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I read the NYT piece. You said "tens of thousands of mortgage defaulters got free homes" & the article describes in detail one person's situation.
Why would a newspaper article list every single person? They gave one, as an example. If you're wondering how widespread this is, the NY Times states there are tens of thousands of mortgage owers who are 5+ years behind on their mortgage payments. Look up the statue of limitations for each state to see how ubiquitous this is among long-term (5+ years in arrears) defaulters.
No. They guaranteed over $2 Trillion worth of HUD-mandated high-risk mortgages, which they then bundled as GSE-issued MBS without disclosing the higher risks to ratings agencies and worldwide investors.
I've explained that many times. You fail to understand it. That's another example of how financial illiteracy rears its ugly head.
Yes. F&F can't originate loans. These were nearly all bad loans created by the banks.
HUD is F&F's regulator, and as such forced F&F to buy over $2 Trillion worth of high-risk mortgages which they then bundled and sold to investors worldwide as supposedly "conforming loan" GSE-guaranteed MBS.
HUD is F&F's regulator, and as such forced F&F to buy over $2 Trillion worth of high-risk mortgages which they then bundled and sold to investors worldwide as supposedly "conforming loan" GSE-guaranteed MBS.
No. They guaranteed over $2 Trillion worth of HUD-mandated high-risk mortgages, which they then bundled as GSE-issued MBS without disclosing the higher risks to ratings agencies and worldwide investors.
I've explained that many times. You fail to understand it. That's another example of how financial illiteracy rears its ugly head.
The "financial illiteracy" schtick is your same o lame o narrative & faulty explanation. Here's a more honest & believable one:
Quote:
Originally Posted by WRnative
Interesting historical perspective on the issue from the Richmond Times-Dispatch:
<<They managed this con job partly with a propaganda technique that will be familiar to modern Americans, but hasn’t received the coverage it deserves in our sesquicentennial celebrations. Starting in the 1840s wealthy Southerners supported more than 30 regional pro-slavery magazines, many pamphlets, newspapers and novels that falsely touted slave ownership as having benefits that would – in today’s lingo – trickle down to benefit non-slave owning whites and even blacks. The flip side of the coin of this old-is-new trickle-down propaganda is the mistaken notion that any gain by blacks in wages, schools or health care comes at the expense of the white working class.
Today’s version of this con job no longer supports slavery, but still works in the South and thrives in pro trickle-down think tanks, magazines, newspapers, talk radio and TV news shows such as the Cato Foundation, Reason magazine, Rush Limbaugh and Fox News. These sources are underwritten by pro trickle-down one-per-centers like the Koch brothers and Rupert Murdoch.
For example, a map of states that didn’t expand Medicaid – which would actually be a boon mostly to poor whites – resembles a map of the old Confederacy with a few other poor, rural states thrown in. Another indication that this divisive propaganda works on Southern whites came in 2012. Romney and Obama evenly split the white working class in the West, Midwest and Northeast. But in the South we went 2-1 for Romney.>>
Fannie and Freddie bundled the loans purchased from originators seeking to meet HUD's mandate, and then sold them as supposedly "conforming loan" MBS even though they were not.
I already posted a link to Cuomo's HUD Press Release.
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