US to file lawsuits against major banks

That would be just lovely.

The government initially created regulations that forced banks into making mortgage loans to "everyone". If any were denied, the banks were accused of "red lining" and the feds then stepped in to "re-indoctrinate" the offending bank on the fed mortgage policies. Then the government created Fannie and Freddie as the warehouse for bundled mortgages, which, for a while made it easier for the banks to write new mortgages, because they could always unload them on F&F. That was OK for a while until the dems loaded up the boards of F&F with political cronies. The next post* will give the who's who of Fannie with some added spice. The post after that will give a look at the cronies that ran Freddie.

To sum this up, the government is suing the banks for complying with the regulations they forced on the banks regarding mortgage applications and when the banks made the mortgages and forwarded them to the "quasi" government agencies that would guarantee the mortgages, the guarantors became a financial liability to the government.

(*Each of the names in the long list can be traced back to other entities i.e., corporations or government administrations/departments. This is one corrupt bunch of Esso Bees. Notice that both Freddie and Fannie had PACs to funnel money to campaigns. )

Fannie Mae
Business sector:
federal & federally-sponsored credit agencies
Fannie Mae financial information:
Securities and Exchange Commission filings
Stock quote and chart
Campaign finance information:
Federal National Mortgage Association PAC

Fortune 1000 rank in 2011: 5
Muckety news stories featuring Fannie Mae
Fortune 1000 boards: an incestuous groupMarch 26, 2011
How much crossover is there among America's top corporate boards?

Mudd's name is no longer Fannie MaeJuly 23, 2009
Daniel H. Mudd, who lost his job last year as CEO of mortgage giant Fannie Mae when the company's fortunes went south, has landed on his feet.

Fannie Mae chief Herb Allison in line to oversee TARPApril 14, 2009
Word is that Herb Allison, a longtime Wall Street executive with ties to Treasury Secretary Timothy Geithner, will be tapped to head the government's $700-billion financial rescue program.

Fixers George Sard and Robert Barnett retained by ex-Fannie, Freddie execsSeptember 11, 2008
The ousted heads of mortgage giants Fannie Mae and Freddie Mac have hired two of the nation's best-regarded fixers to help them hold onto their golden parachutes.

H. Rodgin Cohen at epicenter of Fannie Mae-Freddie Mac crisisSeptember 8, 2008
H. Rodgin Cohen may not be well known away from Wall Street, but he would seem to be the first person called in times of bank failure, acquisitions or mergers.


People related to Fannie Mae:
Kenneth J. Bacon - EVP
Dennis R. Beresford - director
H. Rodgin Cohen - outside counsel
William Thomas Forrester - director
Brenda J. Gaines - director
Charlynn Goins - director
Frederick B. Harvey III - director
Linda K. Knight - EVP
Philip A. Laskawy - chairman
Robert J. Levin - EVP
Egbert L.J. Perry - director
Jonathan Plutzik - director
David H. Sidwell - director
Michael J. Williams - president & CEO

Other current Fannie Mae relationships:
Federal Housing Finance Agency - federal overseer
Homeownership Alliance - advocacy group
Office of Federal Housing Enterprise Oversight - federal overseer

Fannie Mae past relationships:
2008 financial crisis - contributed to, through mortgage purchases & mortgage-backed securities
Herbert M. Allison Jr. - president & CEO
Stephen B. Ashley - chairman
Baptista Group - lobby firm
Robert T. Blakely - CFO
Molly Bordonaro - director
C2 Group LLC - lobby firm
Frank V. Cahouet - president & COO
Henry C. Cashen II - director
Cauthen Forbes & Williams - lobby firm
Arne Christenson - lobbyist
Arthur B. Culvahouse Jr. - lobbyist
Thomas E. Donilon - lobbyist & EVP
Downey McGrath Group - lobby firm
Kenneth M. Duberstein - director
Elmendorf Strategies - lobby firm
Fierce Isakowitz and Blalock - lobby firm
Louis J. Freeh - director
Stephen Friedman - director
Thomas P. Gerrity - director
Jamie S. Gorelick - vice chair
Richard F. Hohlt - lobbyist
Karen N. Horn - director
Grace Keefe Huebscher - VP
Sanford A. Ibrahim - advisory council member
James A. Johnson - chairman
Anastasia D. Kelly - SVP & general counsel
Ann McLaughlin Korologos - director
Bridget A. Macaskill - director
Donald B. Marron - director
Garry Mauro - director
David O. Maxwell - chairman & CEO
Vance C. Miller Sr. - director
Angelo R. Mozilo - national adviser
Daniel H. Mudd - president & CEO
Ogilvy Government Relations - lobby firm
Peck, Madigan, Jones & Stewart - lobby firm
Leslie Rahl - director
Franklin D. Raines - CEO
Donald M. Remy - deputy general counsel
Ricchetti Inc. - lobby firm
Rich Feuer Group - lobby firm
John C. Sites Jr. - director
Lawrence M. Small - president & COO
Gregory C. Smith - director
David Spector - advisory committee member
H. Patrick Swygert - director
Diana L. Taylor - director
Jose H. Villarreal - director
Beth A. Wilkinson - EVP & general counsel
John K. Wulff - director
Robert B. Zoellick - EVP

