Fannie Mae

Wall Street Keeps Winning: Can It Change?

The news from the world of finance has been incredibly depressing of late, as the big Wall Street banks keep winning round after round in their battles with regulators. The flurry of deals, which in part were closed pre-Jan 1st to allow the banks to

Mounting Fannie And Freddie Losses From LIBOR Fraud

I'm sure the banks will be dealt with just as severely as they were the last time they engaged in massive fraud. Oh, wait: (Reuters) - Mortgage finance giants Fannie Mae and Freddie Mac may have suffered more than $3 billion in losses due to

Feds Sue Bank Of America

Federal prosecutors hit Bank of America with a $1 billion lawsuit Wedesday, accusing the bank of mortgage fraud that contributed to the housing crisis. Bank of America became entangled in the scheme -- known as “High-Speed Swim Lane” or “Hustle” -- when it purchased Countrywide Financial in July 2008, just as the economy was slipping into recession. Countrywide, a mortgage lending giant, was already known for approving risky loans when it introduced its “Hustle” program to churn out more loans, effectively eliminating a system that ensured the mortgages were being made to buyers who could afford them. A top U.S. attorney said the bank’s fraud was “spectacularly brazen in scope.”

Occupy DC Protests Fannie Mae Foreclosures

"Fannie Mae, you can't hide, we can see your greedy side," chanted over 200 homeowners and renters from across the country, who protested recently in front of Fannie Mae headquarters in Northwest, Washington D.C.. The protestors gathered