National Mortgage Mismanagement


“Mortgage finance giant Freddie Mac on Monday said it would need another $1.8 billion in aid from taxpayers, bringing its total request since it was taken over by the government two years ago to more than $64 billion.” Thanks to ABCNews.com.

I am absolutely astounded at the enormity of the errors these folks at Freddie Mac made. It mirrors the blunders over at Fannie Mae by the way. Every single one of those executives who run those two organizations should be fired, brought up on criminal charges and put in jail.

I am reminded again of the quote from the editor of the Business Section of the New York Times; he said: “We have to give those people their bonuses. Who else are we gonna get to run those companies?” For Heaven’s sake! I can run a company into the ground and have huge losses like that – no problem. I would stand in line for months for that job! Give me a chance, I’ll send you my resume’ right away. I can take a good company, public trust and ruin it in no time. That takes no talent whatsoever. All it takes to do that is greed, stupidity and a callous disregard for anybody else on the entire planet.

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