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Fannie Mae and Freddie Mac


Fannie Mae and Freddie Mac have fucked us royally folks. I can’t get over the level of corruption that has permeated our top financial institutions and gov’t overseers. Did you know that banks could actually wager on whether or not people would pay their mortgages? Yes it’s true, it’s called a credit default swap. So here’s the deal. Tons of banks bundled together bad mortgages which were given to people who had no business getting a mortgage. Then the mortgages were bundled together and sold as securities. Before they are sold they are inspected by a credit rating agency and then sold off as securities on the market. Big banks like Fannie Mae and Freddie Mac knew that securities were junk so they wagered on them and made a killing. Barney frank and the rest of the congressional oversight committee turned a blind eye to these unethical business practices as fannie mae and freddie mac were lining his pockets, and other democrats, with gold. That’s the story folks.

An interesting caveat is that Bush saw this coming way back in 2003 and proposed a measure that would reign in F&F but the democrats shot it down so they could continue to line their pockets. They ALL NEED TO GO TO JAIL!!!! WHere is the justice in this country?

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