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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (158783)	10/21/2008 1:27:15 PM
From: ChanceIs	Read Replies (1) \| Respond to of 306849

>>>If the GSEs hadn't existed, the bubble would have happened anyway ... <<< Fair enough. But still, there is some merit to my point that FNE/FRE had an ethical obligation to blow the whistle early on, if not one to guard their self interest and that of its shareholders. Of course Mr. Baker - the hedge fund lobbyist - wasn't making that point. That was my little contribution. I am working on a CFA. The exam rules are clear. No writing on the back of an entrance ticket. I took an exam last June. Hd to be there an hour early. I twiddled my thumbs for half an hour and then started writing formulas on the back of the ticket. Proctor told me to knock it off. Proctor knew I wasn't really cheating - what I was writing came from inside my head. I apologized and erased what I had written. A month later I get a letter from the CFA telling me that they had seen that I had written on my exam ticket and I was one step short of being thrown out of the organization. Good for them. They don't take any s*&t. Adds a lot of credibility to the profession - and God knows it needs it. I don't see that sort of thing in the mortgage business on either private or public side. Quite the opposite. FNE/FRE were caught cooking their books back in '03. China alone has $350 billion of FNE/FRE paper. There must be $1 trillion in foreign hands. FNE/FRE might not have been the prime players with the soapy water, but they are BIG.