In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company …
The government-sponsored entities Freddie Mac and Fannie Mae are so neck deep in the subprime housing crisis that now the White House is considering putting them into conservatorship. Despite fears that both companies do not have enough capital to cover their liabilities, the Senate passed a bill yesterday that would …
Late yesterday Portfolio.com reported that a bunch of powerful Washington politicians were given below market loans by Countrywide Financial. Among those receiving “special” loans that saved them thousands of dollars were former HUD Secretary Alphonso Jackson and Senate Banking chairman Chris Dodd (D-CT). Rounding up the morning’s news for his …
Jim Johnson, the man recently chosen by Sen. Barack Obama to search for a VP candidate, is under fire for receiving millions of dollars in below-market loans from Countrywide Financial Corp. chief executive Angelo Mozilo. Private entities like Countrywide are free to give generous loan agreements to whomever they want, …
Just like any organized crime group, the Association of Community Organizations for Reform Now (ACORN) has a long and established history of using fraud, deceit and intimidation to achieve its goals. ACORN uses intimidation to shake down corporations for operating funds, deceives its own employees into supporting causes they don’t …
At the height of the “mortgage crisis” liberal commentators gleefully claimed recent financial turbulence was proof that free markets didn’t work. If only the housing market in this country was actually free. In actuality, two government-sponsored entities, Freddie Mac and Fannie Mae, have used their guaranteed access to federal credit …
