Business Insider-
Last Friday the U.S. regulator, the Federal Housing Finance Agency (FHFA), which has the oversight responsibility of Fannie Mae and Freddie Mac, sued 17 large banks and financial institutions relating to losses on approximately $200 billion of Fannie Mae and Freddie Mac subprime bonds.
Now, let me be clear right from the start. I am no apologist for the banks. And historically my tendency has been to support better financial regulation and even the Democratic Party through my voting preference.
However, enough is enough. At this point in time the Government and the FHFA have no right to sue the banking industry on behalf of Fannie Mae and Freddie Mac. That is a joke.
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Pure and simple, This is a media blitz to lure the public into some cultural belief that Freddie and Fannie were not fornicating together! Everyone points their fingers at someone else, but in the end, NOTHING EVER IS DONE ABOUT IT! This like every other media storm is just a distraction further from the truth! The suit will never go anywhere, because not only are Fred and Fan in bed together, they are in bed with every other TBTF financial institution!
I am the end user the Homeowner fighting to keep my home. Fannie was the Investor with BofA as the servicer. FannieMae is GUILTY “I Believe” & could find answers within there group to help mortgage holders.
As I have been working on this for years one Advocate in BofA President office could not tell me & question himself on why FannieMae was not helping me.
BofA as the servicer does not get Kudos they have been brutal to TRY working to find help for 17 year resident of Delaware. State AG’s looking after Investors losses how will they approach FHFA?