Replies to post #397393 on Fannie Mae-No Politics (FNMA)

[action8101]

Incredibly, Chad R. Readler, Acting Assistant Attorney General, is the same lead lawyer in both cases!

[Letgoofmyfannie]

Welcome to the rabbit hole

Haha I see you are down here too, watch out for that creepy cat who disappears...


GSE YIELDS FOREVER

[GSE Loan performance has always been exponentially superior to anyone else’s]

Let me show you how we robbed the GSEs
Their Profits we steal
And no one's gotten hung about it
GSE yields forever.

[The GSE’s continually maintained robust liquidity throughout 2008, right up until the date they were taken over by the US Government, September 6th, 2008]

Fooling the people was easy
They misunderstand what they see

[[The GSEs were adequately capitalized on the date they were taken over by the US Government according to the testimony their Regulator, James B. Lockhart]

It wasn't hard to plant lies in the Media
We're bulletproof now you see...

[The GSEs liquified the mortgage markets after all other private players turned off the credit spigot in 2007]

Let me tell you how we stole the GSE yields
Their Profits we steal

[The GSE’s never needed a government bailout to fund a cash shortfall or operating expenses]

[The Third Amendment sweep to the Senior Preferred Stock Purchase Agreement, which drains the GSE’s of all earnings and equity now and forever in the future, is without legal precedent]

Not one SEC indictment over it
GSE yields forever.

[The GSEs were able to service all maturing debt from ongoing operations before and after the government takeover]

No one in the Media digs up the facts
I mean these journalists are hacks
Or else they can't tell the truth or are just shills
Lawsuits will prove they were had...

[The liquidity crises that defined the 2008 financial crisis were all caused by risk exposures to private label mortgage securitization]

Let me show you how Treasury stole the GSEs
See what they done wrong
You'll want them all hung about...
GSE yields forever.

[The GSEs’ non-cash accounting losses for fiscal years 2008 - 2011, which necessitated draws of taxpayer funds, were entirely reversed during fiscal years 2012-2013…moreover no financial institution or market ever faced any liquidity problems tied to any risk exposure to Fannie or Freddie]

Let me tell you now we're gonna keep the pressure on
Call them out on their wrongs

[Proponents of any type of “reform” to replace the GSEs offer zero empirical evidence that their proposals have ever worked in the past]

And get them all hung about...
GSE yields forever
GSE yields forever
GSE yields forever

[Mr. Capuano questions Mr. Lew on Capitol Hill]

[FHFA operates under a statutory scheme that requires it to support the ongoing financial health of the GSEs. FHFA has no legal authority to do or pursue anything else]

[Mikey Mike]

This maybe a start of a new development for the GSE's...possible implications for the FHFA by eliminating the agency...if you can't fire the director then eliminate the entire agency altogether...



Trump administration fights its own agency in U.S. court

By Lisa Lambert,Reuters 7 hours ago



By Lisa Lambert

WASHINGTON (Reuters) - The Trump administration took an unusual step on Friday in its efforts to defang the U.S. financial consumer watchdog created after the banking crisis, with the executive branch of the federal government telling a court that one of its own agencies is violating the U.S. Constitution.

The Justice Department filed a brief opposing the Consumer Financial Protection Bureau's appeal of a ruling that its single-director structure does not hew to the constitution.

The decision that the bureau appealed also said the president should have the power to fire the agency's head at will. Under the 2010 Dodd-Frank Wall Street reform law that created the CFPB to protect individuals against fraud in lending, the president can only fire the agency director for cause.

The CFPB director is currently Obama appointee Richard Cordray, hailed by consumer advocates for taking action against payday lenders, credit card companies and debt collectors. Many bankers and Wall Street executives, along with Republican lawmakers, have said his authority to both write and enforce regulations is too wide.

The agency can represent itself in court cases except for those before the Supreme Court, putting President Donald Trump in a rare predicament: he cannot direct the Justice Department to withdraw the appeal.

Instead, the Justice Department could only file a brief supporting the CFPB's opponent, mortgage company PHH Corp.

"A single-headed independent agency presents a greater risk than a multi-member independent commission of taking actions or adopting policies inconsistent with the President’s executive policy," the Justice Department argued, saying a commission must compromise, while a single director does not answer to anyone.

The department also said that because CFPB directors hold five-year terms, a president may not get a chance to appoint someone who agrees with him. Cordray's term expires next year.

The department argued the U.S. Court of Appeals for the District of Columbia Circuit should allow Trump to fire the director at will, upholding the original decision reached by a three-member panel of its judges in October.

No U.S. president has ever dismissed an independent agency's director for cause. Republican lawmakers say Cordray's history provides Trump with cause for dismissal, although some are seeking a legislative path to fire him.

The rare inter-agency legal fight was widely expected.

After Trump's election win, some states' attorneys general and Democrats in Congress sought permission to represent the CFPB in the appeal, anticipating Trump would try to undermine the agency.

(Editing by David Gregorio)

https://www.yahoo.com/news/trump-administration-fights-own-agency-u-court-220701930--sector.html