This will be one of several posts on the future of Fannie Mae and Freddie Mac. Your thoughts and your owns stories are welcome in the comments section.
Nearly a decade ago, in September 2008, US Treasury Chief Hank Paulson unveiled his historic government takeover of twin mortgage buyers, putting the government in charge of the mortgage giants and the $5 trillion in home loans they back. The plan eliminated the top executives which were out and replaced with Wall Street titans.
The House Oversight and Government Reform Committee held a hearing on the financial collapse of Fannie Mae and Freddie Mac, their takeover by the federal government and their role in the financial crisis. The video below is a 4 hour review of a planned response to the crisis in the housing and mortgage markets at the time of the economic meltdown and crash of 2008.
The titans that replaced Freddie CEO Richard Syron and Fannie CEO Daniel Mudd were two Wall Street finance veterans and were charged with restoring the mortgage magnates to health. Herb Allison formerly served as president of Merrill Lynch was Continue reading →
The Coming Public Pension Meltdown: How Fannie Mae and Freddie Mac Were Used To Steal Public Pension Funds, Where Did All the Money Go, Who Has Been Covering Up the Theft, and How Every Homeowner Has Been and
Will Be Further Harmed by One of the Biggest Yet Still
Largely Concealed Financial Ripoffs in American History
We all know the devastating effects that the 2008 mortgage crisis has had on the American economy generally and tens of millions of homeowners personally and their families in the United States, while Pontius Pilate-like, federal and state judges and legislators have mostly looked the other way.
We are now faced with a yet even bigger, approaching financial disaster that this Nation’s local and state governments are equally unprepared for: the coming public pension meltdown that the federal government this time lacks the otherwise needed huge financial resources to adequately deal with. Continue reading →