I’ve become numb to all the fraud, the questionable dealings and the utter failure of our courts, regulators and government officials in the midst of Fraudclosuregate. The revelations continue to roll out and still nothing, absolutely nothing to protect the American people from all this. It seems that we are all just powerless in the middle of this because the parties in the drivers seat on all this deceit are too powerful. But all it takes is our local circuit court judges to stand up for their communities and for the rights of the American people to start making things right…..
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.
The bulk of those expenditures “” $132 million “” went to defend Fannie Mae and its officials in various securities suits and government investigations into accounting irregularities that occurred years before the subprime lending crisis erupted. The legal payments show no sign of abating.
Documents reviewed by The New York Times indicate that taxpayers have paid $24.2 million to law firms defending three of Fannie’s former top executives: Franklin D. Raines, its former chief executive; Timothy Howard, its former chief financial officer; and Leanne Spencer, the former controller.