Wednesday, October 05, 2011

The Big Gummint Problem: Fannie Mae Chapter

Oh, yah, FNMA lost a bunch of money on rotten mortgages.  Several hundred million.  HT  AOSHQ

But it gets worse

FNMA hired lawyers with even less scruples than FNMA.  (Or maybe the lawyers taught Fannie some things; who knows these days??)

Fannie Mae, the mortgage finance giant, learned as early as 2003 of extensive foreclosure abuses among the law firms it had hired to remove troubled borrowers from their homes. But the company did little to correct the firms’ practices, according to a report issued Tuesday.  --AmInterest quoting NYT

Did I say it gets worse?  It does!! reports in mid-2010 began to describe the dubious practices, like the routine filing of false pleadings in bankruptcy courts...
Benevolent Big Gummint in action.  Lying, cheating, CYA'ing, and when they get caught....they just continue.  That's not just Big Gummint.  It's Gangsta Gummint, and it's right here on your block.

More Obama?  More Democrat solutions?  That's the solution?

Here's mine:


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