Fannie Mae is Frantic

[Thomas N. Morgan]

A few days ago, there was a post on this Forum that referred to a Feb. 20th article in the Wall Street Journal that compared Fannie Mae - Freddie Mac to Enron.

Today. in WSJ, an editorial entitled "Frantic Freddie" starts off this way:
"We've learned over the years that the more outrage an editorial inspires, the closer we were to the bull's eye. So we figure our aim must have been good after Fannie Mae and Freddie Mac reacted to our editorial last week as if we had insulted their mothers.

The two biggest US mortgage holders hit the airwaves to denounce us, accusing us of bias against "housing" (as if we don't live in houses oruselves) and unleashed their favorite Wall Street cheerleaders to deplore our ignorance....Clearly, we've touched a nerve".

There is a half-tone photo of Franklin Raines, Fannie Mae CEO, captioned Accounting Wizard.

You folks out there who know how to write, how about writing the Journal and tell them about inflated appraisals.

Thomas N. Morgan (Florida)

 

[David C. Johnson]

<span style='color:darkblue'>Thanks for the post, Thomas.

You write / conclude:

"...You folks out there who know how to write,
how about writing the Journal and tell them
about inflated appraisals."

I've just got a hunch some WSJ writers may have already partaken of some AppraisersForum Participants' Views on such subjects. It appears we are increasingly viewed as prime, in the field, front-line, free, reconnaissance by relevant sectors of The Press. Regardless, a specific invitation may be in order. My suggestion would be for some of us to formally advise the WSJ (and others) via email -- inclusive of URLs to specific Forum posts -- to entice an interest in this forum's views and experiences now and in the future. While such a notification is probably unnecessary, writers might be surprised how easy it could be to get near "across the board" permission from many or all of us to quote, summarize, emphasis and / or plagiarize anything they find here. While legally I believe Wayne has copyrights, any such writer certainly has my permission to any or all of:

www.appraisersforum.com/bbs/index.cgi?read=28221

Regards,

David C. Johnson, Raleigh

PS:
Someone (i.e., Tony B.) just made an interesting post in the "Improving the Profession / Political Action" forum under the heading "We Appraisers Finally Have Our Own Union."</span>

 

[Joe Birrell (NY)]

Ah, it seems Fannie dosn't like it when they get bashed. Their turn is coming soon. The entire housing industry is heading for a melt-down and when it happens it will make the Enron fiasco seem like small potatoes.
What say all the financial wizards, gurus, and professional liars on Wall Street ?

 

[jtrotta]

Thought they were taking some interest here, as shortly after I made a comment in regards to "Ken Lay" ; "steering the ship" - it became a take in several newspapers & article via the Tube junkies (TV).

With regards to the topics of interest; "the truth always hurts, especially when they covet thy neighbors goods". 8)

 

[Pamela Crowley (Florida)]

OK... I'm going to put this link in to another post I did earlier. I think it's appropriate here.

http://appraisersforum.com/forums/viewtopic.php?t=858

Seems like we might have some steam building up here. Lets use it!