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In Whose Pocket Is The New Head Of Fannie And Freddie?

Tyler Durden's picture




 

Following the earlier reported devastating news for Mark Zandi fans (all one of them, including Mr. Zandi himself) that the Moody's economist/ADP seasonal adjuster, will not be the next head of the GSEs, and instead that privilege will go to North Carolina Democrat Mel Watt, we decided to take a quick look in whose pocket the career Congressman (elected into congress in 1992) truly lies. We are delighted to announce that with Mr. Watt's lobbying dollars coming almost exclusively from Wall Street, Lawyers/Law Firms, and Labor Unions, the $7+ trillion in US mortgages, and sole source of mortgage creation in the US, is in "very good", if just a little conflicted and quite socialist, hands. Mortgage forgiveness-demanding, crony capitalist comrades of the world, unite! (while charging $1000/hour)

Mel Watt's biggest career contributors by industry:

Mel Watt's biggest career contributors by company:

Source: OpenSecrets

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Wed, 05/01/2013 - 09:13 | 3517367 venturen
venturen's picture

Long live the Brother!

Wed, 05/01/2013 - 09:16 | 3517383 Raymond K Hessel
Raymond K Hessel's picture

Boy, do I hope this guy lives up to his full potential.  By full potential, I mean ass and mouth rape residential real estate.

Wed, 05/01/2013 - 09:21 | 3517394 GetZeeGold
GetZeeGold's picture

 

 

He kinda looks like Eddie Murphy.....let's hope he's that smart.

Wed, 05/01/2013 - 09:25 | 3517423 Ruffcut
Ruffcut's picture

watt's his name? never heard of em.

Sure he won't be half assed, but full ass stoopid like the rest fo the bunch.

Wed, 05/01/2013 - 09:30 | 3517455 Richard Chesler
Richard Chesler's picture

Why does he look like a corrupt aparatchik from a third world country?.

Wed, 05/01/2013 - 09:34 | 3517461 TeamDepends
TeamDepends's picture

Affirmative Action

Wed, 05/01/2013 - 09:39 | 3517494 Surly Bear
Surly Bear's picture

The goal is to keep it all going. Nobody gets paid if it all stops.... /sarc

Wed, 05/01/2013 - 10:09 | 3517625 Manthong
Wed, 05/01/2013 - 10:18 | 3517664 TeamDepends
TeamDepends's picture

And Trayvon could have been his son.  These are troubling times.

Wed, 05/01/2013 - 10:22 | 3517699 Buckaroo Banzai
Buckaroo Banzai's picture

Remember how great things turned out the last time we had a black guy in charge of Fannie?

Wed, 05/01/2013 - 10:50 | 3517812 CrazyCooter
CrazyCooter's picture

I feel like an orphan in a movie that ends badly ...

http://cdn.hark.com/swfs/player_fb.swf?pid=nvntctzvth

<grabsPopcorn/>

Regards,

Cooter

Wed, 05/01/2013 - 15:52 | 3518683 AlaricBalth
AlaricBalth's picture

Congressman Melvin Watt lists on an amended August 2012 financial disclosure statement that he is a 25% owner and a Director of Westside 2000, Ltd., showing a reported value of $15,000-$50,000. This partnership also lists former Charlotte NC mayor Harvey Gantt and prominent NC attorney John W. Gresham as being involved, among others.

Westside 2000, Ltd owns a number of real estate parcels according to Mecklenberg County public records, a few unencumbered by debt. In 1997, the group bought a landmark Charlotte property for $2,000,000 and sold it six years later for $4,200,000. It was sold to a controversial church group called United House of Prayer under the entity Madison Saints Paradise, LLC.

My question to Congressman Watt is, why do you place such a low value range on a partnership which clearly has assets that are worth in excess of your disclosure? As a follow up, what is your relationship with UHOP, which has vast holdings in real estate?

Developing.

http://www.legistorm.com/showPdf/ls_disclosure-member-2012-annual-amendment-524.pdf

http://www.accessmylibrary.com/coms2/summary_0286-5567801_ITM

http://www.churchcentral.com/article/1014/Church-buys-landmark-cafeteria-hotel-for-4-2-million

http://www.gpo.gov/fdsys/pkg/CRECB-2001-pt20/pdf/CRECB-2001-pt20-Pg28030-2.pdf

Wed, 05/01/2013 - 15:07 | 3519241 smlbizman
smlbizman's picture

i have watched this guy...the only person dumber them him is maxine waters

Wed, 05/01/2013 - 10:58 | 3517862 Fredo Corleone
Fredo Corleone's picture

"I need, Don Watteone, all of those Wall Street bankers and NAR 'economists' that you carry around in your pocket, like so many nickels and dimes."

http://images3.wikia.nocookie.net/__cb20090703114510/godfather/images/1/...

Wed, 05/01/2013 - 10:21 | 3517680 tip e. canoe
tip e. canoe's picture

no /sarc necessary.   that's exactly the prime motivation for keeping it all going.

