< HOME  Monday, June 19, 2006

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.

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.
I don't have time for detailed excerpts and commentary, but this article is a must read.

The proverbial sh*t is about to the hit the real estate fan.


At Tuesday, June 20, 2006, Blogger Citisucks said...

And guess who owns lots of Fannie May stock: Citigroup. The evil lying thieving corporate terrorists all work together to screw over the poor (formerly known as the middle class).


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