Freddie Mac
no content, 6/18
other node lost (sallie?)
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9 25
Time to Wake Up 301: The Four Phases of Climate Denial
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FLORIDA IS OUR PREVIEW OF COMING
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ATTRACTIONS, AN INSURANCE MARKET IN GRAVE DISTRESS, MORT
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MARKETS -- MORTGAGE MARKETS BEGINNING TO TREMBLE,
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MIDDLE-CLASS FAMILIES FINDING IT HARD TO SELL HOMES. THE CHIEF ECONOMIST OF FREDDIE
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MAC SOME YEARS AGO PREDICTED THIS CASCADE FROM INSURANCE TO
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MORTGAGES TO PROPERTY VALUES TO WHAT HE THEN CALLED A COASTAL
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PROPERTY VALUES CRASH THAT WOULD HIT THE ENTIRE ECONOMY LIKE THE
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2008 GREAT RECESSION. NOTE THAT WORD COASTAL. WELL, IT'S NOT JUST COASTAL
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ANYMORE. WILDFIRE NOW MATCHES COASTAL AS AN ADDED THREAT THAT CAN TRIGGER
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THAT ECONOMIC CASCADE INTO COLLAPSE.
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ON TOP OF THAT LOOMS THE
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LONG-PREDICTED CARBON BUBBLE. WHAT'S THE CARBON BUBBLE? THAT'S WHEN THE FOSSIL FUEL
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INDUSTRY COLLAPSES IN A SUDDEN AND DISORDERLY FASHION BECAUSE WE WERE IRRESPONSIBLE ABOUT A
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GRADUAL AND RELIABLE ENERGY TRANSITION. AND BY THE WAY, IT'S NOT COASTAL
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OR WILDFIRE OR CARBON BUBBLE COLLAPSE, ALL THREE COULD
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HAPPEN. EACH COLLAPSE MAKING THE OTHERS FASTER AND MORE DEEP AND
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DANGEROUS AND PAINFUL. REMEMBER HEMINGWAY'S NOTORIOUS
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LINE THAT YOU GO BROKE GRADUALLY AND THEN ALL AT ONCE.
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WHAT COULD PROVOKE THIS ALREADY GRADUAL COLLAPSE TO SUDDENLY GO
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ALL AT ON? WELL, THERE ARE A LOT OF WAYS
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THIS COULD HAPPEN. ONE, IS RELATED TO OPEC.
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SAY A LOW-COST OIL AND GAS PRODUCER LIKE SAUDI ARABIA
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DECIDES TO SELL FUEL AT COST
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RATHER THAN AT THE OPEC CARTEL
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PRICE. WHEN THEY SEE IT'S TIME TO MAKE THE MOVE FOR THE EXITS AND SELL
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WHAT THEY CAN WHILE THEY STILL
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CAN, WHEN THEY DO THAT, THE AMERICAN FOSSIL FUEL INDUSTRY
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RAPIDLY COLLAPSES BECAUSE OUR FOSSIL FUEL INDUSTRY CAN NO LONGER COMPETE.
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IT'S ONLY PROFITABLE AT PUFFED UP AT OPEC CARTEL PRICES, NOT AT
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THE PRICES SAUDI ARABIA COULD BRING TO THE MARKET IF IT CHOSE TO.
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SO INSTANT CRASH. HERE'S ANOTHER SCENARIO.
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FANNIE AND FREDDIE, THE MORTGAGE GIANTS, STOP ACCEPTING MORTGAGES
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INSURED BY FLORIDA'S FLIMSY POPUP PROPERTY INSURANCE
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COMPANIES. OVER A DOZEN OF WHICH HAVE ALREADY GONE BUST SINCE
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HURRICANE ERMA IN 2017. IT IS A HUGE TAXPAYER LIABILITY
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FOR FREDDIE AND FANNIE TO ASSUME ALL THAT RISK WITHOUT CREDIBLE
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INSURANCE. LOCAL FLORIDA BANKS WON'T HOLD THOSE MORTGAGES BECAUSE THE
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30-YEAR RISK TO A BANK IS NOT SURVIVABLE.
