Monthly Archives: October 2017

American Nightmare – The Plight of GSE Investors and American Homeowners

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By Sydney Sullivan

This will be one of several posts on the future of Fannie Mae and Freddie Mac. Your thoughts and your owns stories are welcome in the comments section.

Nearly a decade ago, in September 2008, US Treasury Chief Hank Paulson unveiled his historic government takeover of twin mortgage buyers, putting the government in charge of the mortgage giants and the $5 trillion in home loans they back. The plan eliminated the top executives which were out and replaced with Wall Street titans.

The House Oversight and Government Reform Committee held a hearing on the financial collapse of Fannie Mae and Freddie Mac, their takeover by the federal government and their role in the financial crisis. The video below is a 4 hour review of a planned response to the crisis in the housing and mortgage markets at the time of the economic meltdown and crash of 2008.

The titans that replaced Freddie CEO Richard Syron and Fannie CEO Daniel Mudd  were two Wall Street finance veterans and were charged with restoring the mortgage magnates to health. Herb Allison formerly served as president of Merrill Lynch was Continue reading →

MERS Unraveling

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“And as for the free house, most homeowners only want to work out the terms of a real note and a real mortgage and pay back the money that the investor would otherwise lose if that portion of the loan that has not already been paid as “settlement” when the investors discovered what had been done with their money.”

David Dayen: How America’s Biggest Bank- JPMorgan Chase Paid its Fine for the 2008 Mortgage Crisis—With Phony Mortgages! Alleged fraud put JPMorgan Chase hundreds of millions of dollars ahead; ordinary homeowners, not so much.

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Moved to Garfield’s Blog:

Not enough attorneys have included their state AG in the defense action, and fail to quote the National Mortgage Settlement terms, or OCC Consent Orders in detail. Forged documents ought to raise to the level of fraud on the court, right?

But let’s not let our legislators off the hook, either. Why have they all failed to pass a bill to mandate all endorsements be dated. In the words of Ina Garten, “how simple is that?”