a) Obama has gotten to
where he is and why he threatens to continue that meteoric rise - with your tax money - straight to the white house
and b) how Obama, his advisors & the dems are linked to the biggest financial meltdown since the Great Depression.

justsaynodeal.com/acorn.html - Preview

obama financiaal-meltdown fannie-may acorn

Nor is he alone. Robert Rubin and Laurence Summers, also in line for high influence on the Obama administration, are yesterday's men, or rather the men of the day before yesterday.

Rubin is universally admired for his brains and his charm. He was also part of the coterie of deregulators who laid the foundations for the sub prime and toxic securities catastrophe.

www.isn.ethz.ch/...Detail - Preview

obama fannie-may financiaal-meltdown

www.cbo.gov/...Senate_Housing.pdf - Preview

poverty-pimps fannie-may acorn

"C’mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?" the aide told FOX News. "No media ever takes note? Imagine what would happen if Frank’s political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxley’s wife or [GOP presidential nominee John] McCain’s wife was a top exec at Fannie for a decade while they wrote the nation’s housing and banking laws."

Frank’s office did not immediately respond to requests for comment.

Frank met Moses in 1987, the same year he became the first openly gay member of Congress.

"I am the only member of the congressional gay spouse caucus," Moses wrote in the Washington Post in 1991. "On Capitol Hill, Barney always introduces me as his lover."

The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses "helped develop many of Fannie Mae’s affordable housing and home improvement lending programs."

www.foxnews.com/...0,2933,432501,00.html - Preview

barney-franks gay fannie-may

Another lengthy video attempts to highlight the beginnings of the subprime loan disaster, and it’s well worth watching. Andrew Cuomo, then Bill Clinton’s HUD Secretary, held a press conference on April 6, 1998, explaining a settlement reached with a major bank on a lending discrimination case based presumably on the CRA. Cuomo brags about how “this administration will enforce the law”, but he also makes a very telling admission about the $2.1 billion in subprime loans that the bank would offer as a result of the settlement:

hotair.com/...ffirmative-action-andrew-cuomo - Preview

obama financiaal-meltdown fannie-may

If you haven’t been paying attention, it’s time to tune in to the story of the Democratic presidential candidate (Barack Obama), widespread voting fraud (ACORN), and detestable past actions that fed the current financial crisis. Are you with me so far? I don’t need to retread all the facts because so many others already have.

Let’s start with this editorial in Investor’s Business Daily:

A radical group Barack Obama used to work for is committing voter-registration fraud in several states, ahead of the election. What does Obama know about this scam?

It goes further than that. As insightful blogger Ed Morrissey notes:

Not only has Obama publicly endorsed ACORN, he has paid them at least $800,000 for their services, an amount that he didn’t immediately disclose until pressed. ACORN has responded in kind, with their voter-registration efforts that have resulted in criminal investigations in more than a dozen states…

bendegrow.com/...om-barack-obamas-campaign-tree - Preview

obama acorn voter-fraud fannie-may

The Department of Housing and Urban Development won't discuss whether 5 million illegal immigrants held mortgages.


Earlier this week, we posted a story that said figures from the Department of Housing and Urban Development showed that home mortgages were held by 5 million illegal immigrants and that this may have contributed, in part, to the housing crisis that has led to the recent failure in the financial markets.

Our source for that story, a retired agent from Immigration and Customs Enforcement, stands by those numbers.

A person from Housing and Urban Development contacted KFYI to tell us the number was inaccurate, that there were only 2.3 million mortgages held by immigrants, so there was no way that 5 million illegals could have mortgages.

When asked what HUD says the correct number is, the person (who identified himself only as 'Brian' and who refused to give his last name), either would not or could not say how many illegal immigrants hold mortgages. He also said there was "no way" HUD would grant an interview on the subject.

kfyi.com/...local_news.html - Preview

illegals mortgages fannie-may financiaal-meltdown

Barack H. Obama is running around telling everyone that the housing mortgage market collapsed primarily because of some vaguely described "deregulation" that took place sometime under George Bush--or maybe under Clinton; I'm not clear on that. I'm not sure he is.

Whatever his claim is, it's a lie.

The reality is that the housing market collapsed in large part because a coalition of race-baiting bullies brought very heavy pressure to bear on the banks to make more subprime loans on properties in low-income communities. Those who didn't approve the risky subprime loans were accused of "redlining"--i.e., refusing to make loans on properties in those neighborhoods.

Who were these bullies?

Some of the bullies were out in Washington pounding the tables and screaming at bank executives about "redlining".

mypetjawa.mu.nu/...194379.php - Preview

obama fannie-may acorn

Franklin Raines, the former top man at Fannie Mae, bought a three-bedroom, seven-bath penthouse condominium in the West End’s Ritz-Carlton Residences for $4.9 million. The condo has a rooftop terrace with a hot tub, a butler’s pantry, and three parking spaces. Raines, director of the US Office of Management and Budget under President Clinton, was CEO of Fannie Mae from 1999 to 2004.

