FBI starts search for fraud at Fannie Mae, Freddie Mac, Lehman Brothers and AIG, etc

  • Posted by a hidden member.
    Log in to view his profile

    Sep 24, 2008 5:23 AM GMT
    The FBI is investigating Fannie Mae, Freddie Mac, Lehman Brothers and AIG - and their executives - as part of a broad look into possible mortgage fraud, sources with knowledge of the investigation told CNN Tuesday.

    http://money.cnn.com/2008/09/23/news/companies/fbi_finance/index.htm?cnn=yes

    hmmmm...the article doesnt say what kind of fraud. I am not knowledgeable enough to know what kind of fraud it would be....werent the mortgages up and up about the terms....oh, well, I am sure there will be more explanations to come.

    ...anyway, I want perp walks....I wanna see these guys frog walked in front of cameras!!!!! ..... icon_evil.gif
  • MuslDrew

    Posts: 463

    Sep 24, 2008 5:35 AM GMT
    Wow, 400 arrests so far....
    That's a good start
  • Posted by a hidden member.
    Log in to view his profile

    Sep 24, 2008 5:42 AM GMT
    Can't wait for the indictment of Obama's friend - the one who made ninety million dollars from his participation in Freddie-Mac & Fannie-Mae.

    Is there no end to Obama's list of great associates?
  • Posted by a hidden member.
    Log in to view his profile

    Sep 24, 2008 1:38 PM GMT
    Hold your breath. You probably look good in blue.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 24, 2008 2:51 PM GMT
    So is there any way, you think, that this might affect my student loans through Fannie? I'm going to have a real problem if my payments or interest go up!
  • Posted by a hidden member.
    Log in to view his profile

    Sep 24, 2008 3:13 PM GMT
    Jockbod48 saidCan't wait for the indictment of Obama's friend - the one who made ninety million dollars from his participation in Freddie-Mac & Fannie-Mae.


    Why?!
  • Posted by a hidden member.
    Log in to view his profile

    Sep 24, 2008 4:22 PM GMT
    Jockbod48 saidCan't wait for the indictment of Obama's friend - the one who made ninety million dollars from his participation in Freddie-Mac & Fannie-Mae.

    Is there no end to Obama's list of great associates?

    You mean like McCains Team that looks like a Fannie Mae reunion or board meeting? icon_lol.gif
    Read this letter from a fannie mae executive .. johnny got caught with his hand in the cookie jar icon_eek.gif

    http://news.yahoo.com/s/politico/20080919/pl_politico/13643_1
    To The Editor:

    Yesterday, Senator John McCain released a television commercial attacking Barack Obama for allegedly receiving advice on the economy from former Fannie Mae CEO Franklin Raines. From the stump, he has recently tried tying Senator Obama to Fannie Mae, as if there is some guilt in the association with Fannie Mae's former executives.

    It is an interesting card for Senator McCain to play, given that his campaign manager, Rick Davis, was paid by Fannie Mae and Freddie Mac several hundred thousand dollars early in this decade to head up an organization to lobby in their behalf called The Homeownership Alliance. ...

    I worked in government relations for Fannie Mae for more than 20 years, leading the group for most of those years. When I see photographs of Sen. McCain's staff, it looks to me like the team of lobbyists who used to report to me. Senator McCain's attack on Senator Obama is a cheap shot, and hypocritical.


    Sincerely,

    William Maloni
    Fannie Mae Senior Vice President for Government and Industry Relations (1983-2004)

    icon_lol.gificon_lol.gificon_lol.gificon_lol.gif
  • Posted by a hidden member.
    Log in to view his profile

    Sep 24, 2008 7:31 PM GMT
    The main issue is still, who got PAC money from Fannie Mae? And who didn't?

    The article backs up just what I've been saying. This goes back to the Clinton administration when Clinton Whitehouse Budget Director Frank Raines went to Fannie Mae. The system doesn't need to be fixed, the crooks just need to be nailed. No system devised by mankind can survive if crooks are allowed to violate it.







