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Fannie Mae Creates Housing Mirage With Bum Loans:

Discussion in 'General Real Estate and Real Estate Finance' started by moh malekpour, Apr 24, 2009.

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  1. moh malekpour

    moh malekpour Elite Member

    0
    May 25, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_reilly&sid=aColIYAe.RaU
     
  2. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    371
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    So now that there is reason to believe the accounting is suspect, and this goes past both GSE right into the heart of the financial system for the same reason, the public cannot trust or believe what the companies are reporting for financial performance.

    I wonder how much force was used by the federal reserve and the Treasury to get Fannie to do what they are doing? Or was this an organic idea born within?
     
  3. Mary Tiernan

    Mary Tiernan Senior Member

    0
    Dec 16, 2003
    Professional Status:
    Retired Appraiser
    State:
    Michigan
    I thought I heard recently that they removed the requirement for mark to market valuations of assets, too.

    If this is true, perhaps this is why some banks are showing stronger earnings?
     
  4. Lloyd Bonafide

    Lloyd Bonafide Senior Member

    0
    Jan 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California

    You've got it - it's being called "mark to fantasy" now, though.

    http://jessescrossroadscafe.blogspot.com/2009/04/wells-fargo-vaporous-earnings-report.html


     
  5. Big ole Boy

    Big ole Boy Elite Member

    2
    Dec 6, 2003
    Professional Status:
    General Public
    State:
    Tennessee
    Mark to fantasy .

    Much of ground level americans are quite willing to believe in mark to fantasy ......

    .... it seems they will believe anything up to there next fill up at the gas station ......

    .... its the majical wand belief that if enough people believe in something ... then it it is true and will transcend all known mathematical laws of the universe ....

    ... sort of the same kind of belief structure that allowed for the manufacturing of things called ..... default swaps ....

    .... clown math ....
     
  6. Workbox

    Workbox Elite Member

    3
    Mar 2, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Some radio financial talk host are hinting that outside forces are pushing them to talk or promote the positive not the negative, but always end with "do your homework", "calculate your risk", "forced markets", "look out for the pitfalls" , etc. The big boys are really trying to force a steady market down our throats.

    I get a laugh when the TV monkeys quote a stock "...better than expected...". Imaginge your spouse telling you that after sex. :Eyecrazy::rof:
     
  7. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    976
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    When you have Uncle Sam at your back...i bet you still make money.... :) Taxpayers are endless cash cows
     
  8. Greg Bell

    Greg Bell Senior Member

    0
    Jul 7, 2006
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Louisiana
    Does it disturb anyone that appraisers are regulated by a Bankrupt corporation running on taxpayer dollars and loosing billions every month...anything wrong with this picture..
     
  9. George Ellerman

    George Ellerman Senior Member

    9
    Feb 21, 2005
    Professional Status:
    Licensed Appraiser
    State:
    Ohio
    Kinda gives you that final Thelma and Louise feeling doesn't it ?

    Geronimo!!!!!!!

    012733a59897be14.jpg
     
  10. Greg Bell

    Greg Bell Senior Member

    0
    Jul 7, 2006
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Louisiana
    Great movie.I understand Thelma and Louise and have been looking into a purchase of a 1966 Thunderbird convertible and a trip to the grand canyon.. , what a ride..:rof:
     
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