Raines, Waters, Meeks, Rangel and Fannie Mae/ Freddie Mac Form a Common Thread to Economic Collapse
Obama should listen to Former President Clinton, it’s the Democrats fault!
The other day we at SpeakNowAmerica.org reported that it was the Clinton era and the liberal socialist democrats that were to blame for our economic crisis. Here is an excerpt from our article:
As reported by the L.A. Times, starting in 1992 a majority of the Democratic Congress “mandated” that Fannie Mae/ Freddie Mac increase their purchase of mortgages for low income borrowers. Since this requirement Fannie Mae, especially, has been aggressive and creative in stimulating minority gains. The Clinton Administration put massive pressure on banks to grant mortgages to the poor and minorities. Andrew Cuomo, Clinton’s secretary of Housing and Urban Development, investigated Fannie Mae for racial discrimination and proposed 50% of Fannie Mae/ Freddie Mac portfolio be earmarked for low to moderate income borrowers by 2001.
We would like you to watch this video so you can understand how all of this went down. We know that some will take this video for what it is; the actual filming for C-Span of the House discussing H.R. 1461 in October 2005. It is best that you hear for yourself, our elected Representatives in the House. You will hear from Maxine Waters, Gregory Meeks, Charlie Rangel and others and I believe you will be as startled as we were. You might shake your head as you see people who you know were there to represent the American people speak as they did, watch as they defend Fannie Mae/Freddie Mac. They were defending the very person who helped bring Fannie Mae down, Franklin Raines. What does that say about them? Now three years later we sit and we wonder how it is that something that they said did not need any help in 2005 has just fallen apart and we the American citizens have a bailout being shoved down our throats. Others will want to keep the blinders in place and we can’t help these people, they will get what they deserve. By continuing to re-elect some of these officials in this video, people who steal from our country, people who could care less about the American people then they deserve what they are served up!"since his “early retirement” from Fannie Mae. On December 21, 2004 Raines accepted what he called "early retirement” from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $50 million in payments made to Raines based on the overstated earnings initially estimated to be $9 billion but have been announced as 6.3 billion.
Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO sought $110 million in penalties and $115 million in returned bonuses from the three accused. On April 18, 2008, the government announced a settlement with Raines together with J. Timothy Howard, Fannie's former chief financial officer, and Leanne G. Spencer, Fannie's former controller. The three executives agreed to pay fines totaling about $3 million, which will be paid by Fannie's insurance policies. Raines also agreed to donate the proceeds from the sale of $1.8 million of his Fannie stock and to give up stock options. The stock options however have no value. Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses.
$50 Million in payments and the Government settled for a few million? Hmmmmm perhaps had that “lynching” been allowed to take place, Fannie Mae/Freddie Mac would not have needed rescue because Raines would not have been able to steal all the money he did.
Remember on the video when Frank Raines said, “There aren't any banks who only have multifamily and single-family loans. These assets are so riskless that their capital for holding them should be under 2%. These assets are so riskless.”
Words spoken by Franklin Raines, who will be in Obama's cabinet. Franklin Raines, has already been consulting with Obama on Housing and the Economy. Isn't that great? Barack Hussein Obama is getting advice from another criminal? One that stole gazillions from Fannie Mae and did we mention that this charming character was also a former director of the Office of Management and Budget for the Clinton administration?
Here is what a possible Barack Hussein Obama cabinet might look like:
Frank Haines
Saul Alinsky
Tony Rezco
William Ayers
Jeremiah Wright
The list just keeps getting better and better………….
Wake up America and take the blinders off !! See Barack Hussein Obama for what he is. He is a well spoken, educated, corrupt, America hater who likes to associate with socialists, criminals and terrorists and if you think he is going to change once he is elected you are sorely mistaken. It will be too late!
Speak Now America! we want to hear from you.
The other day we at SpeakNowAmerica.org reported that it was the Clinton era and the liberal socialist democrats that were to blame for our economic crisis. Here is an excerpt from our article:
As reported by the L.A. Times, starting in 1992 a majority of the Democratic Congress “mandated” that Fannie Mae/ Freddie Mac increase their purchase of mortgages for low income borrowers. Since this requirement Fannie Mae, especially, has been aggressive and creative in stimulating minority gains. The Clinton Administration put massive pressure on banks to grant mortgages to the poor and minorities. Andrew Cuomo, Clinton’s secretary of Housing and Urban Development, investigated Fannie Mae for racial discrimination and proposed 50% of Fannie Mae/ Freddie Mac portfolio be earmarked for low to moderate income borrowers by 2001.
