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Protect the debt holders at all costs especially if it's at taxpayer cost.
"You have to give Treasury Secretary Tim Geithner some credit for spin: today the Treasury announced “Further Steps to Expedite Wind Down of Fannie Mae and Freddie Mac.” The only problem is that the steps announced largely put the taxpayer at greater risk in order to protect holders of Fannie and Freddie debt.Essentially, the Treasury has amended its agreements with Fannie and Freddie so that the companies no longer have to pay a fixed dividend to the U.S. taxpayer, but instead “every dollar of profit” from the companies to the taxpayer. The problem is that the Government Sponsored Enterprises (GSE) have never had a year where their profits would have covered the dividend payments, so while we can debate if the taxpayer will recover anything from the GSEs, shifting to just collecting profits definitely means the taxpayer’s potential recoupment is lower."
My mortgage is through fannie. The last six months I've been trying to find out who actually owns it after fannie securitized it and sold it off to who knows where. All I've gotten is brick walls and now my servicer, Wells Fargo, is telling me I need a subpoena if I want more info. The fraud these folks have done is unbelievable. I wouldn't even buy a home today because some trust a year or two from now could show up and say they own the damn thing and you wouldn't even know it or be able to do anything about it.
Sounds great on the surface doesn't it? Many of these losses are supposed to be placed back on the banks that initially wrote the contracts. Just another case where Geithner and Bernanke simply completely ignore existing law at the expense of taxpayers.
Protect the debt holders at all costs especially if it's at taxpayer cost.
"You have to give Treasury Secretary Tim Geithner some credit for spin: today the Treasury announced “Further Steps to Expedite Wind Down of Fannie Mae and Freddie Mac.” The only problem is that the steps announced largely put the taxpayer at greater risk in order to protect holders of Fannie and Freddie debt.Essentially, the Treasury has amended its agreements with Fannie and Freddie so that the companies no longer have to pay a fixed dividend to the U.S. taxpayer, but instead “every dollar of profit” from the companies to the taxpayer. The problem is that the Government Sponsored Enterprises (GSE) have never had a year where their profits would have covered the dividend payments, so while we can debate if the taxpayer will recover anything from the GSEs, shifting to just collecting profits definitely means the taxpayer’s potential recoupment is lower."
My mortgage is through fannie. The last six months I've been trying to find out who actually owns it after fannie securitized it and sold it off to who knows where. All I've gotten is brick walls and now my servicer, Wells Fargo, is telling me I need a subpoena if I want more info. The fraud these folks have done is unbelievable. I wouldn't even buy a home today because some trust a year or two from now could show up and say they own the damn thing and you wouldn't even know it or be able to do anything about it.
Forward the documentation of your requests and Well's Fargo's uncooperative response to your State Attorney General's Office and let them know of your fraud concern.
Forward the documentation of your requests and Well's Fargo's uncooperative response to your State Attorney General's Office and let them know of your fraud concern.
Oh I have but have heard nothing in return. Hasn't been long though. I'm doubting much will happen as the state attorneys have all been paid off by Wells with their settlement not too long back. I really don't want to have to get an attorney but may see how much one would charge just to see where this takes me. I'm rather curious to try and unfold the tangled web that has been woven in just my particular case. I wonder if they even know who holds the thing. Maybe when the kids all get off to college I'll just stop paying my mortgage and see what happens. lol
They will NEVER unwind this horrible monster that artificially inflates housing prices, fuels speculative bubbles, pays off insiders, corrupts free markets, injects Trillions of government dollars into the mortgage markets, lowers lending standards.
No....nope never!!
What will happen is the crooked politicians will make some very visible...yet minor changes to the way F&F works.....probably change the name of the racket......and carry on like usual.
Just add that 6 Trillion on to the pile, 22 Trillion now...
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