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FLORIDA BECOMES A REGION CHAIRMAN POWELL PREDICTED WHERE
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YOU CAN'T GET MORTGAGES ANYMORE. A MASSIVE ASSET REPRISING THEN
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FOLLOWS THAT TRIGGERS SYSTEMIC ECONOMIC DAMAGE. PERHAPS EVEN CASCADING GLOBALLY
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AS THE ECONOMIST MAGAZINE WARNED.
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THE TRUSTY SIGN THAT I WORKED WITH ALL THESE YEARS THROUGH HUNDREDS OF SPEECHES IS TIME TO
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WAKE UP. I'M NOT SURE WE CAN SAVE
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OURSELVES ANY LONGER.
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kush sis got big freddie $ after mtg? see trump inc pod
accting problem freddie fannie an 1020
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copy
sallie mae
broke freddie?
includes Sallie, student loans
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“The Trump administration wants to make it harder for creditworthy…
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https://www.bloomberg.com/graphics/2017-fannie-freddie-friends/
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defrauded by countrywide
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Norquist quits interview when asked about his Fannie Mae ...
www.rawstory.com/.../norquist-quits-interview-when-aske...
1.
Turns Out Grover Norquist Lobbied For Fannie Mae and ...
www.redstate.com/.../turns-out-grover-norquist-lobbied-for-fan...
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Grover Norquist Struggles To Explain Taking Money From ...
www.truth-out.org/.../10006-video-grover-norquist-struggles-to...
1.
Lawmakers who side with Sallie Mae on key issues have collected more money on average than those who have not. With the right sized check, Sallie Mae is able to make and keep friends in Congress while securing policies that increase profits.
When it comes to Sallie Mae’s bottom line, there’s no politician or policy that costs too much. And sadly, American students and their families are paying the price.
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September 30, 2013
Freddie Mac and Wells Fargo Settle on Loans
By REUTERS
Wells Fargo said on Monday that it would pay $780 million in cash to Freddie Mac to resolve substantially all repurchase liabilities on home loans sold to Freddie before 2009.
The settlement was reached Friday and totaled $869 million before adjusting for credits related to previous loan repurchases.
Wells Fargo announced the settlement five days after Citigroup agreed to pay Freddie, the government-controlled mortgage company, $395 million to settle similar claims over about 3.7 million mortgages sold from 2000 to 2012. Citigroup is the third-largest American bank by assets.
Wells Fargo, the fourth-largest American bank by assets, said the cost of its agreement was covered by reserves.
On Aug. 7, Wells Fargo estimated a probable $2.2 billion loss over claims that it had breached representations and warranties in the sale of mortgage loans.
It was unclear how much of the latest settlement related to Wachovia, which Wells Fargo bought at the end of 2008.
Freddie Mac and its larger rival Fannie Mae, which both received federal bailouts in 2008, have pushed banks to buy back mortgages that soured during the nation’s housing downturn.
Banks can be required to buy back loans if the representations and warranties over how well the loans were underwritten, and whether borrowers could afford them, prove false.
Freddie did not respond to a request for comment. Wells Fargo declined to comment, citing a “quiet period” before its Oct. 11 release of third-quarter results.
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After Student Protests, Sallie Mae Becomes 50th Corporation to Dump ALEC
by Brendan Fischer — September 9, 2013 - 8:34am
- Topics: Activism, Corporations, Democracy, Education, Politics
- Projects: ALEC Exposed
Share thisSallie Mae has dropped its membership in the American Legislative Exchange Council (ALEC) after a student-led campaign demanding that the nation's largest student loan lender cut ties with the controversial organization. Sallie Mae is the 50th corporation to publicly drop its ALEC membership in the past year-and-a-half as the organization has come under increasing public scrutiny.
