There was a reason Fannie Mae (Federal National Mortgage Association) and Freddy Mac (Federal Home loan Mortgage Corporation) were government created entities, before they became private corporations in the 1970s.
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Three years ago, I would've given anything for someone in the media or government to listen to me. I figured out how the banks were fixing the system ...
Here is a fable that is making the rounds. It is a collection of half-truths and outright lies: The financial meltdown was the result of too many people pursuing the American Dream of home ownership.
FNMA executives gamed the system to enrich themselves by exposing the American taxpayer to their company risk. It is the biggest financial scandal we'll ever see.
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