[Vision2020] And the Hits Just keep On Coming . . .

[Jeff Harkins]

Charles Kovis, Attorney at Law:

Wow, you make quite an entry; I don't exactly understand your use of 
an extended title, but since you are new to this issue, I'll assume 
you meant no disrespect and I will title you accordingly.

Well, I don't like the "apples" associated with Fannie Mae and Freddie Mac.

As I recall, FNMA was created by Franklin Delano Roosevelt in 1938.

It is presumed to have served a "useful" purpose (depending on your 
economics perspective) in stimulating a broader housing market.  I 
generally do not like government/business entities - there are real 
structural problems with them - the incentives get all messed 
up.  Does the acronym WPPSS connect with you.

Today, FNMA and Freddie are at the core of the financial crisis 
confronting our nation.

Below is a link to "Report of Findings to Date - Special Examination 
of Fannie Mae" issued on September 17, 2004 by Office of Compliance, 
Office of Federal Housing Enterprise Oversight.

  http://www.ofheo.gov/media/pdf/FNMfindingstodate17sept04.pdf

Next is a link to "A Report to the Special Review Committee of the 
Board of Directors of Fannie Mae" released on February 23rd, 2006 by 
Paul. Weiss, Rifkind, Wharton & Garrison, LLP and the Huron 
Consulting Group, Inc.

http://download.fanniemae.com/execsum.pdf

These references are a reasonable place to begin to unravel and 
understand the Fannie Mae/Freddie Mac mess.

Please note carefully the parties involved, in particular, Franklin 
Delano Raines, former CEO and Board member.  He was formerly the 
Director of OMB in the Clinton Administration.

Next, note that by December, 2006, Federal regulators had filed suit 
against the principle parties involved.

I did hear an interesting report on the radio today (Rush Limbaugh)- 
I am unable at this time to substantiate the claim, but I am working on it.

The report stated that the number one recipient of political 
contributions from FNMA was Christopher Dodd.  The number two 
position belongs to Barack Obama.  I will continue to search for the 
full story  on this one - and whether or not the findings are accurate.

Regret - I did not have Gov. Palin in a class.

Finally, from the evidence I have seen, the financial reports for the 
City of Wasilla are prepared in accordance with GAAP.  That seems to 
be more than can be said about FNMA.

Thanks, I guess, for your interest.


At 10:26 AM 9/15/2008, you wrote:
>Hey,  Dr. Harkins CPA,  Professor Emeritus of the University of 
>Idaho College of Business, Department of Accounting, how do you like 
>the "wealth redistribution" of Fanny Mae and Freddie Mac?  You know, 
>the U.S. Treasury taking on 5.2 TRILLION DOLLARS in debt and 
>nationalizing the housing industry?  How's you like them apples?  Or 
>maybe we should talk some more about Wasilla's budget?  More up your 
>alley?  Hope you taught Ms. Palin a thing or two while she 
>matriculated here.  Obama is going to redistribute the wealth in 
>this country?  What wealth?  Chuck Kovis
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