I can only imagine the excitement that would have been expressed by many homeowners. Something like..."Wow...your kidding...a whole 3-days...what a life-saver!"
However, after their outrageous pay and bonuses were made public, it was decided to temporarily delay the
Photo Courtesy of LATimes
12 Executives at the 2 firms received roughly $35.4 Million in salary and bonuses in 2009 & 2010. Fannie CEO - Michael J Williams reaped $9.3 Million in 2009 and 2010
Freddie CEO - Edward Halderman Jr. was paid $7.8 million in 2009 and 2010. Apparently that type of income was not enough, and all this "came to light" and was further exposed when Fannie & Freddie asked US taxpayers to ante up another $13.8 BILLION to cover losses for their 3rd quarter (July 2011-Sept 2011) mismanagement. These two companies, owned by you and me, continue to act as "mortgage garbage cans" for the large banks. The Too Big To Fail (TBTF) banks repeatedly sell their bad and non-performing loans to Fannie & Freddie in order to clean-up their balance sheets and "Dump the Debt" onto the backs of hardworking Americans. To date - U.S. Taxpayers
Even more amazing - watching these "tone deaf" executives attempt to JUSTIFY - under oath - their insane compensation. (C-span testimony below) It is truly - Sickening to watch
Listen to U.S. Representative Elijah Cummings (MD) at 34:15 point
Listen to OHIO Representative Dennis Kucinich beginning at the 50:01 point
WARNING: Watching may cause nausea and vomiting....or temporary turrets syndrome.
Regardless of the outcome, of the congressional review, be looking for the 2011 bogus PR announcements from Fannie & Freddie along with other carefully crafted statements from all the Big Banks gifting Holiday Goodwill.
Below is an Actual Statement Released by Fannie Mae President & CEO Michael J. Williams on December 17, 2009 when announcing that evictions would be suspended for a 14 day period (Sat Dec 19, 2009-Sun Jan 3, 2010) of which 8 days were either a holiday or weekend.
"No family should have to face the prospect of being evicted during the Holiday Season"
Williams efforts to make a short eviction reprieve appear as "A Gift" is really an effort to disguise and deceive. In fact, the Holidays are simply an untimely delay to execution of the eviction process, which is usually dumped on local law enforcement. They (police) don’t want to be the “bad guys” or to be seen as throwing families "out on the street" during the Holidays. These bogus announcements, as Holiday eviction delays, are simply giant orchestrated PR moves "spoon-fed" to the media COVERING UP the on-going FRAUDclosures & Evictions that happen 3,000 times every single day. Well...except ...you know... not during the soon to be announced... Holiday Eviction Delay
And stay tuned....as we will be posting these ridiculous PR statements... as they're released by the two government wards (Fannie & Freddie) and the various other
OccupyWallStreet leaders had seen enough and released information for a Day of Action