Link:

http://www.wcbs880.com/Freddie-Mac-Chief-Commits-Suicide/4249204

I hear he was about to default on his mortgage,,,

The dude was with Freddie Mac for 16 years. Remember when the Enron scandal broke? One of their senior guys offed himself. Then the other shoes began to drop. Expect more out of Freddie in the coming weeks.

Blame the Clintons, this has Vince Foster written all over it...

I've always found these suicides of major CEO's and CFO's a little suspicious. If they are gone they can't implement others.

Lurker. Wrote:
-------------------------------------------------------
> I've always found these suicides of major CEO's
> and CFO's a little suspicious. If they are gone
> they can't implement others.


Do you mean "implicate?"

Wonder if their stock will fall or go up today.

Lurker. Wrote:
-------------------------------------------------------
> I've always found these suicides of major CEO's
> and CFO's a little suspicious. If they are gone
> they can't implement others.


I agree. The mafioso head of Fannie Mae probably thought he was going to flip and go States, so they plugged him.

Instead of, you know, the logical choice that he's been miserable and under fire as the head of a failing company.

I read Reston..

http://finance.yahoo.com/news/Freddie-Mac-official-found-apf-14995814.html?.v=14

He'd only been in that position since September. No thanks.

Who knows what would have caused him to do this? The pressure of having to mark to market aka wild guess as to billions of dollars of assets that could be worth anything from near nothing to 50/60 cents on the dollar, all the while being stuck in the center of a public storm in which his organization was constantly being pilloried, likely created oodles of stress.

This is a tragedy for the family.

It also spells further doom (it has the same feel as the Enron Clifford Baxter situation as notes above) to Fannie and Freddie, even if connecting this death to their future seems illogical. There is some view the GSE's should use their skills to manage the scores of work-outs - this is not promising because the subprime and Alt-A mess is so bad (meaning millions got loans that should have even submitted applications for them) that work-outs are not a viable substantive mission for them. And this unfortunate death does nothing put cast a greater cloud of doom over the environment.

Enron was leveraged to high holy heck - and so are the GSE's - all were gambling with scant few assets to back them up in the case of a decline. All persuaded the SEC to bend the rules (Enron with mark to market accounting throughout their enterprise, the GSE's with getting Congress to make them entirely exempt from SEC purview). The parallels are striking. This can't end well, and we will look back at 2003-2007 as a period of absurd excess with a trail of destruction miles long. Too much blame to go around - everyone involved must take responsibility.

The requisite ticket/arrest post...

"KELLERMANN ","DAVID "," ","041"," 1709","RALEIGH HILL ","RD","VIENNA ","VA","03/09/2008","AGGRESSIVE DRIVING

I find it hard to believe that this guy would kill himself simply over the pressure of the job. He could simply walk away.

I have a sickening feeling that when he took the job he didn't realize just how bad the mess actually was. As he went through it, he realized it was much worse....possibly with legal implications.

That is a pure guess, though.

Lest anyone think that working in the mortgage finance business isn't embroiled in a once in every 100 years disaster, this is a snippet from the latest mortgage figures (and we are talking prime here, you know, the kind of loans Fairfax's County's middle and upper middle class take out):

"The number of prime 60 days+ delinquent rose to 743,686 in January, from 497,131 in December. This is an increase from 1.93% in December to 2.89% in January. All loans 60+ days delinquent increased from 834,831 as of November 30 to 1,229,051 as of January 31, representing an increase of 47 percent over the period. However, prime loans 60+ days delinquent increased by 69.6 percent while nonprime loans increased by 23 percent."

The "best" solution is to let the asset prices fall so people will buy them - politically a hard thing to do for politicians to do because they are awful at saying no.

Anyone sitting atop this powder keg (like a CFO) has to be miserable - miserable beyond belief (being smart enough to get to that position is a burden, because being aware of just how awful things are must grind). And they sure as heck won't get rich doing it now. But never a better time to remember that a job is just that - a job, and at the end of the day it is not a measure of one's worth.

Just got an e-mail I thought was ironic..

"Looking for Signs of a Market Recovery?" - etrade@email.etradefinancial.com

You bet.

I read he was 41 and was found in his Reston, Va home. Probably out towards the McLean Great Falls area of Reston. That's where the rich Reston people live.

Still sounds a little fishy. Remember we are talking about millions that this guy could of controlled or routed. People have been killed for a lot less.

Die yuppie scum!

