GLOBAL REAL ESTATE MARKETS FORUM
4Rs: Realty Reality Recommended Reading
with Editorial Comment

REALTY REALITY FSO ARCHIVES
Date..., 2004

How to Lose $68 billion and Predatory Mortgage Lending
Fannie Mae Warns of Possible $9 Billion Loss
by Marcy Gordon, Associated Press
See: link

EDITOR'S COMMENTS
by Ole Bear

I am laughing my Ole Bear Behind off! Given the black market economy at HUD with Fast Mel Martinez losing $59 Billion, we suspect that the losses at Fannie Mae reported above are just the tip of the iceberg that will aid and abet sinking the housing markets. Like typical predatory lenders, Fannie Mae and HUD are not transparent. Perhaps Sporkin can find the lost $9 Billion? Mebbe we should send Rhinestone Cowboy Sporkin over to HUD to find the missing $59 Billion as well? Just funnin' you, Folks, to the tune of $68 Billion! You American taxpayers are underwriting the $59 Billion lost at HUD....and the $9 Billion and counting.... lost at Fannie Mae. Should we look in Mr. Raines' and his other Minons' Pockets, or just look for all those lost accounting footnotes????

"The OCC has shielded banks from state legislation against anti-predatory lending laws."
-- Larry S. Levy

If folks want to get really serious about insider trading at the grass roots level on Main Street America, we should start also looking at the predatory mortgage lending, insider foreclosure, and mortgage servicing fraud racket, and Jerry Hawke at the OCC who's allowed the big mortgage makers to get away with financial rape on Main Street America. The OCC has shielded banks from state legislation against anti-predatory lending laws.

See: State Targets Shady Lenders, Elvia Diaz, The Arizona Republic

See: Statement of Chris Swecker, Assistant Director, Criminal Investigative Division, FBI before the House Financial Services Subcommittee on Housing and Community Opportunity, October 7, 2004.

Great Links: Predatory Lending Headlines at Mortgage Daily.Com

Great Links: We are Targets for Predatory Lenders at National Fair Housing Alliance

Great Links: Complaints and Information on the OCC

The sad thing about predatory lending is that usually the victims are retirees living on a fixed income as well as folks who are struggling financially to make ends meet. Where Would Jesus Bank?

Ole Bear, Editor

© 2004 Ole Bear, Realty Reality

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