  • Posted by a hidden member.
    Log in to view his profile

    Sep 24, 2008 7:39 PM GMT
    Finally! we've been studying this in my white collar crime class and its good to see these corporate assholes being held accountable for their actions.

  • Koaa2

    Posts: 1556

    Sep 24, 2008 8:17 PM GMT
    John43620 saidThe main issue is still, who got PAC money from Fannie Mae? And who didn't?

    The article backs up just what I've been saying. This goes back to the Clinton administration when Clinton Whitehouse Budget Director Frank Raines went to Fannie Mae. The system doesn't need to be fixed, the crooks just need to be nailed. No system devised by mankind can survive if crooks are allowed to violate it.









    Amazes me how you Repugs still blame the Clintons for everything. I guess after this horrible 8 years, you have to try to blame anybody but Bush/Cheney!
  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 12:50 PM GMT
    KOAA, America didn't suddenly change when president Bush was inaugorated, there is a timeline of events and they stretch into the Clinton years.

    The whole basis behind this current financial meltdown started in the Clinton years with former Clinton staff members causing it and Democrats in Congress abetting it. Clinton was the president in 1999 and 2000 wasn't he?

    If you want to go further back, the "Community Reinvestment Act of 1977" played a huge role in this mess, and that was Jimmy at the helm.


  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 2:09 PM GMT
    John43620 saidThe main issue is still, who got PAC money from Fannie Mae? And who didn't?


    If this is your main issue, then you are a petty opportunist who just wants cynical, dishonest, distracting tricks employed in order to have a government in place that will let you shoot whoever you want, wherever you want, whenever you want, for whatever reason you want.

    The main issue for sane Americans is what to do about an economy that has just been taken hostage by the current powers that be.
  • CuriousJockAZ

    Posts: 19119

    Sep 25, 2008 2:26 PM GMT
    I still say there is plenty of blame to go around and it includes both Republicans & Democrats, greedy wall street-types, banks, mortgage companies and, yes, Americans themselves living beyond their means just because they were allowed to do it. I'm glad the FBI is investigating. I am sure some people at this point are afraid -- VERY afraid -- and with good reason. Heads will roll, and they should.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 2:36 PM GMT
    John43620 saidThe main issue is still, who got PAC money from Fannie Mae? And who didn't?

    The article backs up just what I've been saying. This goes back to the Clinton administration when Clinton Whitehouse Budget Director Frank Raines went to Fannie Mae. The system doesn't need to be fixed, the crooks just need to be nailed. No system devised by mankind can survive if crooks are allowed to violate it.

    There is nothing illegal about getting money from a PAC since it is just a group of grassroots people. On the other hand, if you talk about getting money from the actual people that have influence in a company .. that would be John McCain!! (see below). The big thing about the latest news is that McCains campaign manager STILL works as a lobbyist and gets money from Fannie Mae. This is a conflict of interest to be a politician and have a Fannie Mae lobbyist on your payroll - not good at all especially with the false claims of John McCain.

    Everyone knows that campaign donations did not sink the economy. For that matter McCain is the recipient of 10 times more campaign donations than Obama when it comes to the top CEO's. The bulk of Obama's campaign money came from grassroots individuals. In this case EMPLOYEES of those companies donated more to Obama BUT the people who run the company (directors, lobbyists, etc) gave more to McCain. Here are "truer words"
    Fact Check: Did Obama 'profit' from Fannie and Freddie?
    http://politicalticker.blogs.cnn.com/2008/09/19/fact-check-did-obama-profit-from-fannie-and-freddie/The New York Times has published a separate list looking at contributions from "directors, officers, and lobbyists for Fannie Mae and Freddie Mac" for the 2008 campaign cycle. That list — using figures from the Federal Election Commission — shows McCain receiving $169,000, while Obama received only $16,000.

    VERDICT
    Partially true, but misleading. Donations don't come from companies. A list of employee contributions puts Obama second, but a different list including lobbyists and directors shows McCain getting more.