Lurker - its all speculative at this point.

But it make sense to remember that plenty of unfortunate souls threw themselves out of windows in the Great Depression.

And while the numbers are not as bad as the Great Depression, make no mistake, this is a stressful, stressful time. History informs.

I am generally do not fall within the category of being a sensitive person.

But now is the time for some humility, and recognize that even the best, brightest or luckiest among us could fall prey to an unfortunate event over which we have little control. Anyone with a job right now is fortunate.

My heart goes out to the family.

Same here... the house had a nice play area in the back so he probably left some school-age kids behind.

FCPS NAZI's are to blame for hounding this man to suicide with their Gestapo rules and zero tolerance enforcement.

fcps Nazis Wrote:
-------------------------------------------------------
> FCPS NAZI's are to blame for hounding this man to
> suicide with their Gestapo rules and zero
> tolerance enforcement.

LOL!

They are saying his wife called the police around 4:40am to report the suicide. The house is located in the Hunter Mills Estate section of Reston.

Whats the point of that video? That's Hunter Mill road where it intersects with Vale Road. The dude's home was next to the Toll Road - on the opposite side of Vienna.

BTW, the videographer's choice in music couldn't be more gay. Please, consider killing yourself before shooting more video.



Edited 1 time(s). Last edit at 04/22/2009 01:30PM by ITRADE.

Perhaps he was distraught about being redistricted to South Lakes!

eh, its only money

The CFO hung himself in the basement.

Nice house that guy had - http://maps.google.com/maps?sourceid=navclient&rlz=1T4GGLR_enUS245US252&q=1709%22,%22RALEIGH+HILL+%22,%22RD%22,%22VIENNA&um=1&ie=UTF-8&split=0&gl=us&ei=fn7vSYLDCMiLtgf1-KHHDw&sa=X&oi=geocode_result&ct=title&resnum=1

It was actually an auto-erotic experiment gone horribly awry.

cause of death Wrote:
-------------------------------------------------------
> Perhaps he was distraught about being redistricted
> to South Lakes!


That neighborhood didn't get redistricted.

NoCoD Wrote:
-------------------------------------------------------
> cause of death Wrote:
> --------------------------------------------------
> -----
> > Perhaps he was distraught about being
> redistricted
> > to South Lakes!
>
>
> That neighborhood didn't get redistricted.

That area has always been South Lakes School district.

Apparently he was upset about Coach Luther's lax standards.

Hey that video was pointless, maybe if you hadn't been smoking MOTO you would have known you were lost.


Earlier this week tha Attorney General and the FBI had spoken about a huge number of warrants to be served for crimes within the banking and mortagage industry. There is definately a connection between the death of this CFO and his job. Look for more of this activity to come in the near future.

By the way FYI, I am not a regular here, nor do I have the habit of logging on at 1am to sound off. I had no idea the amount of scarecrows in here, a bit scary. Get a brain...please?



Edited 1 time(s). Last edit at 04/23/2009 12:16AM by spunky.

i wish the other execs would do the same thing,its honerable.

As Seinfeld would say, "That's a shame"

spunky Wrote:
-------------------------------------------------------
> Hey that video was pointless, maybe if you hadn't
> been smoking MOTO you would have known you were
> lost.
>
>
> Earlier this week tha Attorney General and the FBI
> had spoken about a huge number of warrants to be
> served for crimes within the banking and mortagage
> industry. There is definately a connection
> between the death of this CFO and his job. Look
> for more of this activity to come in the near
> future.
>
> By the way FYI, I am not a regular here, nor do I
> have the habit of logging on at 1am to sound off.
> I had non idea the amount of scarecrows in here, a
> bit scary. Get a brain...please?

The fact that the gent didn't even have the courtesy of going to some remote location to do this, tells you something about his thoughtfulness. How terrible that his wife had to find him.

MAC Wrote:
-------------------------------------------------------

>
> The fact that the gent didn't even have the
> courtesy of going to some remote location to do
> this, tells you something about his
> thoughtfulness. How terrible that his wife had to
> find him.


No matter how bad things could be, I can't fathom doing this to my wife and kids. Suicide, especially in a circumstance like this, is an incredibly selfish act. Not that the guy was thinking rationally, but still.

Seahawk Wrote:
-------------------------------------------------------
> NoCoD Wrote:
> --------------------------------------------------
> -----
> > cause of death Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > Perhaps he was distraught about being
> > redistricted
> > > to South Lakes!
> >
> >
> > That neighborhood didn't get redistricted.
>
> That area has always been South Lakes School
> district.


