Tuesday, December 2, 2014

The Lawsuits, if continued, would show in discovery all this to be true.

I cant say it enough. The directive of the FHFA to take on 20 billion a month in MBS from BANKS to fannies books cost F&F over 200 BILLION dollars. This directive is what made fannie seem so bad right after Sept 8. remember the 3rd quarter was not over till SEP 30. in those 22 days Billions of toxic mortgages were bought by fannie and freddie and showed up on F&F Q3 filings. Also again on thier Q4 filings where Fannie alone showed 300 billion dollars in MBS added to their books in those 2 quarters.

NO company would buy those crap loans for 100 cents on the dollar unless they were taken over by our govt and told they had to do it. Enter the conservatorship and the Bailout of the Banks. Remember Bear sterns held tons of that garbage and JPM chase bought them out for pennies on the dollar and ended up with all that garbage. It seems to me the same happened with BOA and countrywide. It is OBVIOUS now, I did not see it before but i do now. Sterns and countrywide could not be bailed out cause they were not banks. In order to get tarp money you needed to be a bank. Goldman comes to mind. Anyway they bought out these skumbags and the BANKS that now held the garbage could get Tarp money and could pass this crap to F&F for 100% payoff. In return the DOJ would file suit against them for doing just what they were told to do. The banks knew they would have to play the game to get the tarp money or they themselves would go bankrupt. Just like Wamu and the others.

The Lawsuits, if continued, would show in discovery all this to be true.

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