The following has been added to our “Summary of Truth” page. I want to thank everyone who has been participating and encourage anyone interested in helping us to reach out. You can simply add a comment in the comments section here or on the summary of truth page. I can not stress how critical it is that we form and accurate narrative at this point. It will play a huge role in allowing our allies a great source to combat our opponents river of lies. Thanks again, Keep the Faith!
Truth number one: Fannie and Freddie did not cause the financial crisis.
This is perhaps one of the most pervasive and widely told lies regarding Fannie and Freddie. It has been a brilliantly cunning rewrite of history by those who have been pushing for Fannie and Freddies demise. As we will very clearly demonstrate here it is simply not true.
The housing bubble that began in 01 and peaked in 04,05 and 06 was fueled by private capital sub-prime predatory style mortgage companies and many large banks. Fannie and Freddie played no role in this. Truth pics and info
These charts show the truth.:
Note the subprime boom years of 2003-2006. I know this is in direct contradiction to what so many of our elected leaders profess but, unfortunately, for them once again the facts get in the way of their lies. Wall Street greed caused the financial crisis plain and simple. From 01-06, they unleashed a myriad of predatory mortgage related products on America. These products promised high rewards for Wall Street bankers at the expense of an unsuspecting American population. They preyed largely on low to moderate-income and minority families.In a fitting twist of fate, this diabolical scheme blew up in their faces. The unfortunate part was that they almost took our country out with them.
Truth number two: Recent bank settlements further exonerate Fannie and Freddie from blame. (We will be adding to this in greater detail soon)
In another stunning case of deceit we have recently witnessed massive settlements to the tune of $200 billion dollars made by numerous big banks concerning the toxic mortgages they fraudulently pawned off on Fannie and Freddie. It was a widely held belief that Fannie and Freddie knowingly chased the fools gold created by the private mortgage companies and big banks in the waning years of the crisis. This critical development has warranted hardly a whisper from those who wish to see Fannie and Freddies demise. We are not surprised as it seems any data that does not back up their false narrative is conveniently left out of the conversation. The details contained in the lawsuits show schilling pattern
Truth number three: Fannie and Freddie were used as a tool to save failing banks shortly after they were put into conservatorship in 2008.
Another key fact that has not been discussed nearly enough is the fact that shortly after being put into conservatorship they were forced to buy at least 40 billion dollars worth of toxic mortgages from numerous big banks. Fannie and Freddie were used as a tool to save our nations biggest banks. In perhaps one of the cruelest parts of the Fannie and Freddie bailout, they were then forced to pay a 10 percent dividend every quarter based on the write-downs that these forced purchases created. This also made the amount of capital that they needed appear much higher than it would have been otherwise.
Truth number four: “Affordable housing mandates did not cause Fannie and Freddie’s problems.” Many have also claimed that the affordable housing mandates played a role in the crisis. Elizabeth Warren set the record straight “Although Fannie and Freddie purchased securities backed by subprime loans, and some of those purchases helped fulfill their affordable housing goals, the St. Louis Fed economists found that the housing goals had no impact — no impact — on either the number of subprime loans originated or the price of those loans in the private-label market,” she said. “Affordable housing goals have been scapegoated by those who have been itching to get rid of the goals for a long time, but I think it’s time to drop that red herring.”
Folks honestly this is about all I can take tonight on this subject. I literally begin to feel physically nauseated when I spend too much time on this. The lengths some in our government have gone to deceive the American people is treasonous. We will continue tomorrow. As always the input, we have received is highly appreciated. If you see an error, please post a comment below. If you see something, you feel should be added comment as well. Keep the faith!
Future truths: Please provide your suggestions for future truths that need to be told.