Wednesday, April 14, 2010

Tales from Bailout Nation Pt. XXIV... and quote of the day

"we encountered more difficulty and delay. Fannie's lobbyists were on the Hill spreading misinformation about my motives and asserting that the special exam was unnecessary."

That from Armando Falcon, a former regulator at the Office of Federal Housing Enterprise Oversight (OFHEO), the GSE watchdog who was testifying before the Financial Crisis Inquiry Commission regarding Fannie Mae. Falcon further testified that whenever faced with a report with negative connotations about the company, Fannie's supporters would launch an assault on OFHEO -- from a full investigation of the group to demanding Falcon's resignation.

Now, they wouldn't have done such a thing now would they? And why does that name, Armando Falcon, ring a bell? Why, yes. Why, yes, indeed. Falcon was made an absolute whipping boy back in 2004 during congressional testimony when he testified to Fannie Mae's illegal accounting practices.

From the interweb archives, one of our favorite videos of all-time: for your viewing and keeping-the-record-straight pleasure, it's Lacy Clay (D-MO) throwing out racially-charged grenades and Maxine Waters extolling the virtues of zero down loans and the total awesomeness of Franklin Raines.

Exit question: How is it that Franklin Raines is walking around a free man, right now?

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