California Real Estate Fraud Report

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More Government Gambling with Taxpayers’ Money

The Federal Housing Finance Board gave approval on Monday for the nation’s 12 Federal Home Loan Banks to increase their purchase of mortgage-backed bonds by about $150 billion. While some terms this a step by the government to infuse money back into markets that crumbled from the housing crisis, The F Word calls this a shameless case of corporate welfare.

The purchases will be restricted to bonds guaranteed by housing finance giants Fannie Mae and Freddie Mac. Just last week, Fannie Mae and Freddie Mac were given the green light to add $200 billion of mortgage securities to their portfolios.
The latest move increases the limit on the banks’ investments to six times capital for two years, up from three times.

The taxpayer could get skewered if banks mismanage their latest infusion of cash. Says Paul Miller, a bank analyst at Friedman Billings Ramsey & Co. in Arlington, Virginia:

“The Federal Home Loan Banks have been notoriously bad managers of interest-rate risk.”

Read the Full Article in the Los Angeles Times Business Section.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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