Fannie Mae-No Politics (FNMA)

[FOFreddie]

Jason Thomas seems like a really good market analyst.

Based on this timeline and the backup emails it is clear that both he and Robert Steel who was the UST Undersecretary knew that this Memo was written by the NEC. It does not seem like Jame Lockhart at OFHEO, Senators Shelby and Dodd and Barney Frank knew that this was the opinion of the NEC under GWB. Ironically Keith Hennesey who was the Chair of the NEC at this time also was one of the FCIC Commissioners.

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

This is the crux of the Mike Kelly suit - he and other GSE investors had no idea that the NEC was predicting the Nationalization of the GSEs as early as 6 months before the Conservatorship - one week before the failure of Bear Stearns, 2 months before public investors invested billions in recapitalizing the GSEs and 4 months before the GWB pushed for the enactment of HERA which gave the GWB Admin the authority to put the GSEs into Conservatorship as they had predicted in March.

The email trail is really interesting with a lot of interesting cc's on the email trail. Lockhart seems to be have set up and Mudd and Syron had no idea what the UST and the NEC really thought or what they were doing behind the scenes.

Another interesting fact is that Calabria was a senior advisor to Senator Shelby and the US Banking Committee at the time. Wonder what Calabria knew at the time especially since he claims to have drafted many of the components of the HERA legislation.