"Dave" wrote in message
...
Let me try to chip away at some of your appalling ignorance on the subject

On Mon, 17 Nov 2008 01:07:30 -0800 (PST), Bob said:


Who appointed the guy in charge? Mr. Bush. I guess he cant appoint
them all like good ole Brownie.

Guess again. The "guy in charge" in FNMA's case (I assume you mean the
president of that corporation) is chosen by the board of directors. The
current board of FNMA as of the date of its most recent annual meeting
consists entirely of directors chosen by stockholders. The President is
entitled to appoint 6 of the 18 directors. The appointments of the most
recent presidentially appointed directors expired in April of 2004, and
the
President left all of those slots unfilled.

I haven't checked GNMA, but you can do so if you with. Go to www.sec.gov
and
search for company filings of companies starting with "General National
Mortgage." The proxy statement is form 14A, and will tell you how the
board
is appointed and who its members are.

It was Democrat congresses who
passed laws forcing banks to give mortgages to people who had no
downpayment
and even less chance of being able to pay the damned things back.


Only 12% of all home loans went to colored people.

Of what relevance is that? Answer: none. Classic red herring

Also, "first time buyer program" and a few others all required
DOCUMENTATION and VARIFIED income.

Another red herring. Unless of course you believe that all the mortgages
out
there were made to people who could afford the payments.

Then
Freddy and Fannie bought and packaged these bad loans

Yes, cause the RATING agencies reviewed the loans and gave them all A+
rating...... Now go find out WHO is in charge of the rating agencies
and try to determine WHY they would do such a stupid thing. I know
anyone as hungry for the truth will find the answer.

The answer to the "why" is that the rating agencies had constructed
elaborate models to predict default rates based on previous experience.
The
problem with the models is that they were based on a time frame reflecting
steadily rising real estate prices. They were very poor at predicting
default rates in a falling market, because there just wasn't any data to
base the predictions on. Should someone have seen the problem? Absolutely.
But that kind of creative thinking is often sadly lacking among data whiz
kids.


So, since you left this out, I guess you agree with this statement... LOL

So you are saying that the Dem congress brought the country down in
24 months. Damn them Republicans sure must be weenies if thats the
case.


--
"j" ganz @@
www.sailnow.com