2004 Democrats Say no Problem w/ Freddie and Fannie - Page 2 - Mercedes-Benz Forum

LinkBack Thread Tools Display Modes
post #11 of 13 (permalink) Old 09-28-2008, 10:25 AM
BenzWorld Elite
mcbear's Avatar
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 2 Post(s)
Originally Posted by TNTRower View Post
I'd rather ask Raines the criminal himself. Who by the way the Obama campaign wanted to consult on Housing and Mortgage issues before they got found out by the Washington post. Of course they denied it but hey typical politician right?
If you think that the influence of Raines and that of Davis and Gramm are equal you might think about finding some critical thinking skills on eBay.


Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
Sponsored Links
post #12 of 13 (permalink) Old 09-28-2008, 10:27 AM Thread Starter
BenzWorld Elite
TNTRower's Avatar
Date registered: Sep 2007
Vehicle: '98 E320 Wagon (non 4matic)
Location: Atlanta, GA & Malabo, Equatorial Guinea
Posts: 6,663
Mentioned: 0 Post(s)
Quoted: 1 Post(s)
Send a message via AIM to TNTRower
(Thread Starter)
Originally Posted by mcbear View Post
If you think that the influence of Raines and that of Davis and Gramm are equal you might think about finding some critical thinking skills on eBay.
Good comeback McBear...

It all begins to add up...

And this is just from somebody who is a simpleton and needs to buy some critical thinking skills from Ebay according to you.

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel. --Benjamin Netayahu
TNTRower is offline  
post #13 of 13 (permalink) Old 09-28-2008, 10:56 AM
BenzWorld Elite
Date registered: Jul 2007
Vehicle: 1973 450 SL
Location: Castle Rock, CO
Posts: 5,453
Mentioned: 0 Post(s)
Quoted: 0 Post(s)
Well, TNTrower, didn't I warn you about being accused of cavorting with farm animals? Thanks for posting the video link.

This video is really damning for the Dems because it shows the very activity of them trying to bury the reforms the Bush administration was proposing in 2005 to improve oversight by the OFHEO of Fannie Mae. Maxine Waters is also clearly revealing that the entire Dem agenda in the legislative changes since the Clinton admin was to make loans accessible and cheaper for poor people, which we now call sub-prime borrowers, and will pay for the next 20 years.

I've extracted the following from Wiki to describe the role Franklin Raines played in the accounting fraud at Fannie Mae:

"On December 21, 2004 Raines accepted what he called "early retirement" [3] from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses [4].

In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $50 million in payments made to Raines based on the overstated earnings [5] initially estimated to be $9 billion but have been announced as 6.3 billion.[6].

Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO sought $110 million in penalties and $115 million in returned bonuses from the three accused.[7] On April 18, 2008, the government announced a settlement with Raines together with J. Timothy Howard, Fannie's former chief financial officer, and Leanne G. Spencer, Fannie's former controller. The three executives agreed to pay fines totaling about $3 million, which will be paid by Fannie's insurance policies. Raines also agreed to donate the proceeds from the sale of $1.8 million of his Fannie stock and to give up stock options. The stock options however have no value. Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses.[8]

An editorial in The Wall Street Journal called it a "paltry settlement" which allowed Raines and the other two executives to "keep the bulk of their riches." [9] In 2003 alone, Raines's compensation was over $20 million.[10]

A statement issued by Raines said of the consent order, "is consistent with my acceptance of accountability as the leader of Fannie Mae and with my strong denial of the allegations made against me by OFHEO."[11]

In a settlement with OFHEO and the Securities and Exchange Commission, Fannie paid a record $400 million civil fine. Fannie, which is the largest American financier and guarantor of home mortgages, also agreed to make changes in its corporate culture and accounting procedures and ways of managing risk. [12]

In June 2008 The Wall Street Journal reported that Franklin Raines was one of several public officials who received below market rates loans at Countrywide Financial because the corporation considered the officeholders "FOA's"--"Friends of Angelo" (Countrywide Chief Executive Angelo Mozilo). He received loans for over $3 million while CEO of Fannie Mae."

Charter member of the Vast Rightwing Conspiracy and proud of it.

God Bless the America we're trying to create.
--Hillary Rodham Clinton
bottomline1 is offline  
Sponsored Links

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Off-Topic

Quick Reply

Register Now

In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Please enter a password for your user account. Note that passwords are case-sensitive.


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:


  • Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
    Thread Tools
    Show Printable Version Show Printable Version
    Email this Page Email this Page
    Display Modes
    Linear Mode Linear Mode

    Similar Threads
    Topic Author Forum Replies Last Post
    Fannie Mae and Freddie Mac Invest in Lawmakers Multipurpose Off-Topic 3 10-20-2008 10:06 AM
    McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005 pcunningham42 Off-Topic 1 09-18-2008 10:10 AM
    Fannie Mae and Freddie Mac Teutone Off-Topic 46 09-09-2008 10:36 PM
    does freddie mac and fannie mae sound like this to anybody?? theboss Off-Topic 2 07-28-2008 11:51 AM
    Fannie Freddie bailout mlfun Off-Topic 22 07-14-2008 11:04 PM

    Posting Rules  
    You may post new threads
    You may post replies
    You may not post attachments
    You may not edit your posts

    BB code is On
    Smilies are On
    [IMG] code is On
    HTML code is Off
    Trackbacks are On
    Pingbacks are On
    Refbacks are On


    Title goes here

    video goes here
    description goes here. Read Full Story
    For the best viewing experience please update your browser to Google Chrome