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Senator calls for investigation into Fannie, Freddie

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Mortgage Professional America | 20 Apr 2016, 06:30 AM Agree 0
The head of the Senate Banking Committee is calling for federal agencies to investigate Fannie Mae, Freddie Mac, and the organization that oversees them
  • Anonymous and fed up | | 20 Apr 2016, 11:51 AM Agree 0
    These are the imbeciles we have in Congress. Fannie has long since paid back every single penny they borrowed, plus interest, and for several years has been flat out robbed dry by Treasury. There is no other word for it. Theft is the only word that accurately describes it. Not to mention the system is working again. In spite of these facts, these idiots keep saying we need GSE reform. No we don't. We don't need to reinvent the wheel. The only reform we need is in Congress. Throw these idiots out!
  • Ken CT | | 20 Apr 2016, 12:16 PM Agree 0
    I agree to the above. Both are quite profitable now.
  • Tex | | 20 Apr 2016, 12:22 PM Agree 0
    Congress is mad because there was a back lash when they wanted to use Fannie/Freddie funds for other purposes - like repairing roads that they have neglected for forever. I have never seen such stupidity and dishonesty.
  • Dave | | 20 Apr 2016, 12:46 PM Agree 1
    What's interesting about this situation is that congress bails them out with billions of dollars and now that the debt has been repaid and they are profitable again they want to investigate.
    Barney Frank is the individual responsible for this issue. He was told by senator McCain in 2001 to investigate Fannie/Freddie and he said point blank to McCain that Fannie /Freddie were solely responsible for the thriving economy. Then 2008 Barney wants to shut them down.
    You can YouTube Bill O'Riley/ Barney Frank interview a few years back.

    Bottom line.. If Barney were employed in the private sector he would have been terminated....
  • Dave P | | 20 Apr 2016, 02:58 PM Agree 0
    We have a far bigger problem of effectively insider trading do to the 1999 banking law changes that allow the Wall Street side of the bank to effectively make investment decisions on RMBS that they influence and sell ! Does it need to be any more clear. The banks have not cleaned up their act, the FDIC came to North Carolina to address the appraisers in regard to the Evals lenders are ordering by illegal providers and or in house appraisal staff. The basic concept of a mortgage based on sound collateral value is being influenced by CMBS, CDO, CDS traders !!!
  • sbharkness | | 20 Apr 2016, 04:37 PM Agree 1
    You have got to be kidding me, I mean, really? FNMA & FHLMC have paid back every dime borrowed. Congress is just mad because they were not allowed to misappropriate Fannie & Freddie's funds for like infrastructure repair. That's not what these two GSE;s were established for. Any monies that Congress gets their beady eyes on they want to spend. We need term limits and this is a perfect example why. No more career politicians living off the public dole. Vote these rascals out.
  • PMarron | | 20 Apr 2016, 11:40 PM Agree 0
  • Diane | | 25 Apr 2016, 01:23 PM Agree 0
    Except these doofus agencies are the ones who decided we could do 40 year terms, 10 year- interest only mortgages and then went hand and glove with the banks and 'investment' groups to provide even more home equity mortgages to people who had little to no money down and were essentially "renting" their homes in an interest only situation. Its not whether they paid back money, but whether they exercised ANY common sense using tax-payer money or were just as greedy as everyone esle.
  • Austian | | 26 Apr 2016, 02:23 AM Agree 0
    Close them down will they're still weak.
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