Freddie
Mac: $5 Billion in Fraud and Counting Fannie's
Hedging Deals Look Thorny The
Fannie Mae/Freddie Mac Bubble is About to Burst Fannie
Mae Faces Lawsuits on Accounting A
Whistle-Blower is Kept in the Wings at Hearing Alarm
Bells Sound for Fannie and Freddie Sporkin's
Role at Fannie Mae and Fraud EDITOR'S
COMMENTS We had a hard time re-finding Dizard's Alarm Bells Sound since it appears to have blooped off the ft.com website, but we managed. This is one of my favorites. Prozac, anyone? Eavis' Fannie's Hedging Deals indicates that Fannie "may have excluded as much as $12 billion of losses from its income statement." Wow! -- that's a lot of chump change and shareholder value. Eavis has been writing about this National Soap Opera like a junk yard dog the past several days, and this is one of his best pieces yet. The lawsuits have started to creep out of the woodwork, and it appears now they are pulling in Fannie's Board of Directors, the Beautiful People. You just have to read Chris Sanders' article -- he covers a lot of territory relating the GSEs to the Federal Reserve and the use of social capital [at the taxpayers' expense] to ensure the banking system is protected from itself. We posted a link to Catherine Austin Fitts' Solari Action Network Press Archive on Sporkin and his trusty white steed riding in as the Rhinestone Cowboy to save Fannie Mae from itself -- a lot of great stuff there. Now why would a whistle-blower be kept in the wings? Mike Swanson puts together a great read with some technical analysis for the housing and mortgage markets. Housing Bubble? Mortgage Bubble? Debt Bubble? And the Flying Pig award goes to.....? Ole Bear, Editor © 2004 Realty Reality |
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