Investigate This! – and get our $12 billion+ back
Let’s get it back. Twelve billion, one hundred and sixteen point four million dollars might not sound like a lot to you, but it starts to add up.
By Ann Coulter at Human Events.com
EXCERPTS:
Goo-goo liberals with federal titles pressured banks into making absurd loans to high-risk borrowers — demanding, for example, that the banks accept unemployment benefits as collateral. Then Fannie repackaged the bad loans as “prime mortgages” and sold them to banks, thus poisoning the entire financial market with hidden bad loans.
Believe it or not, the loans went belly up, banks went under, and the Democrats used taxpayer money to bail out their friends on Wall Street.
Over and over again, Republicans tried to rein in the politically correct policies being foisted on mortgage lenders by Fannie Mae, only to be met by a Praetorian Guard of Democrats howling that Republicans hated the poor.
In 2003, Republicans on the Senate Banking Committee wrote a bill to tighten the lending regulation of Fannie and Freddie. Every single Democrat on the committee voted against it.
Fannie was pressuring banks to write mortgages with no money down and no proof of income. What could go wrong?
In 2004, Bush’s White House Chief Economist Gregory Mankiw warned that Fannie was creating “systemic risk for our financial system.”
Democrats saw nothing of concern in the Fannie debacle. Bad mortgages don’t contain sodium, do they? They don’t engage in “hate speech.” And they don’t emit carbon dioxide. There was nothing to catch a Democrat’s eye.
As late as 2008, Sen. Chris Dodd, D-Conn., who had received more than $133,000 in political contributions from Fannie Mae, called Fannie “fundamentally strong” and “in good shape” — which is the kind of thing the Politburo used to say about Yuri Andropov right after he died.
As the titanic losses were racking up, Fannie Mae’s operators, Franklin Raines and Jamie Gorelick, disguised the catastrophe by orchestrating a $5 billion accounting fraud — all the while continuing to pressure banks to make absurd, politically correct loans and denouncing Republicans as enemies of the poor.
Under the Democrats’ 2010 “Financial Reform” bill (written by Chris Dodd, Barney Frank and Goldman Sachs), Raines keeps his $90 million, Jamie Gorelick keeps her $26.4 million, and Goldman keeps its $12 billion from the AIG bailout.
FULL ARTICLE
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