Fannie Mae-No Politics (FNMA)

[big-yank]

Maybe you should go back and read some of the older stuff for a second time. First off, Fannie prepared their own financials. FHFA/UST or the auditors have NOTHING to do with the nitty gritty numbers.

The lawsuits against the auditors are laughable, stupid and worthless. Yup. My opinion. But it's an informed opinion.

It is a fact that the GSEs in their history would never have been able to sustain repayment of the bailout funds advanced by taxpayers/government to save them based on the 10% SPD. This was admitted in the 2012 Q2/10-K filings with the SEC. By the by, such filings are NOT audited, only the 10-K, so claiming fraud by Deloitte or PWC in approving the numbers is total horseshit.

The truth is that NOBODY knew for certain what the future held for economic recovery in mid-2012. It was a scary time. Much concern was voiced about a double dip recession. Some of that concern, along with the second "bubble" controversy, remains active even today. Congress was frozen with budget gridlock in 2012 and the Ryan budget team was zeroed in on ridding the landscape of further bailouts to the GSEs.

Mark-to-market accounting did not single out the GSEs. It was applied across the board to banks real estate/property assets in similar fashion. No foul there. Income is profits. It is NOT DTAs.

JMHO.