Fannie Mae-No Politics (FNMA)

[Always wondering]

1:37 – Can there be any doubt that an action that doesn’t fit this purpose is against Congressional intent?

1:38 The net worth sweep exceeded the purpose defined powers (of HERA).

1:39 – The intended purpose of the net worth sweep was to deny ownership to private stockholders as evidenced by an internal memo within Treasury.

1:40 – Cooper states that the complaints are supported by the comments out of the mouths of the officers of the Treasury.

1:41 – In 2012, the housing market had recovered and Fannie and Freddie had returned to eye-popping profitability. The government knew this. Losses were going to be reversed. Within two weeks of the time that Fannie and Freddie became profitable on a record basis, the government decided the original deal was no longer good enough. Not just 10% interest and 80% of the equity.