Well, no, it hasn't. It was Madison school district up until April of 1994, when the farmland that the community was built on, was built. At that time, prior to anyone occupying a home on that parcel of land, Fairfax County used a section of one of its regulations (I forget the cite at the moment), to "administratively" place this community into the South Lakes HS pyramid. Prior to development, it had been in the Madison HS pyramid. This neighborhood, in fact, if you go back and look at maps, once administratively placed into the South Lakes pyramid, is what created the "Madison Island" that was one of the focal points of the recent redistricting. Prior to this neighborhood being placed into the South Lakes pyramid, there was no "Madison Island", rather there was a contiguous piece of land that was part of the Madison school district.

Not that this had or has anything to do with Mr. Kellermann's death, you bunch of idiots!

Ok it's been part of South Lakes since the houses were built there. When there were cows it was part of Madison.

WashingTone Locian Wrote:
-------------------------------------------------------
> MAC Wrote:
> --------------------------------------------------
> >
> > The fact that the gent didn't even have the
> > courtesy of going to some remote location to do
> > this, tells you something about his
> > thoughtfulness. How terrible that his wife had to
> > find him.
>
> No matter how bad things could be, I can't fathom
> doing this to my wife and kids. Suicide,
> especially in a circumstance like this, is an
> incredibly selfish act. Not that the guy was
> thinking rationally, but still.

that's one crappy imagination you have there.


"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."

Sources say they were noticing a change in Kellerman and he had lost a lot of weight? Drug abuse?

HR told him to take time off.

VIENNA, Va. – Freddie Mac's acting chief financial officer had met with the mortgage giant's human resources office and had been making plans to take time off only a day before authorities found him dead in an apparent suicide, a person close to the company said Thursday.

A human resources official met with David Kellermann on Tuesday and told him he needed a break because he had been working hard, said the person, who spoke on the condition of anonymity because the individual wasn't authorized to discuss the matter publicly.

Kellermann, 41, of Vienna, was found dead Wednesday in the basement of his home. A law enforcement official also speaking on condition of anonymity told The Associated Press that Kellermann hanged himself. He asked not to be identified because the investigation was ongoing.

Gravis Wrote:

> >
> > No matter how bad things could be, I can't
> fathom
> > doing this to my wife and kids. Suicide,
> > especially in a circumstance like this, is an
> > incredibly selfish act. Not that the guy was
> > thinking rationally, but still.
>
> that's one crappy imagination you have there.

In what respect? I can't think of anything more selfish than to torment your family while escaping your situation. He doesn't have to think about this anymore (I don't believe in Hell). His kids will deal with this the rest of their lives.

DRH Wrote:
-------------------------------------------------------
> Sources say they were noticing a change in
> Kellerman and he had lost a lot of weight? Drug
> abuse?
>
> HR told him to take time off.
>
>

He took a permanent vacation.

WashingTone Locian Wrote:
-------------------------------------------------------
> DRH Wrote:
> --------------------------------------------------
> -----
> > Sources say they were noticing a change in
> > Kellerman and he had lost a lot of weight?
> Drug
> > abuse?
> >
> > HR told him to take time off.
> >
> >
>
> He took a permanent vacation.


To a temporary problem. To many people are following this trend now, it's sad.

if his bonus was to be 850K, how much was his salary?

thegreen Wrote:
-------------------------------------------------------
> if his bonus was to be 850K, how much was his
> salary?


Often the salary is much less than the bonus. I wouldn't be surprised if his salary was $100K.

WashingTone Locian Wrote:
-------------------------------------------------------
> thegreen Wrote:
> --------------------------------------------------
> -----
> > if his bonus was to be 850K, how much was his
> > salary?
>
>
> Often the salary is much less than the bonus. I
> wouldn't be surprised if his salary was $100K.


That's true. Being a CFO though, chances are his salary was quite a bit larger than $100k, I would assume atleast double that.

>>That's true. Being a CFO though, chances are his salary was quite a bit larger than $100k, I would assume atleast double that.<<

Um, we're talking Freddie Mac here guys, not a local beltway bandit.

