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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5 great links:
Jan 7, 2011 at 10:13 PM
Reader Comments (18)
Fibre optic cables’ data capacity may soon be reached
http://www.f-secure.com/weblog/archives/00002040.html
Tokyo Seeks to Sidestep Reliance on Uncertain Supplies From China; Issue a Priority Elsewhere, Too
http://online.wsj.com/article/SB10001424052748704049904575553792429346772.html?mod=WSJ_hpp_LEFTWhatsNewsCollection
The rest of the world is trying to find alternatives to these crucial materials.
http://www.technologyreview.com/energy/26538/?p1=A2
Read this one...
http://www.youtube.com/watch?v=6WBYEzecjaI
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.
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/15/AR2010101506018.html
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?
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....
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.
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Sage, I wonder how Powell would feel about your rousing defense of his reputation. ;-)
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?
And yet China speaks so highly of free trade...
Don't know, maybe if he runs for prez he'll give me a job.
Nope, neo-cons already filled that position.