Fannie Mae-No Politics (FNMA)

[big-yank]

No court is ever likely to buy into the bizarre conspiracy theories authored by agenda'd myopics that bury their heads in the sand and pretend to be oblivious to the HUGE body of credible evidence that has been placed in the public's purview in both credible print sources and lengthy and comprehensive testimony before Congress in both houses.

Barrons released a hugely condemning report on March 10, 2008 which clearly opined that the GSEs were headed to insolvency. Refutations that the GSEs were somehow otherwise profitable were based on voodoo accounting, derivatives and all manner of risk "sheltering" at least according to many experts, both government and otherwise. The timeline of events leading up to conservatorship leaves little wiggle room for any conclusion other than that the government acted out of concern, not some greed-driven conspiracy put forth by Inspector Clouseau. Regulator James Lockhart's comments offer substantial color to the challenges faced in the lead-in period. And, yes, some of the precipice was reached because of affordable housing goals, but that was the mission laid out by Congress and accepted by the GSEs. In fact, Fannie poured gasoline on the fire by expanding market share into subprime and Alt-A dark pools. It's all here:

http://online.wsj.com/public/resources/documents/fannietimeline0506.pdf

JMHO.