Another surprising tie to Freddie Mac
“New Obama Chief of Staff, Others on Board, Missed “Red Flags”
of Alleged Fraud Scheme”
Well I must’ve spilled my coffee at this one. ABC News reporting
“…Rahm Emanuel, served on the board of directors of the federal
mortgage firm Freddie Mac at a time when scandal was brewing at the
troubled agency and the board failed to spot “red flags,” according
to government reports reviewed by ABCNews.com.”
The old news about Franklin Raines
being CEO of Freddie Mac during and leading into the
subprime mortgage crisis, where he began a
pilot program to issue bank loans to individuals with low to
moderate income, and to ease credit requirements on loans that
Fannie Mae purchased from banks. Not to mention his supposed ties
to Barak Obama, where he had supposedly “taken
calls from Barack Obama’s presidential campaign seeking his
advice on mortgage and housing policy matters.” Now it seems yet
another individual involved in the subprime mess has taken a more
definitive role in the future Obama Administration, albeit for
different reasons, I’m sure.
Just sayin’ is all.
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