KISS MY FANNIE MAE

ROAD TO LIBERTY in July 2013 wrote

FANNIE MAE, BY ITS OWN ADMISSION, OWNS NOTHING …”

fannie-mae-cartoonLIBERTY continues:  “[Judge] Schack correctly concludes that “FANNIE MAE’s Servicing Guide, with its deceptive practices to fool courts, does not supercede New York law.”  I had the same thought when I first encountered this fiat decree of Fannie Mae’s when researching my own lawsuit against Fannie Mae and others a couple of years ago.  It is a relief to hear a judge articulate this so starkly.”

The LIBERTY post would like inspire Honolulu attorney Gary Dubin’s client who penned a tribute to ol’ Fannie:

KISS MY FANNIE MAE

Kiss My Fannie Mae

You know they can kiss my Fannie-
May I tell you what its all about
We shouldn’t have bailed the banksters out

Saved up for years to buy a house
Put down all that I had in cash
I signed up with my local bank
Then they sold me out in a flash

They sent my loan to Fannie-Mae
She took the ripoff countrywide
The regulators went to sleep
The market did the slip and slide

They called me a delinquent whiner
They hired a phony robo signer
They made up fees for me to pay
And then came threats from BofA

They said I shouldn’t mess with Fannie-
May I tell you what its all about
They thought they could foreclose me out

But I told them to Kiss My Fannie
May I tell you what the truth’s about
The public and the courts found out

And now they plan to shut down Fannie-
May I tell you what I just found out
She cost us taxpayers many billions
And Wall St. cheated and lied throughout

You know I just saw sad old Fannie
May I tell you what she’s doing now
She’s putting on Miss Piggy’s best lipstick
And I’m all set to drop my trow.

You know they can kiss my Fannie-
May I tell you what its all about
We’re gonna kick the banksters out
It’s time to take away their clout

Those crooks tried to kick my Fannie
May I tell you what has come to pass
Told that bitch to kiss my … (ass)

/s/  Anonymous (Since I am applying for a loan mod) 

LIBERTY’s research uncovers truths that Fannie’s attorneys fail to acknowledge:

corkyFannie Mae Tells Us It Owns Nothing

A PDF from Fannie Mae’s own website entitled “Basics of Fannie Mae MBS” explains Fannie Mae’s lack of ownership very simply and succinctly:

“In general, mortgage-backed securities are commonly called “MBS” or “Pools” but they can also be called “mortgage pass-through certificates.” An investor in a mortgage-backed security — the certificateholder — owns an undivided interest in a pool of mortgages that serves as the underlying asset for the security. Interest payments and principal repayments from the individual mortgage loans are grouped and paid out to investors.

The mortgages that back a Fannie Mae MBS are held in a trust on behalf of Fannie Mae MBS investors and are not Fannie Mae assets. As a Fannie Mae MBS investor, the certificateholder receives a pro rata share of the scheduled principal and interest from mortgagors on the loans backing the security. Interest is paid at a specific interest rate. The certificateholder also receives any unscheduled payments of principal.”

So from the above, we see that Fannie itself says that certificateholders–not Fannie–own the beneficial interest in the mortgage pool (Fannie says in other documentation that it can also purchase these types of certificates, although I haven’t seen any indication that Fannie smokes its own dope).  Even more importantly, we see that Fannie itself says that the mortgages (i.e., the promissory notes) that are supposedly in the pools/trusts are NOT Fannie assets.

The very definition of the term “asset” of course involves “ownership,” as spelled out at Investopedia’s definition of “asset,” which it defines as:

“A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.”

keefeTherefore, Fannie admits it neither owns nor controls the promissory notes.  So if Fannie Mae itself admits that it does not own the notes and mortgages in the pools, why are Fannie’s goons swearing to Schack that Fannie does own them?

 

To read more on ROAD TO LIBERTY click HERE. Good stuff bears repeating.

Advertisements

2 thoughts on “KISS MY FANNIE MAE

  1. “Even more importantly, we see that Fannie itself says that the mortgages (i.e., the promissory notes) that are supposedly in the pools/trusts are NOT Fannie assets.”

    I can’t find this specific statement in the document mentioned and I believe it is very important to have the right Fannie Mae document to throw in their faces in open court.

    Can you point me in the right direction? Which doc is this exactly or where did you see it on Fannie’s web site?

    Thank you in advance for your help.

    Paula

  2. Everyone should avoid general statements. Fannie Mae did hold whole loans, and securitized loans in MBS, and created CDOs from subprime tranches of private securities, and in some cases “insured” loans in private securities( and reinsured some with private insurers). Fannie Mae also insured investor certificates in private trusts, which were known as Fannie certificates. Freddie did all of this too. So before anyone reads this and jumps to the conclusion that all “Fannie” loans are held one way or the other, they must investigate the specific loan and how that loan is held or insured by Fannie. Although the hyperbole is what people want to hear, it does them no good if they are making the wrong arguments.
    Paula Rush

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s