    Also
    Not that it is wrong to receive campaign contributions and granted Obama has never claimed not to take contributions, but McCain received 10 times as much contributions from top CEO's as Obama ..
    http://thehill.com/campaign-2008/top-ceos-give-10-times-more-to-mccain-than-to-obama-2008-08-15.html
  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 2:46 PM GMT
    CuriousJockAZ saidI still say there is plenty of blame to go around...

    Enough to cover those 59+ million crazy-ass idiots who voted for Bush ...
  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 7:01 PM GMT
    CuriousJockAZ saidI still say there is plenty of blame to go around and it includes both Republicans & Democrats, greedy wall street-types, banks, mortgage companies and, yes, Americans themselves living beyond their means just because they were allowed to do it. I'm glad the FBI is investigating. I am sure some people at this point are afraid -- VERY afraid -- and with good reason. Heads will roll, and they should.


    Mmm hmm. And I'll go out on a limb and bet that just maybe you sold a few properties to some of those folks "living beyond their means". I'm sure you didn't question their ability to pay then. So congrats on the commissions from the deals these sketchy banks approved, or were party to. Indirectly, I know my taxes will make up for your smoke-and-mirrors income on these sales.

    Your welcome.
  • CuriousJockAZ

    Posts: 19119

    Sep 25, 2008 7:12 PM GMT
    XRuggerATX said
    CuriousJockAZ saidI still say there is plenty of blame to go around and it includes both Republicans & Democrats, greedy wall street-types, banks, mortgage companies and, yes, Americans themselves living beyond their means just because they were allowed to do it. I'm glad the FBI is investigating. I am sure some people at this point are afraid -- VERY afraid -- and with good reason. Heads will roll, and they should.


    Mmm hmm. And I'll go out on a limb and bet that just maybe you sold a few properties to some of those folks "living beyond their means". I'm sure you didn't question their ability to pay then. So congrats on the commissions from the deals these sketchy banks approved, or were party to. Indirectly, I know my taxes will make up for your smoke-and-mirrors income on these sales.

    Your welcome.


    How is it a realtor's fault if a client buys a home they cannot afford? As a realtor, I normally don't even delve into the finances of a client. I'm only concerned if they are able to get a loan or pay cash...it's their responsibility to determine if the home they are purchasing is within their means or not.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 7:23 PM GMT
    CuriousJockAZ said
    XRuggerATX said
    CuriousJockAZ saidI still say there is plenty of blame to go around and it includes both Republicans & Democrats, greedy wall street-types, banks, mortgage companies and, yes, Americans themselves living beyond their means just because they were allowed to do it. I'm glad the FBI is investigating. I am sure some people at this point are afraid -- VERY afraid -- and with good reason. Heads will roll, and they should.


    Mmm hmm. And I'll go out on a limb and bet that just maybe you sold a few properties to some of those folks "living beyond their means". I'm sure you didn't question their ability to pay then. So congrats on the commissions from the deals these sketchy banks approved, or were party to. Indirectly, I know my taxes will make up for your smoke-and-mirrors income on these sales.

    Your welcome.


    How is it a realtor's fault if a client buys a home they cannot afford? As a realtor, I normally don't even delve into the finances of a client. I'm only concerned if they are able to get a loan or pay cash...it's their responsibility to determine if the home they are purchasing is within their means or not.


    I didn't blame you for this mess. I said you benefited. Indirectly, there were loans approved that allowed you to more easily sell homes to less-than-qualified applicants. You got a commission from these sales.

    Now we all have to pay for these bad loans that enabled you to succeed.

    I'm finally beginning to understand why you are a GOPer now. Unsustainable economic policy and deregulation has been very good to you.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 7:36 PM GMT
    Curious:

    I agree if you can't afford it then don't buy it! I know someone here in Atlanta who purchased a house and on paper he passed the mustard.
    Great credit, money for the down payment, the thing is his monthy mortgage coupled with his car payments and his high end life style left him hurting. Before he escrow closed I told him dude, you can not afford this house given your payables. Are you sure you should be doing this? It was all about the zip code and the status! Crazy! He told me mind my business, well his speech was a tad more colorful. Anyway, he's on the brink of losing everything due to the current ecomonic madness. He tried to blame his realtor and I told him you are at fault. The realtor did what he was legally responsible for doing which was getting you approved for the and if you had the down payment, the rest well that's on you!

