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CAFR1 NATIONAL REPLY POST TO ERNEST - 08/23/08: Freddie and Fannie - FNMA and FHLMC
Ernest:
You say: "would it have happened regardless, due to all banks being insolvent due to bad loans over the century?"
That is what they would like you to think and it is part true.
The real question to ask is: "I want to see a detailed list of investors and who defaulted over the last two years on commercial and residential property mortgages?"
Both Freddie and Fannie being federal enterprise authorities, it gave the perfect opportunity for local governments to stash away massive amounts of investment capital where it became "invisible" to the public. Always in the black, always turning out a return (except for the last year). The bubble of spec roll-overs began to burst.
The actions to sure-up Freddie and Fannie are designed to immediately protect the mortgage investors, not the stock-holders or mortgage holders. The theme is to make the environment secure and profitable in the future for the mortgage investors currently backing six-trillion dollars in mortgages with those investors being predominately local and international governments.
The cute part is: These local government entities covertly took the investment capital from the public in the first place to be the primary investors with Freddie and Fannie and now they are using tax-payer funds to bail themselves out and stabilize the government investments that the tax-paying public do not even know exist.
Here is where the crimes come in: Who from the inside players nationally were using Fannie and Freddie in the erroneous roll-over mark-up game that stuck it to the investors / stock-holders? And, also who from the inside players simply walked off with a few million before they had a chance to roll-over when the bubble burst?
If and audit was done specifically on those two points, several thousand politicians, judges, (city, county, and state) attorneys, and other inside players that made a few extra million dollars on the side from the inside would in most probabilities be indicted; prosecuted; and fall.
The problem is, government will not do the audit on those points, or if they did, they would not make it public due to the fact the public is unaware that their own local. Federal, and cooperative International government players are they primary investors (about five-trillion dollars worth). The public would then ask where did all of that government investment capital come from and what else and how much do they have elsewhere? Massive can of worms for them there....
So as far as open investigation, audit, and indictments per the two issues noted above, (or 911) you would have had a much better chance of getting Malcum X ellected as the national spokes-person and Chairman for the KKK in the 60's.
Silence is golden as the theft took place just as much as it is after the fact..
Educate a few local government Law Enforcement Detectives and Police Chiefs on these two points above. Who knows, they may get the ball rolling from the ground floor up, especially if their own pension funds took a hit from the crimes committed by the other government inside players who walked with the cash from Fannie and Freddie and stuck it to them.
Yours truly,
Walter J. Burien, Jr.
P. O. Box 2112
Saint Johns, AZ 85936
Tel: 928-445-3532
Website: http://CAFR1.com