Just when you thought it was safe to go back into the water; to turn away from the psychopath laying in a pool of his own blood; to go back to sleep without the fear of maniac with a metal manicure; to trust that your government will protect you from terrorist and self-promoting, multi-millionaire bureaucrats; there always comes a sequel.
Jamie Gorelick, the human tsunami, is rumored to become the next top banana at the F.B.I. That’s right, this is the same woman who is responsible for the wall that prohibited law enforcement agencies to confer with one another about foreign terrorist that infiltrated our shores; and ultimately led to the 9/11 attacks.
Gorelick has a charmed life. You would have thought that after this heinous attack that killed thousands of our citizens, she would have been brought forth by the 9/11 commission to answer for her deeds; but hell no, she was actually on the commission! Is that not unbelievable? And no one seemed to bat an eye! Wow!!
Now, you would have thought that one man-made disaster like this would be enough for any government bureaucrat; think again. Gorelick was responsible for the subprime mess that practically brought this country to its knees. She was the vice chairman for Fannie Mae. CNS reports the following:
In 2001, Gorelick announced that Fannie was buying subprime loans encouraged by the Community Reinvestment Act (CRA) and bundling them as securitized financial instruments. Securities made from bundles of guaranteed mortgages were to contribute to the banking crisis later in the decade.
“Fannie Mae will buy CRA loans from lenders' portfolios; we'll package them into securities; we'll purchase CRA mortgages at the point of origination; and we'll create customized CRA-targeted securities,” she said in 2001. “This expanded approach has improved liquidity in the secondary market for CRA product, and has helped our lenders leverage even more CRA lending. Lenders now have the flexibility to use their own, customized loan products.”
In remarks before the American Bankers Association on Oct. 30, 2000, Gorelick explicitly how the procress would work and what Fannie Mae would do to make it feasible for banks to lend to low-income applicants.
“We will take CRA loans off your hands--we will buy them from your portfolios, or package them into securities--so you have fresh cash to make more CRA loans,” she said. “Some people have assumed we don't buy tough loans. Let me correct that misimpression right now. We want your CRA loans because they help us meet our housing goals.”
By 2008, securities containing subprime loans were causing problems for financial institutions that had them on their balance sheets. Ultimately the federal government bailed out banks with the Troubled Asset Relief Program (TARP). Fannie and Freddie were taken under direct conservatorship by the federal government when Congress passed the Housing and Economic Recovery Act of 2008. In exchange for injecting $100 billion of liquidity into each government-sponsored enterprise, the government took an ownership stake of 79 percent in each, leaving the taxpayer with an unknown liability dependent upon future performance.
Gorelick left Fannie Mae in 2003
Do you hear that? I believe that is the song of an impending disaster! Jamie Gorelick The Sequel! Coming to a neighborhood near you.
Source: http://cnsnews.com/news/article/clinton-official-embroiled-911-controver
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