lol! Oops! Trumped by history!<quoted text>
Karl Rove: President Bush Tried to Rein In Fan and Fred - WSJ.com
online.wsj.com/article/SB123137220550562585.h ... ;
Jan 8, 2009 - President Bush Tried to Rein In Fan and Fred ... Fannie and Freddie are "government-sponsored enterprises" (GSEs), chartered by Congress.
The White House Warned Congress About Fannie Mae Freddie Mac ...
nicedeb.wordpress.com/.../the-white-house-war ... ;
Sep 21, 2008 - Fannie and Freddie stating that “nothing's wrong”. The Bush Administration tried 17 times to reign in Fannie and Freddie (Note: I tried to quote ...
Fact Check: Obama Had More to Do With 2008 Economic Meltdown ...
www.thegatewaypundit.com/.../fact-check-obama ... ;
Sep 5, 2012 - Moreover, Fannie and Freddie acquired “more loans .... Institute tried this CRA nonsense back in 2007 when Bush saw the Recession coming ...
No forced subprime mortgages, no crisis.
Thanks Dodd, Frank, Carter, Clinton, et
"Bank of America today announced agreements with the Federal National Mortgage Association (Fannie Mae) to resolve outstanding and potential repurchase and certain other claims relating to the origination, sale and delivery of substantially all residential mortgage loans originated and sold directly to Fannie Mae from January 1, 2000 through December 31, 2008 by entities related to Countrywide Financial Corporation (legacy Countrywide) and Bank of America, National Association (BANA).
In addition, Bank of America announced that it signed definitive agreements to sell the servicing rights on 2.0 million residential mortgage loans totaling approximately $306 billion, as measured by the aggregate unpaid principal balance (as of November 30, 2012).
“As we enter 2013, we sharpen our focus on serving our three customer groups and helping to move the economy forward,” said Bank of America Chief Executive Officer Brian Moynihan.“Together, these agreements are a significant step in resolving our remaining legacy mortgage issues, further streamlining and simplifying the company and reducing expenses over time.”
Fannie Mae agreements
The agreements with Fannie Mae cover loans with an aggregate original principal balance of approximately $1.4 trillion and an aggregate outstanding principal balance of approximately $300 billion. Unresolved claims by Fannie Mae for alleged breaches of selling representations and warranties with respect to these loans totaled $11.2 billion of unpaid principal balance at September 30, 2012. These agreements extinguish substantially all of those unresolved claims, as well as any future representations and warranties claims associated with loans sold directly to Fannie Mae from January 1, 2000 to December 31, 2008, subject to certain exceptions which Bank of America does not expect to be material.
As part of the agreement to settle representations and warranties claims, Bank of America will make a cash payment to Fannie Mae of $3.6 billion and also repurchase for $6.75 billion certain residential mortgage loans sold to Fannie Mae, which Bank of America has valued at less than the purchase price. These actions are expected to be covered by existing reserves and an additional $2.5 billion (pretax) in representations and warranties provision recorded in the fourth quarter of 2012.
Bank of America also agreed to make a cash payment to Fannie Mae to settle substantially all of Fannie Mae’s outstanding and future claims for compensatory fees arising out of past foreclosure delays. This payment is expected to be covered by existing reserves and an additional provision of $260 million (pretax) recorded in the fourth quarter of 2012.
Together, these actions described above are expected to reduce Bank of America’s pretax income by approximately $2.7 billion in the fourth quarter of 2012...."