Developing Affordable Housing Ecosystems World Wide
You’ve got to try harder
In the aftermath of the subprime meltdown, fingers are being pointed every which way, among them at the appraisal community, which led to a systemic change brought about by new York’s aggressive Attorney General, Andrew Cuomo, who pressured the GSEs into an agreement about which [...]
[Continued from yesterday's Part 1.]
Yesterday we began our two-part blog post providing unsolicited advice to Freddie Mac’s board as they search for a successor to now-resigned chief executive David Moffett. As reported in last week’s Washington Post (red text) and Wall Street Journal (dark blue), the search will be difficult.
Going to the ends of [...]
Last week, to the market’s surprise, Freddie Mac CEO David Moffett resigned:
“Why did you resign?” “That – would be telling.”
As the Washington Post reported it (in red text; text from a contemporaneous Wall Street Journal article is in dark blue):
The government-appointed chief executive of Freddie Mac announced yesterday that he is stepping down just six [...]
Back in the good old days,
“Yesterday — all my troubles seemed so far away.”
Fannie Mae and Freddie Mac aggressively managed their earnings, keeping unrealized gains and losses in reserve so they could turbocharge the balance sheet and deliver earnings that matched estimates with heartwarming accuracy, and maximizing their seven- and eight-figure executive bonuses.
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