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 Freddie Mac complicit in Lee Farkas fraud View next topic
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rockford
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Freddie Mac complicit in Lee Farkas fraud
PostPosted: Mon May 02, 2011 6:26 pm Reply with quoteBack to top

Freddie Mac officials were complicit and allowed Lee Farkas to commit this fraud on several banks and countless individuals...per NYTimes

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Aaron
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Re: Freddie Mac complicit in Lee Farkas fraud
PostPosted: Mon May 02, 2011 7:14 pm Reply with quoteBack to top

Which article are you referring to?
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rockford
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source
PostPosted: Mon May 02, 2011 7:19 pm Reply with quoteBack to top

Go to http://www.nytimes.com/2011/04.....orris.html

This is very interesting

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rockford
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Class Action
PostPosted: Mon May 02, 2011 7:21 pm Reply with quoteBack to top

Everyone hurt by TBW and Freddie Mac partnership should consider a class action

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Aaron
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Re: Freddie Mac complicit in Lee Farkas fraud
PostPosted: Mon May 02, 2011 7:26 pm Reply with quoteBack to top

OK, that's the one I thought -- just wasn't sure because it came out a couple weeks ago.

Yeah, that is VERY interesting ... also interesting how Ginnie let them continue on... of course that's not so surprising to me anymore since they allowed seller downpayment fraud to fester on for another decade after the initial issues (accumulating to a ~$100B fraud).
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rockford
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Lee Farkas and his partnership with Freddie Mac
PostPosted: Mon May 02, 2011 7:30 pm Reply with quoteBack to top

Ginnie is more hands off where as dealing with Freddie and Fannie everybody knows everybody's business. Freddie knew.Nnow lets see if the Feds go after Freddies CEO involved. NOT

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Aaron
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Re: Freddie Mac complicit in Lee Farkas fraud
PostPosted: Mon May 02, 2011 7:36 pm Reply with quoteBack to top

Yeah right. If the Feds are complicit in illegal activities, then they might as well be legal.

Three cheers for lawless government!
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cpruitt
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Joined: 12 Oct 2007
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Re: Freddie Mac complicit in Lee Farkas fraud
PostPosted: Thu Jun 30, 2011 5:10 pm Reply with quoteBack to top

Most of the "really bad stuff" that gets blamed on the private sector would have been very difficult to pull off without the power, influence and "protection" of government officials.

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Aaron
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Re: Freddie Mac complicit in Lee Farkas fraud
PostPosted: Thu Jun 30, 2011 5:33 pm Reply with quoteBack to top

I agree wholeheartedly, Carl. It's a game where government lets shenanigans go on, if not providing "soft endorsement" for them, then the private & public culprits share in the benefits, but invariably, the government (successfully) deflects the blame when the inevitable fallout arrives.

I now strongly believe if the financial regulatory agencies had done their job we would not have seen such a bubble & crash, even with low interest rates. I think Greenspan's endorsement of ARMs for the average borrower over the traditional 30-year fixed did more damage than low rates. Greenspan basically said "you are leaving money on the table if you don't get an ARM". Then he almost immediately started raising rates. The joke was on the least-informed of borrowers!
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Fitztyp0
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Joined: 16 Aug 2011
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Re: Freddie Mac complicit in Lee Farkas fraud
PostPosted: Tue Aug 16, 2011 8:30 am Reply with quoteBack to top

I was a Q.C Underwriter for TBW until 2008. I never met Farkas, working in the Tampa office. I can tell you bad loans I detected levitra somehow just disappeared. My Manager was complicit.


Last edited by Fitztyp0 on Mon Oct 10, 2011 6:24 am; edited 1 time in total
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