Just to set the record straight - these many years later. Tom Stubbs is a fine attorney with a great reputation and record. I say this to counter the nonsense set out above from these now many years ago. Complete nonsense. He would make a fine judge.
Thought folks on this string might like to read conservative NY Time columnist David Brooks 2011 column addressing the issues raised in Gretchen Morgenson's and Josh Rosner's book about Fannie Mae:
Brooks agrees: it's not a pretty picture. Egbert Perry should have thought twice about associating himself in any way with this out-of-control money-driven monstrosity that drove millions into foreclosure. Read for yourself what Brooks thinks of Fannie.
I also am a vocal supporter of Bill Ayers and his wife. So what. If Professor Tabb is too, good for him. He has the right to support whomever he wants. Nothing you or your ilk say about him changes my mind. He has still written a valuable book on the financial crisis. I support his reporting and conclusions in his fine book, especially regarding the despicable role Fannie and Freddie played in helping to cause the financial crisis in the first place and in foreclosing on and evicting millions of homeowners whose defaults on their mortgages are directly linked to their role in the financial crisis. I also support Occupy Our Homes Atlanta's efforts to confront Egbert Perry and Fannie Mae on these issues. I hope they will continue their efforts to save homeowners from the foreclosures and evictions directly resulting from the financial crisis none of the perpetrators of which, including those at Fannie Mae and the major banks involved therein, have faced any criminal prosecutions whatsoever. Yet we are approaching ten million foreclosures and evictions nationwide as a result of their machinations.
Click here for excerpts from numerous favorable reviews of William K. Tabb's ""The Restructuring of Capitalism in Our Times," reviews by his fellow academics from here and around the world:
I just hope Professor Tabb, while surfing the internet, does not happen to stumble upon NotBuyingIt's juvenile blatherings about his fine book, described at this site above by Richard Walker, University of California, Berkeley, author of "The Capitalist Imperative: Territory, Technology, and Industrial Growth," as follows: "Of the many books on the economic crisis, this is the best."
More information correctly describing what Professor Tabb has undertaken in writing this valuable and useful book, "The Restructuring of Capitalism in Our Time." Click here:
Just to set the record straight.
Click here for facts and information about Professor William K. Tabb:
Sad to have to put on the record here on this CL comment string information to counter those who would smear this serious academic and his work.
I correct my above statement that Fannie and Freddie "caused the financial crisis." While they may not have been as heavily involved as some other entities, they were major players, along with many others, in causing the financial crisis. And so serious were their financial liabilities after plunging as they did into buying so many subprime mortgage loans and especially subprime mortgage-backed securities collateralized by these toxic loans, they both collapsed and were placed under Federal conservatorship in 2008.
And then there is this:
In his excellent book on the causes of the financial crisis, "The Restructuring of Capitalism in Our Time," (Columbia University Press, 2012) William K. Tabb (professor emeritus of economics at Queen's College and professor emeritus of economics, political science, and sociology at the Graduate Center,City University of New York writes in detail about Fannie and Freddie and the role they played in causing the financial crisis. On page 161 he writes:
"These companies were major Washington players. Fannie and Freddie spent $200 million in the decades before their collapse lobbying and in campaign contributions, according to the Federal Election Commission. Among their achievements was keeping their regulator, the Office of Housing Enterprise Oversight, weak, underfunded, and dependent on Congress, which enjoyed the lavish payoffs from Fannie and Freddie. In the aftermath of their failure, they were seized by the government on September 8, 2008. Congressional hearings revealed that senior officials at both companies had ignored repeated warnings from their own staff regarding the extreme danger of their exposure to the increasing volume of subprime mortgages. The House Oversight And Government Reform Committee found they held one in three subprime mortgages when they collapsed, presumably valued at $1.6 trillion. Their chief executives, faced with focused questions, stonewalled, refusing to answer simple questions - the answers to which would have perhaps been self-incriminating. The twins had long asserted they had minimal subprime and Alt-A exposure. "Minimal," it turned out, was a bit of a stretch.The total obligations of the two, which the government has taken on, were $5 trillion, give or take some billions. The entire national debt of the U.S. government in 2008 was $9 trillion."
Finally, NotBuyingIt, I would emphasize that while the findings of the FCIC may seek to minimize the extent of the roles Fannie and Freddie played in the financial crisis, as Professor Tabb points out, they still played a large role ending up owning one in three subprime mortgages and having $5 trillion in liabilities. What difference does this make? It means that since the financial crisis came to a head in 2007-2008, Fannie and Freddie de facto became major generators of foreclosures against residential homeowners whose mortgages they acquired. They have been, and still are, actively foreclosing on and evicting hundreds of thousands, if not millions of homeowners. Those homeowners include not just those who were marketed these abusive, toxic, unaffordable subprime loans, but also homeowners with more conventional, affordable mortgages who lost their jobs or had their incomes greatly restricted as a result of the financial crisis and bailouts of Fannie, Freddie, the banks, AIG, etc. Those folks Occupy is advocating for, whose mortgages ended up with Fannie Mae, may be in either or both groups. Their cause is just. Whether Fannie played a huge role or a lesser role in undertaking actions that caused the financial crisis, what they did is despicable; they inflicted misery and suffering on homeowners facing foreclosure across the country. And their new Chairman of the Board, Egbert Perry, should have reached out to each and everyone at this meeting and promised them that Fannie would find a way to keep them in, or, if now foreclosed and evicted, restore them to, their homes. I fully support and applaud what Occupy is doing. They have saved many, many homes already and will save many more. Go, Occupy!
All Comments »
Creative Loafing Atlanta
Powered by Foundation