We would like you to watch this video so you can understand how all of this went down. We know that some will take this video for what it is; the actual filming for C-Span of the House discussing H.R. 1461 in October 2005. It is best that you hear for yourself, our elected Representatives in the House. You will hear from Maxine Waters, Gregory Meeks, Charlie Rangel and others and I believe you will be as startled as we were. You might shake your head as you see people who you know were there to represent the American people speak as they did, watch as they defend Fannie Mae/Freddie Mac. They were defending the very person who helped bring Fannie Mae down, Franklin Raines. What does that say about them? Now three years later we sit and we wonder how it is that something that they said did not need any help in 2005 has just fallen apart and we the American citizens have a bailout being shoved down our throats. Others will want to keep the blinders in place and we can’t help these people, they will get what they deserve. By continuing to re-elect some of these officials in this video, people who steal from our country, people who could care less about the American people then they deserve what they are served up!"since his “early retirement” from Fannie Mae. On December 21, 2004 Raines accepted what he called "early retirement” from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $50 million in payments made to Raines based on the overstated earnings initially estimated to be $9 billion but have been announced as 6.3 billion.
Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO sought $110 million in penalties and $115 million in returned bonuses from the three accused. On April 18, 2008, the government announced a settlement with Raines together with J. Timothy Howard, Fannie's former chief financial officer, and Leanne G. Spencer, Fannie's former controller. The three executives agreed to pay fines totaling about $3 million, which will be paid by Fannie's insurance policies. Raines also agreed to donate the proceeds from the sale of $1.8 million of his Fannie stock and to give up stock options. The stock options however have no value. Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses.
$50 Million in payments and the Government settled for a few million? Hmmmmm perhaps had that “lynching” been allowed to take place, Fannie Mae/Freddie Mac would not have needed rescue because Raines would not have been able to steal all the money he did.
Remember on the video when Frank Raines said, “There aren't any banks who only have multifamily and single-family loans. These assets are so riskless that their capital for holding them should be under 2%. These assets are so riskless.”
Words spoken by Franklin Raines, who will be in Obama's cabinet. Franklin Raines, has already been consulting with Obama on Housing and the Economy. Isn't that great? Barack Hussein Obama is getting advice from another criminal? One that stole gazillions from Fannie Mae and did we mention that this charming character was also a former director of the Office of Management and Budget for the Clinton administration?
Here is what a possible Barack Hussein Obama cabinet might look like:
Frank Haines
Saul Alinsky
Tony Rezco
William Ayers
Jeremiah Wright
The list just keeps getting better and better………….
Wake up America and take the blinders off !! See Barack Hussein Obama for what he is. He is a well spoken, educated, corrupt, America hater who likes to associate with socialists, criminals and terrorists and if you think he is going to change once he is elected you are sorely mistaken. It will be too late!
Speak Now America! we want to hear from you.
this youtube video is what should be on the news. it should be played over & over again. instead of watching that air head tina fey crucify sarah palin every time i turn on the tv. what a shame that the truth about the democrats & what they did to our country gets shoved under the rug. where is the justice & where will it be if, God forbid obama ends up in the oval office!
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Yes, Richard it is totally amazing isn't it? I guess that is what happens when you hang with the corrupt bunch that Obama associates with. The liberal press protects him to no end. This type of media bias is what made me change my college major from journalism to public relations. It is a sad society we live in when the media who we depend on to deliver the news to us does so on such a slant.
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Try this on for size. We were trying to get a contract on a foreclosure that is owned by Fannie Mae. The asking price for the home was $290,000. The home had no appliances, holes in the walls, exposed wiring, etc. We fell in love with the home and most of the things wrong we could repair ourselves. So we made some offers on the home. Our final offer was $278,500. Well, they declined all of our offers wanting $290,000 for the home. (all of this took place over the last few weeks - April 2009). I went and looked to see if the home is still up for sale (we are under contract on another home now) and they are asking $268,900 for the home! This is almost $10,000 less than our last offer. We were already pre approved for more than what we were offering on the home, but Fannie Mae obviously has some kind of problem on accepting offers on this particular home. It has been on the market for almost 2 years and they decline offers on the home but then turn around and drop the homes price to below what the last counter offer was. Can you say discrimination! We are white middle class Military family. Why would Fannie Mae decline an offer of $278,500 and then turn around and lower the price to $268,900??? Kind of makes you wonder how many other families they have done this to just to keep homes on their books. No wonder they needed a Federal Bailout! To top this off I have been trying to contact Fannie Mae to find out the reason behind this but of course you never get to speak to a representative and they NEVER return phone calls! Something is obviously very fishy with Fannie Mae. Maybe the government needs to take an even closer look!
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Diane that sounds so government doesn't it? The reason why we do not need government more in our face. They fail at the programs they now run. That is ridiculous but I can't say I am surprised by it. I think you should defintely send it thu recovery.org and the other Obama sites, maybe someone will see it. Don't hope for much as I think that most that he talks about is fluff.
We have yet to see any glimmer of improvement, all we see is him on the television each day telling people what he is going to do. Taking the actual action is something he hasn't mastered just yet.
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