Fannie Mae-No Politics (FNMA)

[FOFreddie]

Exactly Skeptic7 - we need exposure and daylight going back to March 2008. Maybe there would have been no GFC and no Dodd Frank or CFPB or FHFA if the GSEs were recapped in March of 2008?

On a Saturday - March 8, 2008 - the Undersecretary of the UST receives an email from a NEC Member Advisor at 12:50 pm letting him know that a Nationalization Memo was going to be leaked to Barron's. At 3:59 pm on that same Saturday afternoon the same UST Undersecretary sends an email to the OFHEO Director Lockhart pushing a negotiation with members of the Senate Banking Committee about a bailout of the GSEs in March of 2008. Daniel Mudd was in HK raising capital for the March 2008 Bailout. The only ones who knew about the Nationalization Memo during all these negotiations was the NEC and the Undersecretary - perhaps more in the UST? It only took the Undersecretary 3 hours to set up the OFHEO Director knowing full well that the Barron's Story was going to break over the weekend.

https://fcic-static.law.stanford.edu/cdn_media/fcic-testimony/2007-2008_Fannie_Mae_Timeline_and_Supporting_Documents.pdf