WashingTone Locian Wrote:
-------------------------------------------------------
> Gravis Wrote:
> -----------------------------------------------------
> > > No matter how bad things could be, I can't fathom
> > > doing this to my wife and kids. Suicide,
> > > especially in a circumstance like this, is an
> > > incredibly selfish act. Not that the guy was
> > > thinking rationally, but still.
> >
> > that's one crappy imagination you have there.
>
> In what respect? I can't think of anything more
> selfish than to torment your family while escaping
> your situation. He doesn't have to think about
> this anymore (I don't believe in Hell). His kids
> will deal with this the rest of their lives.

there are much worse things you can do. one possibility would be to profit from a fox show that forces them to live with meade, vince, spunky and rod.

btw, im sick of people saying suicide is selfish. what is more selfish: killing yourself to stop pain or forcing someone to live in pain so you dont have to acknowledge that anything is wrong?

so, you fail.


"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."

WashingTone Locian Wrote:
-------------------------------------------------------
> DRH Wrote:
> --------------------------------------------------
> -----
> > Sources say they were noticing a change in
> > Kellerman and he had lost a lot of weight?
> Drug
> > abuse?
> >
> > HR told him to take time off.
> >
> >
>
> He took a permanent vacation.

Do dirt naps constitute vacations?

Sometimes, when everything goes busto, it's time to hit the Great Reset Button of Life. Just try not to leave a mess for everyone to clean up; nobody needs that shit.

--------------------------------------------------------------
13 4826 0948 82695 25847. Yes.

Gravis Wrote:
-------------------------------------------------------
> btw, im sick of people saying suicide is selfish.
> what is more selfish: killing yourself to stop
> pain or forcing someone to live in pain so you
> dont have to acknowledge that anything is wrong?
>
> so, you fail.

I disagree, think about his kids having to go through life with out a Dad and having to think everyday that their Dad hung himself.

HAHAHA Wrote:
-------------------------------------------------------
> >>That's true. Being a CFO though, chances are his
> salary was quite a bit larger than $100k, I would
> assume atleast double that.<<
>
> Um, we're talking Freddie Mac here guys, not a
> local beltway bandit.

Did you see they house he lived in. I doubt you could live in that neighborhood on 100k. He was making at least 200k, more likely a bit more then that.

He paid $545k for it 10 years ago.

Here's the current tax assessment profile:

Values
Current Land $438,000
Current Building $460,440
Current Assessed Total $898,440
Tax Exempt NO
Note

Values History
Tax Year Land Building Assessed Total Tax Exempt
2009 $438,000 $460,440 $898,440 NO
2008 $457,000 $500,480 $957,480 NO
2007 $358,000 $585,580 $943,580 NO
2006 $358,000 $568,520 $926,520 NO
2005 $248,000 $526,410 $774,410 NO
2004 $198,000 $516,085 $714,085 NO
2003 $165,000 $482,755 $647,755 NO
2002 $135,000 $464,775 $599,775 NO
2001 $135,000 $386,545 $521,545 NO
2000 $135,000 $305,310 $440,310 NO


Yahoo finance does not list his salary, but my guess is that if two other Veeps were making in the range of $1.98 to $1.13, he was likely being paid 7 figure as the CFO.



Edited 2 time(s). Last edit at 04/24/2009 10:22AM by ITRADE.

ernie Wrote:
-------------------------------------------------------
> HAHAHA Wrote:
> --------------------------------------------------
> -----
> > >>That's true. Being a CFO though, chances are
> his
> > salary was quite a bit larger than $100k, I
> would
> > assume atleast double that.<<
> >
> > Um, we're talking Freddie Mac here guys, not a
> > local beltway bandit.
>
> Did you see they house he lived in. I doubt you
> could live in that neighborhood on 100k. He was
> making at least 200k, more likely a bit more then
> that.


Exactly my point. Except I was thinking more like close to a million, not $100k or $200k. Freddie Mac is a giant, not a piddle shit beltway bandit where the CFOs make $200k.

He is likely a Section 16 officer. I'd just check sec.gov and pull up the latest 10-k, then look under officer compensation.

Sorry, I guess I am getting old. I totally misread your post.

That's odd. Appears to be undisclosed in their annual report, although I didn't deep dive through all the exhibits.

Here's the top-5 from Yahoo Finance. Kellerman has to be at least a $1m.


