09-04-2014, 08:05 AM
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It's 42
Industry Role:
Join Date: Jun 2010
Location: Global
Posts: 18,083
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Quote:
[January 29, 2010]
Jan. 29 (Bloomberg) -- Russia urged China to dump its Fannie Mae and Freddie Mac bonds in 2008 in a bid to force a bailout of the largest U.S. mortgage-finance companies, former Treasury Secretary Henry Paulson said.
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Quote:
On September 6, 2008, the director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III, announced his decision to place two Government-sponsored enterprises (GSEs), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), into conservatorship run by the FHFA.[1][2][3]
At the same press conference, United States Treasury Secretary Henry Paulson, stated that placing the two GSEs into conservatorship was a decision he fully supported, and that he advised "that conservatorship was the only form in which I would commit taxpayer money to the GSEs." He further said that "I attribute the need for today's action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction."[1]
The same day, the then Federal Reserve Bankchairman Ben Bernanke stated in support: "I strongly endorse both the decision by FHFA Director Lockhart to place Fannie Mae and Freddie Mac into conservatorship and the actions taken by Treasury Secretary Paulson to ensure the financial soundness of those two companies."[4] The following day, Herbert M. Allison was appointed chief executive of Fannie Mae. He came from TIAA-CREF.[5]
http://en.wikipedia.org/wiki/Federal...nd_Freddie_Mac
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Another article: http://www.washingtonpost.com/wp-dyn...090700259.html
You should realize that most of what was said in the last 2 quarters of 2007 and the first 2 quarters of 2008 was a pack of lies and the result of financial manipulation to cover the financial manipulation of previous years.
No mia culpa and in 2014 how many of these thieves have been prosecuted?
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