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Defrauding America and the Global Catastrophe
The defrauding America and the global catastrophe has created much speculation. From all accounts, including Capitol Hill, the culprits were Fannie Mae and Freddie Mac. The "GOP.gov, the official website for Republicans in the House of Representatives, says flatly: "Fannie Mae and Freddie Mac were the main cause of the nation's current financial turmoil." The names of these two institutions have been bantered about with ease as the the primary cause of the mortgage meltdown. The verdict was without merit, primarily because there was no evaluation of the facts to render such a decision. Now that the dust has settled, a proper analysis of the information available has produced factual statements about the role of Fannie Mae, Freddie Mac and others in the defrauding of America. It would appear that there were three factions to the process, instead of the two often mentioned. The third entity was Wall Street. A very powerful player and one that fostered the derivative market. Michael Hudson of the Daily Beast goes on to demonstrate that "Government data show Fannie and Freddie didn't take the same risks that Wall Street's mortgage-backed securities machine did."For those of us in the real estate industry, you may recall that there wasn't much ... more
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