KEY EXECUTIVES
Pay Exercised

Mr. Michael Perlman , 58
Exec. VP of Operations & Technology $ 1.98M $ 0

Mr. Michael C. May , 51
Sr. VP of Multifamily Sourcing $ 1.13M $ 0

Mr. John A. Koskinen , 69
Interim Chief Exec. Officer N/A N/A

Mr. David B. Kellermann , 41
Acting Chief Financial Officer, Sr. VP and Corp. Controller N/A N/A

Ms. Maxine B. Baker ,
VP of Community Relations and Pres of Freddie Mac Foundation N/A N/A

Not that what I have to say has anything to do with...well...anything...but first: the property is technically in Vienna (not Reston, not McLean). Which has nothing to do with anything, just thought I'd mention it.
Second, The average sale price range of a home in that neighborhood is roughly 1.0 to 1.3 million dollars, BUT most people purchased 5 to 7 years ago when the average was $600k, so for those of you not sure if someone making $100k/year could afford said house, it's possible. I lived in the neighborhood for a total of 5 years (with my parents...not my house...I'm broke)

Again, none of that had anything to do with the actual situation of this guy's suicide...but I'm at work, bored and felt like putting my 2 cents in...again, I'm broke, so I don't have 2 cents...but if I did that's what it would be.

Also here's a couple more dot-dot-dot's ... ... since I just noticed I used them too much in the above statement...

Thanks...

Lurker. Wrote:
-------------------------------------------------------
> I disagree, think about his kids having to go
> through life with out a Dad and having to think
> everyday that their Dad hung himself.

ok, so locking them all in the basement to torturing and raping them for his own amusement until he dies of old age would not be as bad? im just saying, you guys have no imagination.


"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."

Gravis Wrote:
-------------------------------------------------------
> ok, so locking them all in the basement to
> torturing and raping them for his own amusement
> until he dies of old age would not be as bad? im
> just saying, you guys have no imagination.

No, it's just that someone already beat him to that idea.

http://en.wikipedia.org/wiki/Fritzl_case

Consumed with self-loathing about his unoriginality, the CEO just decided to kill himself. So really, he's the one with no imagination.

--------------------------------------------------------------
13 4826 0948 82695 25847. Yes.

After having the week from hell, I can understand why someone would do it.

Not saying I would do it, but I can understand the desperate need for relief from mental anguish.

If people want to commit suicide send them over to Iraq.

Rope Wrote:
-------------------------------------------------------
> The CFO hung himself in the basement.


Heard someone reported hearing a gunshot as well.

The guy was the CFO, not the CEO...big difference.

I have heard no reports of any gunshots, please provide cites, references, etc.

He was CFO, not CEO. Care to explain the "big difference" in terms of human life?

You say CEO, I say CFO... Wrote:
-------------------------------------------------------
> I have heard no reports of any gunshots, please
> provide cites, references, etc.
>
> He was CFO, not CEO. Care to explain the "big
> difference" in terms of human life?

Heard it from someone close to a source that wouldn't have any particularly good reason to lie. Public news seems sparse on this one.

You say CEO, I say CFO... Wrote:
-------------------------------------------------------
> I have heard no reports of any gunshots, please
> provide cites, references, etc.
>
> He was CFO, not CEO. Care to explain the "big
> difference" in terms of human life?


CEO=Chief Executive Officer
CFO=Chief Financial Officer

Got it?

What the fuck is the difference between a CEO and CFO in terms of human life?

You are one stupid cooch Spunky.

Furfur Wrote:
-------------------------------------------------------
> What the fuck is the difference between a CEO and
> CFO in terms of human life?
>
> You are one stupid cooch Spunky.


Gee...who licked the red off your sucker, Alias?

You are probably, ReporterBob too, the OP.

Do it right or don't do it at all...you dumbass old boy!

I imagine he was making $200K plus. The reported $850 bonus was a retainer bonus that was to be paid in installments over the next year so that he would stay.

Freddie has been known for paying very,well. The "average" employee works a 35 hour work week, has subsidized lunches and a top of the line gym to use anytime during the day. Look at the huge building that they have that was built in the last 12 years! The offices are professionally decorated. It was a country club!

spunky Wrote:
-------------------------------------------------------
> Furfur Wrote:
> --------------------------------------------------
> -----
> > What the fuck is the difference between a CEO
> and
> > CFO in terms of human life?
> >
> > You are one stupid cooch Spunky.
>
>
> Gee...who licked the red off your sucker, Alias?
>
> You are probably, ReporterBob too, the OP.
>
> Do it right or don't do it at all...you dumbass
> old boy!

