|Subject:||Re: [socialcredit] RE: OWNERSHIP: Ownership transfer|
|Date:||Monday, December 6, 2004 09:38:46 (-0600)|
|From:||Levi Philos <leviphilos @.........net>
Ed Dodson wrote:
>Ed Dodson responding...
>Bill Ryan wrote (12/4/04):
>"These GSEs are the largest source of housing finance
>in the United States. They are considered to be
>'government sponsored' because Congress authorized
>their creation and established their public purposes.
>Their Congressional charters require each corporation
>to achieve public purposes that include providing
>stability and liquidity in the secondary mortgage
>market, providing secondary market assistance
>relating to mortgages for low-and moderate-income
>families, and promoting access to mortgage credit
>throughout the Nation, including underserved areas.
>"In exchange for carrying out these public purposes,
>the GSEs are accorded various privileges that provide
>them with some advantages not available to other
>private corporations, including an implicit benefit
>that allows them to borrow money at rates which are
>lower than rates competitors must pay..."
>I may be biased, but by almost any measure one can suggest the establishment
>of the GSEs in the U.S. has been one of government's more remarkable success
>stories. There has been much debate over whether the GSEs should be fully
>privatized, removing the special advantages they have as well as the special
>restrictions they operate under. The GSEs are very efficient at what they
>do. The risk to taxpayers of ever having to rescue them is extremely low.
>Every loan purchased or securitized by the GSEs is backed by a mortgage
>placed on the borrower's residential property. On top of that, on any loan
>with a loan-to-value ratio above 80% some form of credit enhancement is
>required. This most often takes the form of private mortgage insurance. This
>level of safety is why mortgage-backed securities issued and guarantee by
>the GSEs are held as liquid assets by banks and other corporations. This is
>also the reason the GSEs are able to raise capital in the credit markets at
>a cost that is less than commercial banks or savings banks, which are
>engaged in many other types of lending with much higher exposure to default.
Want a different point of view? Catherine Austin Fitts was top level HUD
at one point in her career.
She developed some computer software that tracked the payments going out
to Freddy Mack and Fannie Mae.
In her subsequent efforts to expose the fraud, she was fired or forced
to resign, so then she decided to go whistle blower and collect a
Anyway, Google "Catherine Austin Fitts" hud fraud - for all kinds of
hits. Her case is yet to be resolved.
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