The first events will be simultaneous releases of 4th Quarter, 2018 earnings for both Fannie and Freddie. So, this year Valentine’s Day is just two days away and we have another great day ahead! I highlighted this Valentine’s Day coincidence in a February 2015 blog post, Fantastic February for Fans of Fannie and Freddie.
#What does 2018 scorecard for fannie mae, freddie mac, and common securitization solutions means full
In his memoir, “Wall Street Under Oath,” he wrote: “Had there been full disclosure of what was being done in furtherance of these schemes, they could not long have survived the fierce light of publicity and criticism.” It reminds me of a comment made by Ferdinand Pecora, the hard-driving prosecutor who investigated Wall Street’s role in the crash of 1929. “Whatever the case, it is disturbing that the government goes to such lengths to shroud the details of the profit-sweep decision. On FebruGretchen wrote, After the Housing Crisis, a Cash Flood and Silence stating: The MSM generally remained silent for the next year, when Gretchen followed up exactly one year later with another Valentine’s piece. Now the government gets the benefits of the companies’ profits while avoiding any compensation payments.” A nonstarter.įurthermore, nationalization would have required the government to provide compensation to shareholders for what it took. “Siphoning off the entities’ profits is the opposite of conserving their assets and property, the plaintiffs contend.ĭo the Treasury’s actions amount to a backdoor nationalization of the companies? A full-fledged takeover would have required Treasury to put all the companies’ obligations - $4.9 trillion at the time - on the government’s balance sheet. Gretchen wrote, The Untouchable Profits of Fannie Mae and Freddie Mac, stating: On Febru(ok, technically the day after V-day, but stay with me…) Gretchen Morgenson, then with the New York Times, broke the long-held silence from the main stream media regarding the details of the government takeover of Fannie and Freddie. But for those of us who have followed the Fanniegate saga over all of these years, Valentine’s Day holds a special place in our hearts. We share our love, friendship and general kindness to others in our lives. Besides being my birthday (please, no gifts - donate to your favorite anti-corrupt government advocacy group instead), it’s a day best known for Valentine’s Day.
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