Replies to post #349144 on Fannie Mae-No Politics (FNMA)

[JosephS]

Gene Sperling sounds ethical. Gets a loan 8 percent lower(at least) than market, his "loan officer" is a huge partner with a huge law firm and the very department Sperling runs negotiates settlement deals with the "loan officers" firm. The loan officer's firm is the beneficiary of some legislation Sperling's office puts in as well.

It might give "some discomfort", but not subject to judicial review I am sure.

Boy, I hope ole Gene boy made up for it in the private sector as a "consultant". Hopefully he quickly whipped up 600k to pay off the loan and also paid off the 2mm mortgage so we can get to "reforming" fannie and freddie.

Boy, I wonder who the beneficiaries of these much needed "reforms" will be?

Just happy to see UNH, WLP, AET and all the drug stocks crush it. Healthcare "reform" was wonderful, too.

[tuzedaze]

Thanks Kip for the link... Gotta love this... If you can't afford the house Sperling... downsize.... Economics 101.... You made $2 mil at GS for christ's sake... Now works for Clinton.... issues with ethics rules as you might imagine... Nice....

"Transactions appear to be at odds with federal ethics rules. Because the loans were at below-market rates, Holman said, Sperling received a financial benefit akin to a gift. Federal rules bar executive branch employees from accepting gifts from “prohibited sources,’’ defined as anyone with business before the federal government. There can be exemptions for personal friendship, but Holman said such gifts should be barred because of the conflicts of interest they pose."

Article also points out he worked on getting the 25B settlement from the GS, JPM, Warren Buffet, I mean Wells Fargo, Citi and GMAC/Ally... (Did Ally pay all the money back???)

https://www.justice.gov/opa/pr/federal-government-and-state-attorneys-general-reach-25-billion-agreement-five-largest

Maybe I am oversimplifying this, but am thinking that with Sperling's work back in 2012 for 25B and the extra dividends from Freddie now paying $99.1 Billion in cumulative dividends returned to the taxpayers and Fannie repaying $148.5 billion in cumulative dividends returned to the taxpayers minus all the other lawsuit money that was paid for selling bad mortgages to the GSE's... Mel has got that $125B he needs if he can get it out of that piggy bank...

JMHO