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« Foreclosure Fraud & MERS In The Spotlight: Interview With CEO R.K. Arnold (Video, Links, Jamie Dimon Says 'No') | Main | Chris Whalen Explains Everything You Need To Know About Foreclosures, Loan Put Backs & Bank Risk »

Franklin Raines On Foreclosure Fraud AND Mortgage Pool Put-Backs (CNBC Interview)

Video:  Franklin Raines -- Squawk Box -- Oct. 15, 2010

The former swindling, bonus-sucking CEO of Fannie Mae would be better served by staying out of sight.  Raines:

  • "I don’t think a freeze would really accomplish much,” said Raines, who is currently the director of Exclusive Resorts.  “The people who are facing foreclosure today on average, they haven’t made a payment in over a year—in some cases, two years.”
  • "Housing is 20 percent of the economy. We are not going to have a real recovery until there is a recovery in housing," he said.
  • “All we will be doing is slowing down an inevitable process where the homeowner isn't disputing that they haven’t paid," said Raines. “And we simply need to move on.”

Raines said that the cost to banks will be high, especially since they are already paying “significant costs to manage the foreclosures.”

Raines added that loans that remain out there should be restructured “so that we can get out of this mess of people who are having a drag on the economy, a drag on confidence by consumers.”

  • “We need to have a major restructuring of the outstanding mortgages so that we can move forward with confidence and vigor,” Raines said.

Raines, who was Fannie Mae's CEO from 1994 to 2004, negotiated a settlement in 2008 with the Office of Federal Housing Enterprise Oversight, which oversees Fannie Mae, after the agency accused him of accounting irregularities while he was in charge. 

Raines paid a $2 million fine and gave up stock options valued then at over $15 million, according to a consent order.



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Reader Comments (18)

What a complete load of shit.
Oct 16, 2010 at 10:07 PM | Unregistered CommenterCheyenne
agree completely but i couldn't be so gruff in the story...raines has no concern for rule of law and contracts...
Oct 16, 2010 at 10:28 PM | Registered CommenterDailyBail

Fibre optic cables’ data capacity may soon be reached
Oct 16, 2010 at 10:58 PM | Registered CommenterDailyBail
Oct 16, 2010 at 10:59 PM | Registered CommenterDailyBail
Japan Scrambles for Rare Earth

Tokyo Seeks to Sidestep Reliance on Uncertain Supplies From China; Issue a Priority Elsewhere, Too

Oct 16, 2010 at 11:00 PM | Registered CommenterDailyBail
China's Rare-Earth Monopoly

The rest of the world is trying to find alternatives to these crucial materials.


Read this one...
Oct 16, 2010 at 11:01 PM | Registered CommenterDailyBail
Please play this song when you read this story…Strokin’


October Surprise...L A M E...but they try...

Condi, let me ask you this…how long has it been since you made luv…let me tell you what she told me…she said…stroke it Barry Soetoro but don’t stroke so fast…if my stuff ain’t tight enough you can stick it up my whoa…I be strokin’…ha ha ha…

First, the Obama Administration and the Democrats made Colin Powell a turncoat and stooge. Well, they have found their next stooge, brace yourself, it is Condi Rice. Condi, the author of the Bush Doctrine and Bush's Reggie Bush (his right hand always in arms length to begin the stroking). This was the lovely lady that the left floated rumors that she was either gay or having cigar moments with Dubya. For a smart gal, she is trying hard to turn herself into Obama's bitch. Listen to the sound of my voice Condi, hope change hope change. On three, you will sell your soul to the devil from Kenya.


Rice rolled her eyes at the notion that Obama is a closet Muslim, and she defended him from criticism - led by former vice president Richard B. Cheney - that Obama had weakened the country.

Condi Condi Condi, what are they giving you to sell out?
Oct 16, 2010 at 11:07 PM | Unregistered CommenterZ
p.s. Franklin Raines should be in prison for accounting fraud.
Oct 17, 2010 at 12:57 AM | Unregistered CommenterZ
"China's Rare-Earth Monopoly"

Funny how while America has been playing "maintain the lifestyles of the rich and famous", China has been not only quitely monopolizing rare earth minerals, but has been working on locking up oil, and other strategic minerals and ores globally as well....
Oct 17, 2010 at 1:16 AM | Unregistered CommenterS. Gompers
And now they won't sell them to japan...as you know gomp...this is going to be one of the big stories of the next 20 years...
Oct 17, 2010 at 12:11 PM | Registered CommenterDailyBail
("the Obama Administration and the Democrats made Colin Powell a turncoat and stooge.")

The Democrats did not make Colin Powell a turncoat.

Bush, Cheney, Rumsfeld, and the other oil crazed neo-cons did when they lied to him about the WMD's and shoved him into the United Nations garbage disposal.

He was naive about back stabbing politicans not a stooge.
Oct 17, 2010 at 1:44 PM | Unregistered CommenterSagebrush
He was naive about back stabbing politicans not a stooge.
Sage, I wonder how Powell would feel about your rousing defense of his reputation. ;-)
Oct 17, 2010 at 1:53 PM | Registered CommenterDr. Pitchfork
"And now they won't sell them to japan...as you know gomp...this is going to be one of the big stories of the next 20 years..."

At least we got the government subsidized and welfarized rich and famous, that is a fair trade for all the real hard assets in the world, isn't it?
Oct 17, 2010 at 4:57 PM | Unregistered CommenterS. Gompers
"And now they won't sell them to japan"

And yet China speaks so highly of free trade...
Oct 17, 2010 at 5:12 PM | Unregistered CommenterS. Gompers
"Sage, I wonder how Powell would feel about your rousing defense of his reputation"

Don't know, maybe if he runs for prez he'll give me a job.
Oct 17, 2010 at 10:39 PM | Unregistered CommenterSagebrush
Sounds good Sage, maybe you will get the important job of helping him turn his coat.
Oct 17, 2010 at 10:42 PM | Unregistered CommenterZ
Unless Condi gets that job.
Oct 17, 2010 at 10:43 PM | Unregistered CommenterZ
"Sounds good Sage, maybe you will get the important job of helping him turn his coat."

Nope, neo-cons already filled that position.
Oct 18, 2010 at 1:34 PM | Unregistered CommenterSagebrush

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