I wanted to take a moment and share a few of the excellent comments that were made on some of our posts today. I also want to thank all of you who helped bring about the quick reversal by Bloomberg. I am attaching a link to the current Bloomberg story. Take a look at the comments, you will recognize many of the names. Keep the Faith!
These comments were very telling today.
I found this comment Very interesting Today.
“Freddie Mac Chief Executive Donald Layton said that executives are operating the company as if it could someday return to the private sector. On a call with reporters, he said the company is continuing to try to improve its operations “should the future hold a return to the private sector in whole or in part.”
Fannie, Freddie Settle Into Post-Crisis Norm
From the SEC files “Our goal is to strengthen the business model in order to run the business efficiently and effectively in support of homeowners and taxpayers and, if required as part of a future state for the enterprise, to be able to promptly return to private sector ownership.”
Its facts like this that need to be widely shared!
Fannie and Freddie were roughly at 3 to 5 percent delinquency
“the Financial Crisis Inquiry Report—this was an independent report, the final report of the National Commission on the Causes of the Financial and Economic Crisis in the United States. They interviewed 700 people, had 19 days of public hearings, and went through reams of materials from
the private and public sector.
And on page 323, in their conclusions they state, ‘‘GSE mortgage
securities essentially maintained their value throughout the crisis
and did not contribute to the significant financial firm losses that
were central to the financial crisis.’’
Fannie and Freddie themselves have come out with a report that I would like to place in the record on delinquent rates, comparing their work with the private sector. And in this report, the private sector had roughly 35 percent delinquency, whereas Fannie and Freddie were roughly at 3 to 5 percent. So anyway, I just wanted to put that into the record.”
INFORMATION FROM: Page 3
FANNIE MAE AND FREDDIE MAC:
HOW GOVERNMENT HOUSING POLICY
FAILED HOMEOWNERS AND TAXPAYERS
AND LED TO THE FINANCIAL CRISIS
MARCH 6, 2013
This was an excellent find, this needs to be spread!
Great news! One aspect of our fight for FnF’s release that has not been covered widely is the corporate taxes paid by FnF to Treasury during the conservatorship. I understand that it’s required by law, but having a comparison of the taxes paid IN ADDITION TO the dividends (plus the Sweep) paid by FnF in the past few years should strengthen our case that taxpayers not only benefited from the “dividends” but also from the taxes paid by FnF as working corporations. Can some accountants come up with the tax figure for all of us? Thanks.
At the bottom of page 3 of FNMA’s Q2 report, it states it will pay federal income taxes of $4.3B for the first half of 2014. This is the kind of information that I hope we could spread out as well, that NOT ONLY FNMA sends all profits to Treasury, BUT also corporate income taxes too!! Once in Treasury, they all benefits the taxpayers!!
Also, from FNMA’s annual 10-K, here’s what I found reported for federal income taxes paid: (2012) $0, (2011) $90M, (2010) $82M, (2009) $985M. 2013’s $45.4B was an abberation due mainly to the one-time DTA. So, hopefully we can see that for 2014 and only 6 months, FNMA (not including FMCC) already had provision for $4.3B federal income taxes. This is IN ADDITION TO the dividends/sweep of $9.4B for 2014 to-date.
Excellent work Ron, spreading the truth!
Ron Luhmann said:
Social media can be extremely powerful if we use it collectively🙂
e-mail links to CNBC : firstname.lastname@example.org email@example.com
I just sent tweet to CNBC …
@SquawkCNBC #Breaking news – Bank settlements expose “Brazen Fraud” causing Fannie and Freddie’s financial woes. https://timhoward717.com/
This is an excellent idea!
Is it possible that you can organize some sort of talk/protest/demonstration in DC
We need our voices to be heard. What’s happening is the biggest scam in history, yet it gets very little and negative attention
Stand-up for your rights!!
Keep the faith!!!