What’s Goin’ Down At Fannie Mae and Freddie Mac?
Why Are These Folks So Happy?
Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s. So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.
Obama’s Financial Advisors Cleaned Up
Let’s say hello to Mr. Democrat James A. Johnson, who ran Fannie Mae from 1991 to 1998, served as vice chairman from 1990 to 1991, and earlier worked as a managing director at Lehman Bros. and for Vice President Walter F. Mondale. He currently leads the American Friends of Bilderberg and made news earlier this summer when he had to resign as vice-presidential-candidate vetter for Barack Obama “as new details emerged about loans Mr. Johnson received from mortgage lender Countrywide Financial Corp.
Jamie Gorelick: A One Woman Wrecking Crew
From SLATE: Next up is Jamie S. Gorelick, whose official résumé describes her as “one of the longest serving Deputy Attorneys General of the United States,” a position she held during the Clinton administration. Although Gorelick had no background in finance, she joined Fannie Mae in 1997 as vice chair and departed in 2003. For her trouble, Gorelick collected a staggering $26.4 million in total compensation, including bonuses.
Tags: bailout, Barney Frank, Fannie Mae