And he didn't even need any help with the mortgage from Tony Rezko.

At the risk of being called racist, here's an ad from last month tying Obama to Raines.

jammiewearingfool.blogspot.com/...l-franklin-raines-buys-49.html - Preview

raines obama fannie-may

Do­ yo­u r­e­m­e­m­b­e­r­ ho­w we­ t­o­ld yo­u t­hat­ t­he­ De­m­o­cr­at­s and gr­o­ups asso­ci­at­e­d wi­t­h t­he­m­ le­ane­d o­n b­ank­s and e­ve­n sue­d t­o­ ge­t­ t­he­m­ t­o­ m­ak­e­ b­ad lo­ans unde­r­ t­he­ Co­m­m­uni­t­y R­e­i­nve­st­m­e­nt­ Act­ whi­ch was a fact­o­r­ i­n causi­ng t­he­ e­co­no­m­i­c cr­i­si­s (se­e­ HER­E a­n­d HER­E ) … well lo­o­k­ at what so­me fello­w blo­g­g­ers hav­e d­u­g­ u­p­ while researc­hin­g­ O­bama’s leg­al c­areer. Lo­o­k­s lik­e a typ­ic­al AC­O­RN­ lawsu­it to­ g­et ban­k­s to­ han­d­ o­u­t bad­ lo­an­s.

In­ these lawsu­its, AC­O­RN­ mak­es a bo­g­u­s c­laim o­f Red­lin­in­g­ (d­en­yin­g­ p­o­o­r p­eo­p­le lo­an­s bec­au­se o­f their ethn­ic­ heritag­e). They p­ro­test an­d­ g­et the lo­c­al med­ia to­ raise a big­ stin­k­. This stin­k­ mean­s that the ban­k­ fac­es tho­u­san­d­s o­f p­eo­p­le c­lo­sin­g­ their ac­c­o­u­n­ts an­d­ g­et lo­c­al p­o­litic­ian­s to­ lo­bby to­ sto­p­ the ban­k­ fro­m d­o­in­g­ so­me fu­tu­re bu­sin­ess, exp­an­sio­n­s an­d­ merg­ers. If the ban­k­ g­o­es to­ c­o­u­rt, they will win­, bu­t the d­amag­e is alread­y d­o­n­e bec­au­se who­ is g­o­in­g­ to­ lau­n­c­h a big­ c­amp­aig­n­ to­ g­et the ban­k­’s rep­u­tatio­n­ bac­k­?

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obama fannie-may citibank acorn

IF you thought the trillion- dollar-plus "financial-rescue plan" signed into law Friday had been stripped of the radical group ACORN, think again: The Chicago-based Association of Community Organizations for Reform Now's fingerprints are still all over the law.

ACORN's participation in "fixing" a crisis it helped create is flabbergasting.

For decades, the left-wing activist group pressured lenders to give loans to lower-income borrowers who couldn't otherwise afford homes. The grateful homeowners then become political recruits, serving as foot soldiers for ACORN's radical agenda.

Problem is, such mortgages are now going bad all across America. ACORN's answer: Pressuring the banks not to foreclose on bad risks. And now, with the "rescue" bill, they're getting ready to simply rewrite mortgages to make them affordable.

House Republicans removed one pro-ACORN measure from the rescue bill - torpedoeing a provision devoting 20 percent of all profits from the bailout to a housing slush fund - which would've funneled money to ACORN and similar groups.

In its place, however, ACORN's favorite lawmakers - led by Maxine Waters (D-Calif.) and Barney Frank (D-Mass.) - got ACORN-championed "foreclosure-mitigation" provisions into the rescue.

This will radically expand the federal role in meddling with mortgage loans. The key sections mandate that the Treasury "consent" to rewriting loans to prevent foreclosures - not only by reducing interest, but also by cutting loan principal.

Stuck with a $300,000 mortgage you can't pay? Get the government to wave its magic wand and cut your debt to $150,000.

The deal is only for those who have fallen behind on their mortgages, of course - not for all you chumps who've been paying on time.

www.nypost.com/...ds_housing_hustlers_132399.htm - Preview

obama fannie-may acorn bailout financiaal-meltdown

Something very strange is happening in the financial markets. And I can show you what it is and what it means…

If September didn’t give you enough to worry about, consider what will happen to real estate prices as unemployment grows steadily over the next several months. As bad as things are now, they’ll get much worse.

They’ll get worse for the obvious reason: because more people will default on their mortgages. But they’ll also remain depressed for far longer than anyone expects, for a reason most people will never understand.

What follows is one of the real secrets to September’s stock market collapse. Once you understand what really happened last month, the events to come will be much clearer to you…

Every great bull market has similar characteristics. The speculation must – at the beginning – start with a reasonably good idea. Using long-term mortgages to pay for homes is a good idea, with a few important caveats.

