finknottle Posted October 1, 2008 Posted October 1, 2008 This is one of the reasons the bailout is so unpalatable - we will be turning over the oversight to the very fools who got us into it, and are now trying to blame the Republicans. The bald-faced lying about the role of regulation in this crisis in unconscionable. http://www.youtube.com/watch?v=_MGT_cSi7Rs PS Not mentioned in the hearings, obviously, is that the FM/FM leaders being discussed are now advisors to Obama.
GG Posted October 1, 2008 Posted October 1, 2008 This is one of the reasons the bailout is so unpalatable - we will be turning over the oversight to the very fools who got us into it, and are now trying to blame the Republicans. The bald-faced lying about the role of regulation in this crisis in unconscionable. http://www.youtube.com/watch?v=_MGT_cSi7Rs PS Not mentioned in the hearings, obviously, is that the FM/FM leaders being discussed are now advisors to Obama. It's undisputed that Raines & crew committed corporate fraud that far surpasses Enron, Worldcom, Tyco & Adelphia, but there's absolutely nothing in the bills that I have seen will let Fan/Fred handle the mortgage portfolio that Treasury will buy.
X. Benedict Posted October 1, 2008 Posted October 1, 2008 This is one of the reasons the bailout is so unpalatable - we will be turning over the oversight to the very fools who got us into it, and are now trying to blame the Republicans. The bald-faced lying about the role of regulation in this crisis in unconscionable. http://www.youtube.com/watch?v=_MGT_cSi7Rs PS Not mentioned in the hearings, obviously, is that the FM/FM leaders being discussed are now advisors to Obama. 2004 right? Just wondering who was chairing that committee (Baker)....you almost get the impression from the video that Waters could have actually blocked any reform.
GG Posted October 1, 2008 Posted October 1, 2008 2004 right? Just wondering who was chairing that committee (Baker)....you almost get the impression from the video that Waters could have actually blocked any reform. That's the punchline. Anyone who believes that reforming the GSEs could have been done in 2004/2005 as the real estate market was going strong and the agencies were "fulfilling" their mission, is delusional.
finknottle Posted October 1, 2008 Author Posted October 1, 2008 It's undisputed that Raines & crew committed corporate fraud that far surpasses Enron, Worldcom, Tyco & Adelphia, but there's absolutely nothing in the bills that I have seen will let Fan/Fred handle the mortgage portfolio that Treasury will buy. Correct (I think). The problem is the perception that the regulartory oversight that is promised will be created - if not managed - under guidence of Frank and Dodd.
X. Benedict Posted October 1, 2008 Posted October 1, 2008 Correct (I think). The problem is the perception that the regulartory oversight that is promised will be created - if not managed - under guidence of Frank and Dodd. Congressional oversight is mostly an oxymoron when talking about Federal Agencies. Of course you can bring Agency chairmen in for a good talking to and self-promoting Q&A for C-Span.
Adam Posted October 1, 2008 Posted October 1, 2008 This is one of the reasons the bailout is so unpalatable - we will be turning over the oversight to the very fools who got us into it, and are now trying to blame the Republicans. The bald-faced lying about the role of regulation in this crisis in unconscionable. http://www.youtube.com/watch?v=_MGT_cSi7Rs PS Not mentioned in the hearings, obviously, is that the FM/FM leaders being discussed are now advisors to Obama. Screw the democrats and republicans- they got us into this, and all they want to do is place blame. Both parties are incompetent and so are their lemming bases who would follow them off a cliff
finknottle Posted October 1, 2008 Author Posted October 1, 2008 Congressional oversight is mostly an oxymoron when talking about Federal Agencies. Of course you can bring Agency chairmen in for a good talking to and self-promoting Q&A for C-Span. Well, congressional oversight certainly stifled the administrations efforts to reign in Fannie Mae/Freddie Mac and hold their CEO's (you know, Obama's advisors) to account after being found in violation of the regulations. So they can't be that un-influential.
X. Benedict Posted October 1, 2008 Posted October 1, 2008 Well, congressional oversight certainly stifled the administrations efforts to reign in Fannie Mae/Freddie Mac and hold their CEO's (you know, Obama's advisors) to account after being found in violation of the regulations. So they can't be that un-influential. Reign in? I really don't know what he tried to do other suggesting cap portfolios. (not being facetious ....I just don't know) Honestly I think I could spend a lifetime trying to figure out exactly how Fannie was supposed to be managed in the first place. Such a weird hybrid --- government sponsored private enterprise thingamajiggy.
finknottle Posted October 1, 2008 Author Posted October 1, 2008 Reign in? I really don't know what he tried to do other suggesting cap portfolios. (not being facetious ....I just don't know) Honestly I think I could spend a lifetime trying to figure out exactly how Fannie was supposed to be managed in the first place. Such a weird hybrid --- government sponsored private enterprise thingamajiggy. Well, there is no real reason for it to exist. The original reason was to give it a monopoly on the secondary mortgage market - buying mortgages in bulk from banks to free up their capital, and reselling them (with a federal guarantee) on the open market. That usefullness has been superceeded over the last 50 years. There are plenty of players with the assets who can play that role. The secondary reason, dovetailing with the first, is the social engineering mandate of pushing affordable housing. That means pressuring banks to create and bundle loans to those who would not otherwise qualify. But *that* aspect is not something that would be done otherwise, since a commercial company in the secondary mortgage market would see it for the bad investment that it is.
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