Faced with growing numbers of homeowners unable to make mortgage payments, Fannie decided to fund loans to borrowers that were instant losers.Well.... There it is.
The point was to buy time. Even though those loans resulted in a $453 million loss, they helped keep troubled homeowners from defaulting. That meant Fannie for now didn’t have to make good on loan guarantees that may have cost it as much as $2.4 billion.
The big game of kick the can strikes at a deep-seated fear among many investors -- that banks and others faced with mounting housing losses are finding all manner of dubious ways to push a day of reckoning into the future.
Known as the “HomeSaver Advance” plan, Fannie used the program to provide “foreclosure prevention assistance to distressed borrowers,” according to its 2008 securities filing.
[ cf Fannie Mae Creates Housing Mirage With Bum Loans: David Reilly ]
More PROOF that the Kommunist PinkoRedBlueBlack Obamanination nationalizing faggot jingoistical thingus and stuff and pooh was Stabbing Our Troops in the Back to support their Radical hard Leftist Gay HomoZeXual Marriage agendanista...
Clearly what more do people need to know.
The Obama People ARE SATANISTS!!!
The Rapture Came and took the Good People. If you are still around reading this, you are an Obamanite!!!