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THE REAL MESS

August 10, 2011

What 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

 
These are the leading culprits who actually caused the subprime

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.

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4 comments

  1. 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.


  2. Lea France has been recognized as one of the top Real Estate Owned (REO) sales representatives at Fannie Mae over the course of the past six years, Lea leverages more than 18 years of experience in real estate and business. She is not an Associate Vice President for Fannie Mae. The comment posted by John D on August 15, 2011 below, contains alot of defamatory information and is false. Lea France has earned praise and respect from Fannie Mae, for her top performance


  3. Lea France at Fannie Mae has earned praise and respect from Fannie Mae for her real estate esperience. The blogger John D. who has posted a comment on this web site, is obviously trying to do a “hatchet job” on Lea France. John D you need to take off your hood, because no one supports the Klan anymore thank God. Lea France is without a doubt one of the most respected sales representatives at Fannie Mae. Lea France, a native of Dallas, grew up in Southern California and took all of her required courses in real estate through the University of California, Los Angeles. In her class work and in further certificate courses through UCLA she concentrated on commercial real estate leasing, the legal details of land transactions,law of contracts, law of agency, investment and appraisal, consumer protection and ethics, and management of fair housing regulations. She has used her extensive background in the theory and practice of real estate to become one of the leading achievers in her unit, earning the status of top performer.


  4. Fannie Mae REO Sales Reprsentative Lea France (at Fannie Mae)
    is a native of Dallas, grew up in Southern California and took all of her required courses in real estate through the University of California, Los Angeles. In her class work and in further certificate courses through UCLA she concentrated on commercial real estate leasing, the legal details of land transactions,law of contracts, law of agency, investment and appraisal, consumer protection and ethics, and management of fair housing regulations.

    She has used her extensive background in the theory and practice of real estate to become one of the leading achievers in her unit, earning the status of top performer.



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