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Charles Kovis, Attorney at Law:<br><br>
Wow, you make quite an entry; I don't exactly understand your use of an
extended title, but since you are new to this issue, I'll assume you
meant no disrespect and I will title you accordingly. <br><br>
Well, I don't like the "apples" associated with Fannie Mae and
Freddie Mac.<br><br>
As I recall, FNMA was created by Franklin Delano Roosevelt in 1938.
<br><br>
It is presumed to have served a "useful" purpose (depending on
your economics perspective) in stimulating a broader housing
market. I generally do not like government/business entities -
there are real structural problems with them - the incentives get all
messed up. Does the acronym WPPSS connect with you.<br><br>
Today, FNMA and Freddie are at the core of the financial crisis
confronting our nation.<br><br>
Below is a link to "Report of Findings to Date - Special Examination
of Fannie Mae" issued on September 17, 2004 by Office of Compliance,
Office of Federal Housing Enterprise Oversight.<br><br>
<a href="http://www.ofheo.gov/media/pdf/FNMfindingstodate17sept04.pdf" eudora="autourl">
http://www.ofheo.gov/media/pdf/FNMfindingstodate17sept04.pdf</a><br><br>
Next is a link to "A Report to the Special Review Committee of the
Board of Directors of Fannie Mae" released on February 23rd, 2006 by
Paul. Weiss, Rifkind, Wharton & Garrison, LLP and the Huron
Consulting Group, Inc.<br><br>
<a href="http://download.fanniemae.com/execsum.pdf" eudora="autourl">
http://download.fanniemae.com/execsum.pdf<br><br>
</a>These references are a reasonable place to begin to unravel and
understand the Fannie Mae/Freddie Mac mess.<br><br>
Please note carefully the parties involved, in particular, Franklin
Delano Raines, former CEO and Board member. He was formerly the
Director of OMB in the Clinton Administration.<br><br>
Next, note that by December, 2006, Federal regulators had filed suit
against the principle parties involved.<br><br>
I did hear an interesting report on the radio today (Rush Limbaugh)- I am
unable at this time to substantiate the claim, but I am working on
it.<br><br>
The report stated that the number one recipient of political
contributions from FNMA was Christopher Dodd. The number two
position belongs to Barack Obama. I will continue to search for the
full story on this one - and whether or not the findings are
accurate.<br><br>
Regret - I did not have Gov. Palin in a class.<br><br>
Finally, from the evidence I have seen, the financial reports for the
City of Wasilla are prepared in accordance with GAAP. That seems to
be more than can be said about FNMA.<br><br>
Thanks, I guess, for your interest.<br><br>
<br>
At 10:26 AM 9/15/2008, you wrote:<br>
<blockquote type=cite class=cite cite="">
<font face="Times New Roman, Times">Hey, </font><font size=2>
</font><font face="Times New Roman, Times">Dr. Harkins CPA,
Professor Emeritus of the University of Idaho College of Business,
Department of Accounting, how do you like the "wealth
redistribution" of Fanny Mae and Freddie Mac? You know, the
U.S. Treasury taking on 5.2 TRILLION DOLLARS in debt and nationalizing
the housing industry? How's you like them apples? Or maybe we
should talk some more about Wasilla's budget? More up your
alley? Hope you taught Ms. Palin a thing or two while she
matriculated here. Obama is going to redistribute the wealth in
this country? What wealth? Chuck Kovis<br>
</font>=======================================================<br>
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