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Why FANNIE and FRED submitted to NY

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Jonsey

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Feb 24, 2007
Professional Status
Appraiser Trainee
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Florida
AP IMPACT: Mortgage firm arranged stealth campaign



WASHINGTON – Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.

In a sign of bad things to come, Freddie Mac was already having serious problems in 2005. Auditors had exposed massive accounting issues, so improved regulation was one obvious remedy.

http://news.yahoo.com/s/ap/20081020/ap_on_bi_ge/the_influence_game_housing


States warned about impending mortgage crisis

Bush administration, financial industry thwarted efforts to curb greed
More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation's top bank regulator.

http://www.msnbc.msn.com/id/27121535/
 
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Workbox

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Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
I really wonder what is going on behind the curtain.
 
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