It looks as though Fannie & Freddie are going to hand out $210 Million in retention bonuses to their employees, these are the Government sponsored enterprises that arguably played the largest role in the financial & economic crises that were now experiencing.
Get the entire story on Fannie, Freddie, the banks & financial industry as well as the politics of it all here
In short, Freddie & Fannie did everything possible to facilitate overwhelming growth of the sub prime mortgage market that nearly caused the collapse of our financial system, they bought up any loans that banks made to risky borrowers (AKA: Affordable Housing) then turned around and repackaged them into CDOs and other securitized debt vehicles and sold them throughout the financial sector on wall street, all the while giving the impression that these were safe due to their backing from the Federal Government.
My question is where is all of the outrage from the media, Congress, the Populists? Where is the act of Congress to punish them? Where are the Government officials threatening to “out them” so that the mob can harass them?
That’s right, the Democrats were in bed with Freddie & Fannie, they were the ones that refused to pass tougher regulations on them to limit their size and monitor their practices closer, they were the ones that said that the warnings of the threats that Fannie & Freddie posed to our financial system if they were not limited and regulated more closely were ridiculous and in fact were an effort by some to Lynch the CEO of Fannie Franklin Rains!
Certainly the Democrats do not want to bring more attention to this and neither do their friends and allies in the main stream media!
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