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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Haim R. Branisteanu who wrote (15654)9/1/2000 4:12:52 PM
From: Ken98  Read Replies (1) of 436258
 
<<Did I mention the mortgages to "LLC's" which are also in their portfolio??>>

That's right, FNMA has become probably the largest player currently in the apartment loan mortgage market. And, a huge chunk of those are to "limited liability" entities. There are several Wall Street related entities that have been doing $100M+ portfolio loans with FNMA recently.

So the taxpayer ultimately bears the risk that value of the collateral declines and the borrower can't pay the debt. Not quite what most people think of when they think about Fannie Mae.

This will make the S&L scandal look like a walk in the park, which only cost around $40B. Heck, that less than 3% of the FNMA risk profile.
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