Fannie Mae and Freddie Mac, the former mortgage giants shamefully taken into conservatorship by the government, have now suffered another indignity. They were both delisted from the New York and Chicago stock exchanges. Ouch! The NYSE said they asked them to be removed due to low share prices, but they both have had low share […]

Freddie Mac, the ailing GSE so weak the Feds took the reigns back in September, is reporting the first quarterly profit in almost two years. And not surprisingly all the financial networks, blogs, and newspapers are running the headline touting Freddie Mac’s return to profitability. On the surface this would be good news, but one […]

David Kellermann, the acting Chief Financial Officer of Freddie Mac, was found dead, the apparent victim of suicide. Federal Housing Finance Agency (FHFA) put out a press release saying, “We at FHFA are very saddened by the death of David Kellermann. For many years, we have known David as a person of the utmost ethical […]

Everyone knows the taxpayer had to takeover Freddie Mac last year. But what many do not know is Chief of Staff, Rahm Emanuel was once on the board of directors during its heyday of mismanagement. Rahm Emanuel and Freddie Mac Mr. Emanuel profited greatly during his tenure on the Freddie Mac board according to ChicagoTribune.com: […]

Franklin Raines, the former CEO of mortgage giant Fannie Mae back when most laughingly referred to it as Fanron, is now thought to be giving mortgage and housing policy advice to the Obama campaign. Franklin Raines was the most corrupt CEO since Ken Lay at Enron. Franklin Raines - Mortgage Millions Franklin Raines was the […]

Fannie Mae and Freddie Mac, the two mortgage GSEs, will succumb to government conservatorship announced most likely on Sunday. Fannie Mae and Freddie Mac would continue operating, but their stock value would be wiped out. Fannie Mae and Freddie Mac Bailout According to The New York Times report, “Senior officials from the Bush administration and […]

Fannie Mae today reported a $2.3 Billion Q2 loss much greater than expected. The loss of $2.54 a share shocked analysts who expected a loss of 68 cents a share. Fannie Mae announced they’d be cutting their dividend to 5 cents a share down 30 cents to preserve capital. The company will cease buying Alt-A […]

The President signed into law the so called mortgage relief bill, H.R. 3221, which really should be called the Fannie Mae and Freddie Mac Relief Bill. This bill will bring no mortgage relief to anyone other than investors in GSE debt and stock holders. In an AP report, White House spokesman Tony Fratto said, “We […]

The Housing Bill containing the Paulson GSE bailout plan goes the House floor for a vote today. The bill as written by the Senate has a $4 Billion in grant provision for local governments to buy foreclosed homes directly. The President threatened a veto if this provision is in the final bill but has since […]