Another surprising tie to Freddie Mac
?New Obama Chief of Staff, Others on Board, Missed "Red Flags" of Alleged Fraud Scheme?
Well I must’ve spilled my coffee at this one. ABC News reporting “…Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot “red flags,” according to government reports reviewed by ABCNews.com.”
The old news about Franklin Raines being CEO of Freddie Mac during and leading into the subprime mortgage crisis, where he began a pilot program to issue bank loans to individuals with low to moderate income, and to ease credit requirements on loans that Fannie Mae purchased from banks. Not to mention his supposed ties to Barak Obama, where he had supposedly “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”
Now it seems yet another individual involved in the subprime mess has taken a more definitive role in the future Obama Administration, albeit for different reasons, I’m sure.
Just sayin’ is all.