Fannie/Freddie Legal Bills Total > $160 Million...

[traelin0]

...of taxpayer money.

It's common for companies to indemnify their officers and directors against lawsuits. But what happens when the company gets taken over by the government? Oh, you know....

Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress.

This would be amusing if it wasn't so outrageous. Remember, most of these allegations date back to the early part of the decade, when Fannie and Freddie got caught cooking the books. That in turn led to a lot of litigation, much of it aimed at the officers and directors.

Read more here.

[Savoir Faire-Demogague in NJ]

Who gives a flying you know what....we'd rather sit here, and discuss and reply to Lakhota's pointless ramblings and threads about how he'd like to see Palin shot, threads about made up words, and other laughably juvenile and ridiculous topics, that do nothing to advance the intellectualism of this forum.

Those threads are more fun than kicking around and discussing 10s of trillions of fed govt and GSE's fraud.

[Deleted]

Yep. I am plagiarizing someone on the news, can't remember who, that said "WE have paid them $160,000,000. to defend themselves from lawsuits brought by US." This is exactly what we get when we allow gov't to take over businesses. Thank God for the people out here that care about news like this over the latest Huffpo or Media Matters articles.

[Deleted]

What is more sad are the politicians who kept telling use Fannie and Freddie were 'sound'.

[fairlycrazy23]

Its that damn Bushes fault.

query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print

[Deleted]

I'm leary whenever the words "new regulartory etc, etc" are brought up. It seems to be a crap shot as to whether or not the new agency will help or increase the problem.

But then again, I doubt that I will hear "no new loans until this mess is straightened out," which would at least be a good start. Heh.

[Deleted]

(Not on topic, but nice to meet you, kt. This is a great board!!)

[Deleted]

thank ya!

[ChiTownVenture]

Legal Bills Total > $160 Million

I believe that is a total to date, but the bills keep coming in and will for some time. While $160 million is quite a lot of money already I'm wondering what the total cost is going to be.

"no new loans until this mess is straightened out,"

This would be a terrible ideal, and kill any chance of recovery.

latest Huffpo or Media Matters articles.

This story was posted on Huffington Post yesterday. You do realize that they carry news from other news outlets right?

[Deleted]

Inside joke, Chi. A little poke at my friend Lak, who likes to flood the board with huffpo and media matters. No big deal. But you could take it as such, I guess.

[ChiTownVenture]

Thank God for the people out here that care about news like this over the latest Huffpo or Media Matters articles.

So do you disagree with the statement you made?

[Deleted]

Chi-- it seems to be a fact on this board that people prefer the Lak type of threads to ones like this. LOL-- I think I am going to start some threads now.