Some of these limitations are obvious to any intelligent observer… like the need for a substantial down payment, the verification of income, an independent appraisal, etc. But human nature dictates that, given enough time and the right incentives, any endeavor will be corrupted. This is one of the two critical elements of a bubble. What was once a good idea becomes a farce. You already know all the stories of how this happened in the housing market, where loans were eventually given without fixed rates, without income verification, without down payments, and without legitimate appraisals.

patdollard.com/...hing-very-strange-is-happening - Preview

obama financiaal-meltdown fannie-may

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

Yep, you read it right. And there is more. They knew….

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.

therealrevo.com/blog - Preview

fannie-may financiaal-meltdown obama

The original administration-backed "rescue package" bill was three pages.

The failed House version had ballooned to 110 pages.

Now, the Senate has expanded it to a 450+ page behemoth, laden with new pork -- including provisions completely unrelated to the "financial crisis," such as help for rural schools, disaster aid, and a provision "demanding that insurance companies provide coverage for mental health treatment—such as hospitalization—on parity with physical illnesses." This will include treatment for various "addictions" (drugs? alcohol? gambling? sex? the Internet? cell phones? conservative talk radio? pork-barrel spending?).

The initial five-year estimate of costs for just the mental-health provisions is $3.8 billion, but as we know about all government programs, that's just a chump-change opener. Traditional medical care has been tied, however tenuously, to actual, demonstrable physical maladies. But given the politicized and ever-expanding "mental illness" racket -- in which the psychiatric industry discovers, concocts, and arbitrarily defines new "mental diseases" almost daily -- this provision alone is absolutely destined to fund an explosive government-underwritten growth industry that will gobble up countless more billions of taxpayer dollars every year. But hell, why not? Now that the employees of banks, investment houses, insurance companies, and Detroit automakers are to be collecting their paychecks (directly or indirectly) from the taxpayers, I suppose it's only fitting to include shrinks. Perhaps they can help all the other groveling beggars restore their battered self-images.

bidinotto.journalspace.com/?cmd=displaycomments&dcid=787&entryid=787 - Preview

bailout financiaal-meltdown fannie-may

The House of Representatives deserves praise for taking swift action to avert a growing economic crisis--by not approving the trillion-dollar financial bailout plan.

The bailout bill was blocked Monday by a rebellion among House Republicans, who voted two-to-one against a plan they consider a step down the "slippery slope to socialism," in the words of Texas Representative Jeb Hensarling.

www.realclearpolitics.com/...kill_the_bailout.html - Preview

bailout fannie-may financiaal-meltdown

Liberalism, as an experiment against common sense, undermines every institution it touches, including financial ones. In the age of political correctness, the conservatism of the banking industry was bound to give way to mindless multiculturalism and Great Society babble. Tried-and-true lending principles were deemed illiberal and imprudent loans became a form of “progress.”

Whatever the area that falls under it — whether it is banking or education — liberalism’s regulatory regime consists of forcing people to adopt ideological goals which defy rationality: banks are told not to insist on such outmoded tests as good credit; schools are told not to insist on good test scores for admission. High standards across the culture have eroded under liberalism. Why not in banking too?

Indeed, given the choice between economic decline and political correctness, liberals always choose the former. To preserve the kangaroo rat, they will cut jobs. To advance faddish global warming theory, they will undercut whole industries. Instead of bemoaning economic decline, they normally interpret it as a measure of enlightenment: that some worthy ideological goal, far more important than money, is slowing business down.

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fannie-may liberals-suck

More than 5,000 responders to a bostonherald.com poll posted mid-day yesterday are calling for heads to roll:
# 36 percent state Frank is out in front.
# Bush is second with 29 percent for missing red flags.
# Greenspan, now knocked off his guru perch, is third with 19 percent blame.
# Former President Bill Clinton falls next with 12 percent responsibility.
# Barack Obama, 3 percent, and John McCain, 1 percent, escape mostly unscathed, for now.

www.bostonherald.com/...view.bg - Preview

fannie-may obama barney-franks

WHAT exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit.

In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes - and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.

In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it.

THE seeds of today's financial meltdown lie in the Commu nity Reinvestment Act - a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.

CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in "subprime" loans to often uncreditworthy poor and minority customers.

www.nypost.com/...os_dangerous_pals_131216.htm - Preview

obama acorn fannie-may

market-ticker.denninger.net - Preview

bailout fannie-may

Comeback.
Saturday, September 27, 2008
Wash Mu Bondholders Were Not Paid-- Consequences Could Be Devastating... Warnings of Monday Crash


On Friday, the US government stepped in and sold Washington Mutual after customers withdrew $16.7 billion from accounts since Sept. 16th leaving the Seattle-based bank "unsound."

It was later announced that Washington Mutual Inc. bondholders were likely to lose most of their money. This was a HUGE mistake by the government and must be corrected quickly or it could have major consequences.

This report was sent to me from a an international auditor in the insurance industry and close friend who understands the seriousness of the situation.
He describes the situation in layman's terms.
It ain't pretty:

gatewaypundit.blogspot.com/...bondholders-were-not-paid.html - Preview

obama financiaal-meltdown fannie-may