Fannie Mae soft pedals $4B mistakes

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Andrew Cuomo, Secretary of HUD between 1997 and 2001, actively pushed Fannie Mae and Freddie Mac into backing the enormous expansion of the nonprime mortgage market.11 In the short run, Fannie Mae and Freddie Mac found that their new flexible lending lines were profitable, and they continued to expand their purchases of nonprime mortgages under.

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For most people who see The Big Short, what it teaches about the 2008 financial crisis will likely be the sum total of their knowledge about the event.And that is troubling. The movie is entertaining and offers a good description of securitized mortgages and similar financial instruments but oversimplifies the cause of the crisis as the greed of bankers.

Our Financial Terms Glossary will help you learn the most common financial terms, words and phrases, as well as the meaning for dozens of legal terms.. Conforming Loan: A mortgage that meets the requirements for purchase by Fannie Mae and Freddie Mac. Requirements include size of the loan, type and age.. Soft Inquiry: A type of inquiry.

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 · Fannie Mae soft pedals b mistakesthe Street is reporting that Fannie Mae has had $4 billion in mistakes in its earnings statements, going back to last quarter of 2011.Fannie Mae quietly acknowledged several errors in its financial statements that have largely gone unnoticed, even by sophisticated investors who made daring contrarian bets on the turnaround of.

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Fannie reports a net worth of $45.4B, $3.9B more than its minimum capital requirement of $41.5B. BUT, $13B of that are deferred tax credits that only have value if the company earns enough money.

 · HARTFORD COURANT: Dodd’s Comments On Nationalizing Banks Roil The Market Sen. Christopher J. Dodd sent the already reeling shares of major U.S. banks to nearly two-decade lows Friday after he said that short-term nationalization of some large banks might become necessary to lift them out of a mire of bad loans.