Freddie Mac
Business sector:
federal & federally-sponsored credit agencies
Freddie Mac financial information:
Securities and Exchange Commission filings
Stock quote and chart
Campaign finance information:
Federal Home Loan Mortgage Corporation PAC

Fortune 1000 rank in 2011: 20
Muckety news stories featuring Freddie Mac

Fixers George Sard and Robert Barnett retained by ex-Fannie, Freddie execsSeptember 11, 2008
The ousted heads of mortgage giants Fannie Mae and Freddie Mac have hired two of the nation's best-regarded fixers to help them hold onto their golden parachutes.

In midst of Freddie Mac crisis, Richard Syron tries to salvage his repAugust 7, 2008
Until a few weeks ago, it's likely that many people would have guessed that Freddie Mac was comedian Bernie Mac's younger brother.

People related to Freddie Mac:
Linda B. Bammann - director
Carolyn H. Byrd - director
Robert R. Glauber - director
Charles E. Haldeman Jr. - CEO
Laurence E. Hirsch - director
Ross J. Kari - EVP & CFO
John A. Koskinen - chairman
Christopher S. Lynch - director
Nicolas P. Retsinas - director
Clayton S. Rose - director
Eugene B. Shanks Jr. - director
Jerry Weiss - SVP
Anthony A. Williams - director
Other current Freddie Mac relationships:
BlackRock, Inc. - analyzing assets
Federal Housing Finance Agency - federal overseer
Homeownership Alliance - advocacy group
Office of Federal Housing Enterprise Oversight - federal overseer
Freddie Mac past relationships:
2008 financial crisis - contributed to, through mortgage purchases & mortgage-backed securities
Barbara T. Alexander - director
Alpine Group Inc. - lobby firm
Avenue Solutions - lobby firm
Bartlett Bendall & Kadesh - lobby firm
Timothy S. Bitsberger - SVP
BKSH & Associates - lobby firm
Bob Moss Associates - lobby firm
Geoffrey T. Boisi - director
James E. Boland - lobbyist
Ralph F. Boyd Jr. - EVP
Buchanan Ingersoll & Rooney - lobby firm
Cesar B. Cabrera - executive director
Cassidy & Associates - lobby firm
Clark & Weinstock, Inc. - lobby firm
Cormac Group - lobby firm
Cypress Advocacy LLC - lobby firm
DCI Group, LLC - lobby firm
Viet D. Dinh - consultant
June E. Drewry - SVP
Rahm I. Emanuel - director
Joel I. Ferguson - director
Newt Gingrich - consultant
Richard Karl Goeltz - director
Geoffrey P. Gray - lobbyist
Michael Gullette - assistant controller
Thomas S. Johnson - director
Jerome P. Kenney - director
Kountoupes Consulting, LLC - lobby firm
William M. Lewis Jr. - director
Andrew Lowenthal - director of government relations
Frank I. Luntz - consultant
Eugene M. McQuade - chairman & CEO
David M. Moffett - CEO
Nueva Vista Group - lobby firm
Shaun F. O'Malley - director
John T. O'Rourke - lobbyist
Park Strategies LLC - lobby firm
Jeffrey M. Peek - director
Porterfield & Lowenthal - lobby firm
Richard T. Pratt - chairman
Stephen A. Ross - director
Royer & Brooks - lobby firm
RR&G LLC - lobby firm
Ryan Phillips Utrecht & MacKinnon - lobby firm
Smith-Free Group - lobby firm
David Spector - advisory committee member
David H. Stevens - SVP
Sundquist Anthony - lobby firm
Richard F. Syron - chairman & CEO
Timmons & Company Inc. - lobby firm
Venn Strategies LLC - lobby firm
Washington Group - lobby firm
Williams and Jensen - lobby firm