    I agree that their are crooks and the wheels of justice will catch them it may take a while but they will be caught. It the mean time we all have to buckle-up because it it's going to be a BUMPY RIDE!
  • CuriousJockAZ

    Posts: 19119

    Sep 25, 2008 7:40 PM GMT
    XRuggerATX said
    Now we all have to pay for these bad loans that enabled you to succeed.

    I'm finally beginning to understand why you are a GOPer now. Unsustainable economic policy and deregulation has been very good to you.



    I think if you ask most realtors if this has been good for them, they would probably tell you that it has hurt the realty business as much as any. Any MORE bright informed points that you care to make??? icon_rolleyes.gif
  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 7:42 PM GMT
    Ducky44 saidCurious:

    I agree if you can't afford it then don't buy it! I know someone here in Atlanta who purchased a house and on paper he passed the mustard.


    *cringe*

    Have to do this...

    It's "passed muster". It's an old military term to basically mean that someone passed first level inspection, or something close to this.

    Passing mustard is what two guys each in Rolls Royces do at stoplights. ;-)
  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 7:44 PM GMT
    CuriousJockAZ said
    XRuggerATX said
    Now we all have to pay for these bad loans that enabled you to succeed.

    I'm finally beginning to understand why you are a GOPer now. Unsustainable economic policy and deregulation has been very good to you.



    I think if you ask most realtors if this has been good for them, they would probably tell you that it has hurt the realty business as much as any. Any MORE bright informed points that you care to make??? icon_rolleyes.gif


    It's not good for them now, because the pendulum is swinging to there being far fewer buyers. I see it as winnowing out the hack realtors who were only getting by on an all-to-easy market. But they'll be back making huge commissions selling pharmaceuticals in no time, that is until the next crisis...where the health care system collapses. The real unqualified hacks will return to the used car lots, telemarketing boiler rooms, student ghetto apartment finder companies, etc..

    Yes, I have plenty of points to make. But I'm sure they'd only seem "bright and informed" to you. It's pretty much common sense rationality to most everyone else.

    But thanks for being impressed. I impress a lot of GOPers in these kinds of discussions.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 7:58 PM GMT
    ActiveAndFit said


    Sincerely,

    William Maloni
    Fannie Mae Senior Vice President for Government and Industry Relations (1983-2004)


    Hehehe... McCain's chickens (or are they buzzards?) coming home to roost.

    Great to have first-person accounts of McCain's involvement in this financial nightmare enveloping us. But Obama opponents continue to cite his alleged associates, all with devious backgrounds according to them, but none with the revealing credentials of McCain's major mover & shakers in the financial world, that brought us this collapse.

    On the one hand, the McCain camp says he has 25 years of DC experience. But that experience never touched all these lobbyists and wheeler-dealers that created this mess, all evidence to the contrary.

    On the other hand, Obama is charged with being inexperienced, yet he managed in that short time in office that the Republicans criticize, to have tainted himself with policies that predate his time in the Senate. An elegant trick, if Obama could have managed it.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 25, 2008 8:00 PM GMT
    XRugger:

    You funny, funny, funny man! Thanks for clearing that up for me.

    I sleep well now knowing the correct meaning and the proper usage of the phrase: "Passed the Mustard"! ( harmless sarcasm) icon_biggrin.gif

    Ducky
  • Posted by a hidden member.
    Log in to view his profile

    Sep 27, 2008 4:44 PM GMT
    Ducky44 saidXRugger:

    You funny, funny, funny man! Thanks for clearing that up for me.

    I sleep well now knowing the correct meaning and the proper usage of the phrase: "Passed the Mustard"! ( harmless sarcasm) icon_biggrin.gif

    Ducky


    Ever had Grey Poupon™? Simply exquisite. :-)