Fannie Refused to Punish Countrywide for Bad Debt, Lockhart Says

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Fannie Refused to Punish Countrywide for Bad Debt, Lockhart Says

Fannie Refused to Punish Countrywide for Bad Debt, Lockhart Says

Hmmmm- Lets see why Fannie refused to? We can maybe name a few dozen since they most likely were in cahoots over the Nothing-Backed Securities.

If there were any punishments happening, there would also be cats coming out the bag from both.

Bloomberg-

Fannie Mae refused to seek large amounts of mortgage repurchases from Countrywide Financial Corp. as housing began to crash, according to the former head of its regulator.

James Lockhart, who led the Federal Housing Finance Agency until 2009 and its predecessor, the Office of Federal Housing Enterprise Oversight, “spent a lot of time” pushing Fannie Mae executives to seek more so-called putbacks on Countrywide loans that failed to match their promised quality, he said today.

“They didn’t want to offend their largest customer,” Lockhart, now the vice chairman at investment firm WL Ross & Co., said during a speech at a Mortgage Bankers Association conference in New York.

[BLOOMBERG]

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2 Responses to “Fannie Refused to Punish Countrywide for Bad Debt, Lockhart Says”

  1. Richard Davet says:

    fnma and bac long complicit in fraud.

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