THE REAL MESS
August 10, 2011What many people do not know is the real history of the problems we are having today and it was signed into law by jimmy (peanut farmer) carter in 1977 here’s the first link and on the right side is a map that the law was based out that is how the term red lining was created it was showing banks where the safe loans could be repaid and the red areas were showing much riskier areas.
Thus created the first banking crisis back in the late 1980′s the S&L’s debacle the community activists boycotted and attacked the S&L’s banks to charge them with red lining and deceit and deceptive loan process. Because the S&L’s banks were receiving insurance money from the FDIC that made the banks liable if they were ever sued in court.
Timeline of the Housing Crisis
mortgage collapse which then caused the current worldwide deep recession
1. Jimmy Carter pushed for and signed into law the
Community Reinvestment Act which forced banks to
lower their standards so that previously unqualified
people could get a mortgage.
2. Bill Clinton then doubled-down on the Community Reinvestment
Act and greatly lowered mortgage standards to
allow a lot more unqualified borrowers to get loans.
3. Bill Clinton’s Attorney General, Janet Reno, then intimidated
banks with threats of legal action if they
did not give loans to unqualified borrowers who
would not have the income to pay the loans back.
4. A member of the Clinton administration, Franklin Raines
was then put in charge of Fannie Mae by Bill Clinton. Fannie
Mae bought up a majority of the bad loans made by
banks to unqualified borrowers. Raines then falsified Fannie
Mae financial reports so he could collect bonuses
which totaled over $90 million for 5 years.
5. Senator Chris Dodd, head of the Senatorial Financial
Committee, suppressed efforts by President
George W. Bush and congressional Republicans to
rein in the corruption at Fannie Mae and Freddie Mac.
He got a very favorable loan by a bank associated
with Fannie Mae and Freddie Mac. He got large political
campaign contributions from Fannie Mae and
Freddie Mac.
6. Barney Frank, head of the House of Representatives
Banking Committee, also suppressed efforts by President
George W. Bush and Congressional Republicans to
investigate corruption at Fannie Mae and Freddie Mac.
7. Barack Obama, while he was an attorney, filed lawsuits
against banks on behalf of ACORN in order to
force banks to give loans to people who could not afford
to pay them back. Obama, while he was a U.S.
Senator, also suppressed efforts by President George
W. Bush and Republican Congressmen to investigate
and rein in Fannie Mae and Freddie Mac.
Fannie Mae corruption is about several specific people making very real money (millions of dollars) at the taxpayers expense. For a while now, I have followed the career of Fannie Mae Associate Vice President Lea France who has become notoriously famous for her strange and abusive management style. Looking at the sales records I see a very specific investor who follows her career very closely as well. Following her from one state to another, the investor buys only Fannie Mae owned properties paying cents on the dollar in each area of the country that she manages at the time and subsequently flipping them a few months later making a very quick no-risk 40-60% profit on each sale. I am documenting my findings in the following blog:
http://lea-france-fannie-mae-complaint.blogspot.com
This activity has been going on for years and nobody at Fannie Mae wants to do anything about it. I would welcome your opinion on the matter.