Fannie Mae-No Politics (FNMA)

[big-yank]

Let's play the Thursday Night Fannie Mae "Hide the Salami" version of Pokemon Go.

1. Two lawyers serve together at a distinguished law firm, Skadden, Arps.

2. One goes on to serve as an executive at a huge bank.

3. Another goes on to serve as CFO and then CEO for Fannie Mae.

4. Big banks create toxic mortgages that Fannie Mae buys.

5. Fannie loses $$$ and gets sent into conservatorship.

6. Banks get slammed for misdeeds and are charged with $ B's in fines.

7. Skadden, Arps represents UBS for doing this to FMCC, Fannie's twin.

8. Banks continue to originate mortgages.

9. The GSEs including Fannie continue to buy mortgages.

10. When mortgages go bad, FNMA and banks they bought from negotiate.

Now, certain big banks join with Fannie Mae leaders into a potential conjugal bliss where future mortgage quality disputes can be "discharged" in a totally consensual manner. That's just really good news! No conflict of interest there! "Was it good for you, too?"

Ah, yes, the Old School Tie fraternity of young lawyers finding new love in new positions (pun intended) in the highest level of mortgage business affairs. Now please excuse me while I throw up.

LOL.

JMHO.