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Old 03-02-2009, 09:13 AM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
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Exclamation Freddie Mac Ceo Resigns

FORMER BOARD OF DIRECTOR MEMBER AT MBIA, RESIGNED TO ACCEPT TOP SLOT AT FREDDIE, RESIGNS AFTER 6 MONTHS.

http://www.bloomberg.com/apps/news?p...d=aVpUnn5fk5gY
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Last edited by Mike Kennedy : 03-02-2009 at 09:22 AM.
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Old 03-02-2009, 09:21 AM
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hglenbetts hglenbetts is offline
 
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Probably getting a job in the Oboma administration overseeing the repair of the housing/banking crisis.
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Old 03-02-2009, 09:27 AM
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The beginning of his Downfall ?? - more of the same Wizard of Ozidry that got both Fannie & Freddie in the hurtlocker in the first place......

http://www.bloomberg.com/apps/news?p...d=aTu9HA5cZgQ4

"While Fannie Mae, smaller rival Freddie Mac and the companies’ regulator are considering permitting borrowers to refinance even when the consumers owe more than their homes’ worth, they also must consider “the various hurdles and unintended consequences,” Federal Housing Finance Agency Director James Lockhart said in a Feb. 2 interview.

leveraging our automated risk assessment capabilities to validate the current market values in lieu of traditional appraisal or property inspection requirements.”

(while cited for Fannie, undoubtedly the same "theory" applicable to both GSEs)
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Last edited by Mike Kennedy : 03-02-2009 at 09:35 AM.
  #4  
Old 03-02-2009, 01:03 PM
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As a generally very optimistic guy (until recently), I believe this confirms without a doubt that BOTH Fannie & Freddie are much bigger and deeper cesspools than we originally thought.
PS - I REALLY want to know what Cuomo has on them, in addition to what we already know.
  #5  
Old 03-02-2009, 04:45 PM
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Peter LeQuire Peter LeQuire is offline
 
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An interesting indicator of the health of Freddie/Fannie might be executive compensation as a percentage of actual losses during the tenure of the retiring executive.
  #6  
Old 03-02-2009, 08:57 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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He said he wanted to resume his old career. Since his salary is capped, he wants to go somewhere to earn the big bonuses...as if he is worth it....maybe he is. Or, maybe the village idiot could do his job.
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