Fannie and Freddie regulator upset Cuomo filed subpoenas without consulting him. My question is why didn't Cuomo subpoena the regulator?

It was one thing to have ENRON happen in the private sector, it's another thing when Fannie and Freddie go belly up, who supposedly had government oversight.

I hope people go to jail. A lot of 'em. Because a lot of people were in on the scam, and knew everything that was going on, but for commissions, bonuses, stock options or career advancement, they looked the other way. And no, incompetence should not be a defense.

WASHINGTON (Reuters) - New York Attorney General Andrew Cuomo was wrong to file subpoenas against Fannie Mae and Freddie Mac without consulting their regulator and may have overreached his authority, the regulator wrote in a letter on Thursday.

"I am disappointed that your office did not contact OFHEO before or even after subpoenaing the GSEs and issuing certain threats regarding their future business activity," wrote James Lockhart, director of the Office of Federal Housing Enterprise Oversight.

Cuomo announced on Wednesday that he had served the two mortgage finance firms with subpoenas in an investigation of what Fannie and Freddie might have known about possible home value inflation.

Uh, a little late boys: SEC investigating mortgage ratings agencies. Toxic mortgages rated AAA actually should have been ZZZZZZZZZZZZZZZ. Oopsie!

Strangest thing to see the SEC FINALLY get off their duffs and do a bit of work. Your government at work folks. Investigating how Moody's and S&P gamed the system and lost billions for investors AFTER the fact, is, well, incompetent at best and corrupt at worst.

The ratings agencies were employed by CDO bundlers to rate the toxic mortgage CDO bundles. The better the rating, the more work they got, the more they got paid.

Triple A!!! AAA!!!! Safest investment on the planet!!!! (Now pay us)

Unfrickingbelievable.

Man, after China and governments around the world realize how bad they got schooled in this mess, they're gonna be PISSED!!! Too bad they didn't read HousingPANIC...

SEC looks at ‘influence’ in credit ratings

The SEC is investigating whether issuers and underwriters of residential mortgage-backed securities “unduly influenced” credit-ratings agencies to give them higher ratings than warranted, SEC Chairman Christopher Cox said today at a Senate Banking Committee hearing.

The agencies have blamed the unexpectedly large incidence of mortgage delinquencies in the last year on factors including fraud in mortgage originations, deterioration of loan underwriting standards and a faster-than-anticipated adoption of more restrictive lending standards, which made it difficult for overleveraged borrowers to refinance, he said.

GM workers who went on strike today have over $51 billion in unfunded retiree costs. Care to guess how much the US government has unfunded?

GM is smartly trying to get this $51 Billion growing disaster off its books, otherwise sure bankruptcy is around the corner. So GM workers, not understanding that they make crap cars for a crap company who has no future, went on strike today. Good luck with that. Not smart.

But folks, the US government doesn't even bother to put the future costs of retirement and health care liabilities on its books, or even have a discussion about the issue. That's right - what US corporations have to do per GAAP, the US government doesn't have to do. Or even talk about.

So that $9 Trillion debt you think we owe and are about to possibly default on? Not even close. Try $50 Trillion, per the US Comptroller report (not a stat you'll find on Fox News for sure).

So what does the future hold for America? Bankruptcy, default or dollar destruction around the corner, and radical change to our "promised" yet unfunded benefits programs and tax rates.

Thank you Democrats. Thank you Republicans. Thank you ignorant voters. You fuc*ed America. And you immorally and selfishly screwed generations of Americans to come.

You thought the housing crash was big. You ain't seen nothin' yet.

BenefitsPANIC?

SHOCKING FLASH: Alan Greenspan shocks markets, says home prices are going to crash and crash significantly. No, I'm not making this up.

- Cause greatest financial mania in human history - check

- During mania, tell people to take our adjustable rate loans - check

- During mania, deny there was a mania - check

- After crash starts, admit you screwed up - check

- To finish things off, tell the world that home values are gonna crash and crash significantly - check

Wow.

A HOUSINGPANIC MESSAGE FOR ALAN GREENSPAN - GO F*CK YOURSELF. YOU RUINED LIVES. YOU DESTROYED FAMILIES. AND YOU WILL NOT BE FORGIVEN.

Greenspan alert on US house prices

US house prices are likely to fall significantly from their present levels, Alan Greenspan has told the Financial Times, admitting that there was a bubble in the US housing market.

In an interview ahead of the release on Monday of his widely-anticipated memoirs, the former chairman of the Federal Reserve said the decline in house prices “is going to be larger than most people expect”.