So you honestly believe that no board member did anything wrong but all, 100% caved in, anyway, and consented to conservatorship, then cheerfully and benignly headed for the exits? Wow. To me, that is stunning naivete. Even Jeffrey Skilling had the testicular fortitude to stand up and fight for his life when Enron headed "South" and he felt unfairly singled out as a scapegoat. No one with enough guts to be a "whistle-blower? I guess not.
Do you think any intelligent person would buy the argument that every board member and every executive at BOTH Fannie Mae and Freddie Mac would just quietly go away if they did nothing wrong and everything was "peachy keen" at the GSEs?
Why is 10% interest usurious when part of what it backstopped was FNMAS stock with a dividend coupon of 8.25%? You own that stock, just like I do. <2% premium on assuming a liability of that magnitude with "near death" claims rampant in the business and trade press is NOT exhorbitant.
Accounting irregularities were one of the hallmarks of the GSEs as proven by the earlier Christmas Massacre. This was the DNA of FnF.
Fannie & Freddie flushed the toilet on their own shareholders by allowing their net worth to decline to negative territory in 2008.
As for apparently alleged racial motivations, "white people" like Bill Clinton and George W. Bush tried to advance minority housing initiatives. Such actions have been widely cited as contributory or causative of the housing crisis. Personally, I do not ascribe to those theories. But I also dispute the alternative blame-mongering for a GLOBAL RECESSION that has very little to do with "The Twins" as they are lovingly described by profiteers.
JMHO.