No, I'm ReporterBob. I admit, I posted the thread a bit in haste without getting 100% of my facts correct. You'll forgive me. However, my grammar is still heads and tails above yours, chief.

DO IT RIGHT OR DON'T DO IT AT ALL, you dumbass old boy!

tragedy Wrote:
-------------------------------------------------------
> You say CEO, I say CFO... Wrote:
> --------------------------------------------------
> -----
> > I have heard no reports of any gunshots, please
> > provide cites, references, etc.
> >
> > He was CFO, not CEO. Care to explain the "big
> > difference" in terms of human life?
>
> Heard it from someone close to a source that
> wouldn't have any particularly good reason to lie.
> Public news seems sparse on this one.


My source says it was a KGB hit and he was actually a CIA Spook.




See? 2 can play at that game. If the news has been sparse, it's probably because it's not news at all.

Clobbersaurus Wrote:
-------------------------------------------------------
> tragedy Wrote:
> --------------------------------------------------
> -----
> > You say CEO, I say CFO... Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > I have heard no reports of any gunshots,
> please
> > > provide cites, references, etc.
> > >
> > > He was CFO, not CEO. Care to explain the
> "big
> > > difference" in terms of human life?
> >
> > Heard it from someone close to a source that
> > wouldn't have any particularly good reason to
> lie.
> > Public news seems sparse on this one.
>
>
> My source says it was a KGB hit and he was
> actually a CIA Spook.
>
>
>
>
> See? 2 can play at that game. If the news has
> been sparse, it's probably because it's not news
> at all.

Believe me or don't believe me. It makes no difference either way to me. Just sharing in the thread on some news I received.

tragedy Wrote:
-------------------------------------------------------

>
> Believe me or don't believe me. It makes no
> difference either way to me. Just sharing in the
> thread on some news I received.


I heard a bear ate him.

WashingTone Locian Wrote:
-------------------------------------------------------
> tragedy Wrote:
> --------------------------------------------------
> -----
>
> >
> > Believe me or don't believe me. It makes no
> > difference either way to me. Just sharing in
> the
> > thread on some news I received.
>
>
> I heard a bear ate him.

Don't you have another Obama policy to defend or something?

gonad Wrote:
-------------------------------------------------------

> >
> >
> > I heard a bear ate him.
>
> Don't you have another Obama policy to defend or
> something?


Don't you have another ill-conceived "tea bagging" to go to?



Edited 1 time(s). Last edit at 04/29/2009 11:37AM by WashingTone Locian.

The deceased wasin a heated dispute with Freddie's regulator over how to reflect costs of President Obama's anti-foreclosure program. He argued with the Federal Housing Finance Agency last month when Freddie was preparing to file a quarterly report with the Securities and Exchange Commission. Kellermann insisted that Freddie Mac inform shareholders of the cost to the company of helping carry out the Obama administration's housing recovery plan. The regulators urged the company not to do so.

While the Obama administration might not want to have the price tag for its foreclosure efforts look too big, the reason regulators might have pressured Fannie to understate the cost of the program is pretty simple: both Obama and Geithner said publicly that it wouldn't have a material financial impact on Fannie or Freddie.

As Obama unveiled his foreclosure program at an event in Mesa, Ariz., on Feb. 18, he said: "While Fannie and Freddie would receive less money in payments, this would be balanced out by a reduction in defaults and foreclosures."

And when Treasury Secretary Tim Geithner briefed reporters at the Mesa speech he said that officials at Fannie and Freddie had concluded that the program to ease refinancing rules would actually benefit the firms' bottom lines.

“Fannie and Freddie believe that the program we announced — this refinancing program is economically sensible for them and will leave them overall in a better position going forward," Geithner said. The relevant part of the program allowed homeowners with Fannie and Freddie backed loans to refinance even if their loan represented more than 80 percent of the value of the home, as long as it did not exceed 105 percent of the home's value.

At the same briefing, Housing Secretary Shaun Donovan did say there would be a cost to Freddie and Fannie to modify some mortgages, but he said that cost would be covered by the federal TARP program.


Oppose the Administration and get the noose.

WashingTone Locian Wrote:
-------------------------------------------------------
> gonad Wrote:
> --------------------------------------------------
> -----
>
> > >
> > >
> > > I heard a bear ate him.
> >
> > Don't you have another Obama policy to defend
> or
> > something?
>
>
> Don't you have another ill-conceived "tea bagging"
> to go to?

Funny you think that only the Right would think you're a douchebag.