Fannie Mae's about to get its *ss kicked
America’s Fannie has been spanked with $400 million in fines, only the beginnings of turning inside out the entire ponzi scheme of American real estate finance.I don't have time for detailed excerpts and commentary, but this article is a must read.
Criticism levied at the mortgage finance giant after an $11 billion accounting scandal is fair and remains ongoing into the far foreseeable future as the onion is peeled away by Congressional investigators and greater public scrutiny. By the time real honest accounting is done, Fannie will be trading in the pennies.
The proverbial sh*t is about to the hit the real estate fan.