"It's a terrific victory for the students, community members, and unions members that were involved," said Chris Hicks, Student Debt Campaign Organizer at Jobs With Justice. "It's no accident that Sallie Mae has decided to leave ALEC -- from the shareholder meeting in May and the meeting students and graduates had with CEO Jack Remondi in June to the nearly 15,000 petition signatures gathered in August, students have shown Sallie Mae they are serious about their demands and are not going away."
Many students and young people were outraged that a company that profits from student debt would use their loan payments to fund ALEC, which (among other things) works to make the education system a for-profit endeavor and advances laws that make it harder for many college students to vote.
In August, before ALEC's Annual Meeting in Chicago, organizers with the Student Labor Action Project, Jobs With Justice, and the United States Students Association gathered nearly 15,000 signatures on a petitiondemanding Sallie Mae drop its ALEC membership. A few months earlier, in May,at least 200 student activists protested outside Sallie Mae's annual shareholder meeting, demanding that it end its relationship with ALEC and increase transparency about its other lobbying and political activities. CEO Jack Remondi agreed to meet with students the following month, but at the time appeared to reject their demands.
The announcement that Sallie Mae dumped ALEC came quietly, in a September 7 article in the *Delaware News-Journal*.
"The noise level was distracting from the original business purpose," Martha Holler, a senior vice president at Sallie Mae, told the News-Journal. "We will pursue other venues in which to share our collections expertise with state and local governments, and hopefully now our discussions with students ... can focus on what matters most to us all, the success of our education loan customers."
"There is much more work to be done, but this is definitely a first step to hold Sallie Mae accountable for their business practices that we can all celebrate," Hicks said.
ALEC Increasingly Focused on Higher Education
For decades, ALEC has promoted the privatization of K-12 education through voucher programs that re-route taxpayer dollars to for-profit schools. But it has increasingly focused on imposing the same privatization agenda on higher education, with bills like the "College Opportunity Fund Act" that essentially create a taxpayer-funded voucher for for-profit and religious schools.
And, ALEC has adopted several bills to impose a standardized testing regime on public colleges and universities, which on the K-12 level has altered the classroom dynamic and interfered with teaching, for example with "The Collegiate Learning Assessment Bill," which was considered at ALEC's August meeting in Chicago.
ALEC still counts among its members Corinthian Colleges, a for-profit college chain that operates campuses under names like Everest, Heald, and WyoTech. Corinthian has become notorious for aggressive recruiting practices and leaving students unprepared for the job market and saddled with massive student loan debts. Nationally, over 40 percent of Corinthian's students default on their loans, and only 60% of students complete their coursework.
Perhaps not surprisingly, ALEC has a "Resolution in Support of Private Sector Colleges and Universities."
Youth Activists Focus On ALEC
Student opposition to ALEC is not limited to its role in higher education.
ALEC has helped advance the strict voter ID laws that have swept the country in recent years, which make it harder to vote for many young people who don't have the forms of identification required under the laws. Student activists have also singled-out ALEC's opposition to living wage standards, which makes it more difficult to work through school, and bills that make young people (particularly young people of color) less safe, such as Stand Your Ground laws and bills like the "Campus Personal Protection Act" that promote guns on college campuses.
The Dream Defenders occupied Florida Governor Rick Scott's offices for weeks earlier this summer demanding a repeal of the state's ALEC-approved Stand Your Ground law. And that group and others involved with the We Got Next coalition marched on ALEC's offices on August 23, the day before the 50th anniversary of the March on Washington.
"We're tired of how [ALEC] has manipulated the legislative process, and we want to let them know we won't continue to stand by," said Kim Moore, an activist and organizer with We Got Next.
With the departure of Sallie Mae, at least 50 corporations and six nonprofits have publicly cut ties to ALEC since the Center for Media and Democracy launched ALECexposed.org in 2011 (although Wells Fargo hasrecently begun funding the group again).
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