Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (19269)	10/1/2004 3:20:56 PM
From: ild	Respond to of 110194

WASHINGTON -- Witnesses at the Oct. 6 House subcommittee hearing on Fannie Mae's (FNM ) accounting problems won't include ex-Fannie Mae employee and whistleblower Roger Barnes after all. Testifying before the House Financial Service Committee's Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises at the Oct. 6 hearing, according to the official witness list announced Friday by Subcommittee Chairman Richard Baker, R-La., will be: -Armando Falcon, director of the Office of Federal Housing Enterprise Oversight, the agency charged with overseeing the financial safety and soundness of Fannie Mae and Freddie Mac (FRE), both housing-related government-sponsored enterprises. OFHEO recently released a report accusing Fannie Mae of improper accounting practices. -Fannie Mae Chairman and Chief Executive Officer Franklin Raines. The hearing will be the first time Raines has been heard from publicly, other than a couple brief prepared sentences, since the Fannie accounting firestorm ignited. -Fannie Mae Executive Vice President and Chief Financial Officer Tim Howard, who was perhaps the Fannie Mae official most heavily criticized in the OFHEO report. -Ann McLaughlin Korologos, presiding director on Fannie Mae's board of directors. A board committee has retained former Sen. Warren Rudman, R-N.H., to serve as counsel to the committee to assist in reviewing the OFHEO report. Earlier this week, the Financial Services Committee said whistleblower Barnes, a former official in Fannie Mae's controller's office, had agreed to testify at the subcommittee hearing and that lawmakers looked forward to hearing from him. Since then, however, a spokeswoman for the committee said, "the focus of the hearing has shifted." She confirmed that the committee has been in contact with the Justice Department but declined to elaborate. As reported previously, originally by the Wall Street Journal, the Justice Department has launched a criminal probe of possible accounting fraud at Fannie Mae.

To: Knighty Tin who wrote (19269)	10/1/2004 8:31:15 PM
From: Canuck Dave	Read Replies (1) \| Respond to of 110194

It was actually a piece of text which hit hardest for me. "It's simply hard to imagine that two decades back car loans were being priced in the mid-teens and higher." I bought a new car in 1981 (still have it, LOL), and the dealer was really pushy about getting me to finance it rather than paying cash. Tried to convince me taking out a out a loan and investing the "savings" was to my advantage. Now I see why from that figure. It would have been a sucker play for me, but great for him and the bank. CD