Monday, November 28, 2011

Huge Pay & Bonuses for Fannie & Freddie Executives! Cover-up attempted by using Holiday eviction delays

In an attempt to "cover-up" the insidious and outrageous bonuses they had planned to award themselves, a Fannie Mae insider was told to leak word that a "goodwill announcement" (press release) is imminent. This Holiday Goodwill is purported to be a two week (Dec 19th - Jan 2nd) "temporary suspension" of scheduled foreclosure evictions. It's intended to show the companies compassion, for homeowners, during the 2011 December Holiday season.   REALLY?...Compassion? Homeowners - expect the below 2011 Holiday Greeting Card.
The timing of this hollow & bogus gesture coming from the collapsed and failed Fannie Mae should cause OUTRAGE to all homeowners. It will surely be followed, by a similar announcement, from the other step-child, also in government foster care - Freddie Mac. The planned Holiday Announcement (yet to be made) was originally scheduled to be released two weeks ago and was supposed to give an additional 3-day eviction reprieve and encompass the Thanksgiving Holiday period of Wednesday Nov. 23rd - Friday Nov. 25th.
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!"
Art Work by Pete Graff

However, after their outrageous pay and bonuses were made public, it was decided to temporarily delay the phony announcement good news about the 3-day Turkey eviction reprieves. Instead the top 2 executives heading the seized housing fiance giants were dragged "up the hill" (to Washington) and forced to explain, to members of a Congressional committee, why they deserved a combined $12 MILLION in salary and bonuses for 2011. Yes, you read it right, theses two axxholes (below) want a mere.... $12 million for 2011.
            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 were forced gave about $169 BILLION Dollars to rescue Fannie and Freddie. They have easily been the most expensive bailouts of the 2008 financial crisis and keep hemorrhaging massive amounts of money. The government "cost estimates" to maintain these two trash barrels, along with the high-priced executive payrolls, could reach $220 billion ...and that guesstimate is to support them...only through year 2014!

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 know... not during the soon to be announced... Holiday Eviction Delay

And stay we will be posting these ridiculous PR statements... as they're released by the two government wards (Fannie & Freddie) and the various other criminal enterprises banks and lenders.

OccupyWallStreet leaders had seen enough and released information for a Day of Action


  1. The fiction just keeps getting BIGGER and bigger. The people bail-out the banks, the people finance Freddie and Fannie...and THEIR thanks is "stealing" your home which the Creator gave. What else can the Creator give to the created, if he's already granted all? Do we fear the fictions we've created, because we haven't yet surrendered all? What are we still holding on to that we fear will bind us to the fictions we've created?

    When the Claim comes forth, Down becomes Up [Pirates of the Carribean]. Because the man in office of Tenant [Trustee/Grantee] now comes forth with the Rightful Claim and the Statute executes the Use and the Wardship is terminated such that the man now becomes the Cestui Que Use with complete ownership. And, now instead of government being the master in Wardship, government becomes the vassal in Oath -Servant -ready to receive the Lawful Order of one who will issue one upon their office of trust, as justice of the peace.

  2. Taxpayors NEED to foreclose on Freddie and Fannie...Anyone know a Good Class Action attorney...who see's this is the ONLY right thing to do? Clearly these President's have breached the Public Trust and are opearting in their personal capacity as they have violated "property rights" guaranteed by the constitution.