Posted by PrestoPundit on 10/05/2008

executive for most of the 1990s, while serving on the banking committee with oversight responsibility for Fannie Mae.  “According to National Mortgage News, [Barney Frank’s live in sex partner] helped develop many of
Fannie Mae’s affordable housing .. lending programs.”

Mark Steyn:  “turns out the entire .. meltdown is due to Congressman Frank’s sex life.”

UPDATE:  A profile of the most recent CEO of Fannie Mae

Congress was demanding that Mr. Mudd help steer more loans to
low-income borrowers. Lenders were threatening to sell directly to Wall
Street unless Fannie bought a bigger chunk of their riskiest loans.So
Mr. Mudd made a fateful choice. Disregarding warnings from his managers
that lenders were making too many loans that would never be repaid, he
steered Fannie into more treacherous corners of the mortgage market .. Between 2005 and 2008, Fannie purchased or guaranteed at least $270
billion in loans to risky borrowers — more than three times as much as
in all its earlier years combined ..

All this helped supercharge Fannie’s stock price and rewarded top
executives with tens of millions of dollars ..  Mr. Mudd collected more than
$10 million in his first four years at Fannie.


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