Fannie Mae (FNMA)

[whipstick]

CRT programs cost Fannie or Freddie $30 dollars in normal times and $3 dollars even in a worst-case scenario to transfer $1 dollar of credit losses.

These are the groups of people getting rich off of this:
The investors
The issuers
The Lawyers
The Rating Agencies
The Banks (their competition is being managed by people systemically trying to weaken them because the banks have captured the regulators and Congress)
The Media (either being paid to be silent, don't cover it because its complex or just obfuscate like they always do with anything substantive, specifically Charlie Gasperino, Joe Light, and John Carney - transparent sycophants the lot of them)
SEEMINGLY the courts (given how they continue to bend over backwards to protect this scam and all others in this saga and likely for the same reason as Congress)

It is a cesspool of suck.


The people getting screwed:
Any FNMA shareholders
The taxpayer

It is a fraud and they think that the noise of the day will protect them forever. It will not.

No one is there to protect the people getting screwed.

see https://howardonmortgagefinance.com/2021/10/19/comment-on-ercf-rule-amendments/#comment-25483