Other People’s Money | Fannie and Freddie, Still the Socialites

Only Lender Processing Services had more (guests) — 91 — than Fannie and Freddie.

(Perhaps they robo-signed their registrations.)


Fannie and Freddie, Still the Socialites

THE mortgage business is moribund. New loans are down. New foreclosures are up.

But why let a little sorry news get in the way of a good party? Last week, almost 3,000 people descended on the Hyatt Regency in Chicago for the 98th annual convention of the Mortgage Bankers Association.

The price of admission: about $1,000 a head. But for that grand, you got to hear the band Chicago play hits from the ’70s. And David Axelrod and Jeb Bush give speeches. And experts discuss things like demographics, the politics of housing and the future of the mortgage industry, according to a flier for the event.

“Gather the information you need to help your business and our industry drive change,” the pitch went.

The city of Chicago was no doubt grateful for the conventioneers’ dollars. Besides, Mayor Rahm Emanuel knows something about this industry: he used to be a director at the mortgage giant Freddie Mac.

Nothing wrong with a bit of schmoozing. But it might seem jarring that Freddie, which was rescued by Washington and today exists at the pleasure of taxpayers, paid $80,000 to become a “platinum” sponsor of this shindig. Fannie Mae, that other ward of the state, paid $60,000 to become a “gold” sponsor.

Freddie’s companions in the platinum sponsor list make for interesting reading. One was the Mortgage Electronic Registration System, or MERS, which has repeatedly foreclosed on troubled homeowners and made a hash of the nation’s real estate records. Another was Lender Processing Services of Florida, which made robo-signing a household word.

Rest from the NY Times here…



7 Responses to “Other People’s Money | Fannie and Freddie, Still the Socialites”
  1. Steve Barnes says:

    They are clinking glasses and celebrating how important predatory lending and screwing the middle class is to profit. Fannie may be in receivership with the US, but it is still under organized crime’s control.

  2. housemanrob says:

    Oh, what a tangled web we weave….when we practice to deceive!

  3. lvent says:

    Yes, Rahm Emanuel is in bed with Freddie… and was hired by.the cabal of fraudsters….and when one candidate for Mayor, Carol Mosely Braun brought up this fact during the so-called Mayoral “campaign” and said that Rahm Emanuels past employer, Freddie Mac is a big part of the blame for the fraudclosures in the City, she was suddenly asked to produce tax records…they have not stopped picking on her since… Dirty criminal bastards, all of them!….Everybody knows what is going on now and who these criminal traitors of America are and what they have done to this country……I believe #OWS proves a paradigm shift in our political beliefs is in the making and they are all going to pay…America has woken up and We ThePeople realize now who our NWO enemies are…..The truth is awesome!!

    • lvent says:

      I believe that #OWS not only represents a paradigm shift in our political beliefs but, in all of our beliefs,…WE THE PEOPLE now realize the entire system has been USURPED by the NEW WORLD ORDER..THIS IS EXACTLY WHAT THE WHOLE CABAL HAS FEARED…..THE MOMENT THAT AMERICA WOKE UP AND NOW BECA– USE OF THAT, THE NATIONAL SOVEREIGNTY OF THE UNITED STATES OF AMERICA WILL PREVAIL!!!

      • lvent says:


  4. Hell No - No More Bleeping Bankster Bailouts says:

    I question how these expenditures by Fannie and Freddie to underwrite the shindig can be approved by those who are overseeing them during their insolvency.

    If you or I did the same thing during a BK, the trustee would have a fit and demand the funds be returned. This level of participation was NOT required of Fannie or Freddie. In fact, all related expenses for this shindig need to be refunded to the taxpayers.

    • lvent says:

      Hell – No: I am sure that the Rahmfather (nickname given to him by the local press) approved this shindig!!!…The NWO has hijacked the place!!!….Hope they realize that the American people see right through their charades and WE THE PEOPLE DO NOT think that ANY of them are ABOVE THE LAW!!!!

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