Fannie Mae-No Politics (FNMA)

[jeddiemack]

Don't forget that the fml were also secured by first lien positions in homes. Which generally, keep and kept their value and if they didnt keep their value were again generally and in the aggregate more or less equal to 70-80% of the sale price... so again, generally, the reserves of writing down and off 100% of the loans were ... bizarre to state the minimum, but nutso crazy to be specific. Having worked with banks, s&l's and mortgage co's in the lending and loan valuation arena... it was comical what they did, infact it may very well have been criminal.

but hey, no one but me was watching... which is why i called them out on the cookie jar accounting back in 2008 when it occurred.