Wed, 05/01/2013 - 10:22 | 3517698 DaveyJones
DaveyJones's picture

had the same thought

Wed, 05/01/2013 - 20:37 | 3520567 daveO
daveO's picture

Exactly, his district was the most gerrymandered of our time, at one point it was no wider than the interstate highway, which it followed from one urban area to the next. He is the poster child for corruption.

Wed, 05/01/2013 - 10:35 | 3517750 azzhatter
azzhatter's picture

If Obama had a brother

Wed, 05/01/2013 - 09:17 | 3517386 machineh
machineh's picture

He's an Oreobama clone.

Looks like a bruthuh on the outside, but his mind is controlled by Da Man.

James Brown's Revolution of the Mind never reached this banksta errand boy.

Wed, 05/01/2013 - 09:39 | 3517481 Eireann go Brach
Eireann go Brach's picture

Obama, Holder, this guy? The brothers ain't painting a good picture of the brothers!

Wed, 05/01/2013 - 09:47 | 3517522 PiltdownMan
PiltdownMan's picture

Mel was a member of the CONGRESSIONAL BLACK CAUCUS He is all for opening the floodgates .. again. Mega sleeze!!

Wed, 05/01/2013 - 09:47 | 3517523 PiltdownMan
PiltdownMan's picture

Mel was a member of the CONGRESSIONAL BLACK CAUCUS He is all for opening the floodgates .. again. Mega sleeze!!

Wed, 05/01/2013 - 10:10 | 3517644 Panafrican Funk...
Panafrican Funktron Robot's picture

Looking forward to being able to buy a house without documentation for zero down and only $199 a month.  200 year lease.  

Wed, 05/01/2013 - 10:26 | 3517704 TeamDepends
TeamDepends's picture

Don't forget the cash (foodstamps)-back incentive at closing!

Wed, 05/01/2013 - 10:34 | 3517761 Jekyll_n_Hyde_Island
Jekyll_n_Hyde_Island's picture

I can hear it now.  "Democrats revitalize stagnant ownership statistics with housing campaign to feed and house the homeless -- "houses for the unemployed" program a huge smash."  NEW GSE's Joker Mae and UHA (Underprivelaged Housing Administration) announced.

Wed, 05/01/2013 - 09:17 | 3517375 TeamDepends
TeamDepends's picture

Make me laugh!

Wed, 05/01/2013 - 09:16 | 3517380 Cognitive Dissonance
Cognitive Dissonance's picture

I am certain that once he is placed in his new position he will be fair and just in all his actions.

/sarc (just in case it wasn't obvious.)

Wed, 05/01/2013 - 09:34 | 3517462 disabledvet
disabledvet's picture

Snark aside "the squid pro quo" for winning the cold war was "the Internet." in other words CD you and the rest of you wonderfully backassed cretins "the deal was cut...but the Government...we the people" got screwed. Think of the sacrifice during the Cold War folks...have we blown that victory already? Doesn't look pretty to me...and ominous signs from the Middle East. We still haven't had our whoops moment.

Wed, 05/01/2013 - 09:28 | 3517388 cowdiddly
cowdiddly's picture

Looks like Holder- yet another backdoor dealing Inaction  Jackson. Subprime loans to the whole Tribe with preinstalled Obamaphones, WE ARE  SAVED

Wed, 05/01/2013 - 09:35 | 3517473 ihedgemyhedges
ihedgemyhedges's picture

+1 for the avatar......

Wed, 05/01/2013 - 10:09 | 3517626 Grinder74
Grinder74's picture

Hey, where'd you get that picture of my wife and her sister???

Wed, 05/01/2013 - 10:17 | 3517669 ihedgemyhedges
ihedgemyhedges's picture

Word on the street is he got it personally from them after the happy endings........

Wed, 05/01/2013 - 09:17 | 3517389 topspinslicer
topspinslicer's picture

The question that needs an answer IS HE A GAYBOB??

Wed, 05/01/2013 - 10:38 | 3517767 azzhatter
azzhatter's picture

This assclown probably is in a gay marriage, owns no guns, has several illegal immigrants on his payroll, loves abortions, and is only interested in doing god's work. Well qualified

Wed, 05/01/2013 - 09:21 | 3517395 youngman
youngman's picture

Is he doing Barney Frank????

Wed, 05/01/2013 - 10:11 | 3517632 Grinder74
Grinder74's picture

Jeez, would you learn how to spell? It's Bawny Fwankththtp.

Wed, 05/01/2013 - 09:22 | 3517406 topspinslicer
topspinslicer's picture

We needs more ghetto the voodoo that you do economics

Wed, 05/01/2013 - 09:26 | 3517424 Yen Cross
Yen Cross's picture

     This f**king guy is going to take subprime to a whole new level. Get ready for the mother of all bubbles in R/E.

Wed, 05/01/2013 - 09:38 | 3517475 imapopulistnow
imapopulistnow's picture

Obama's total and complete inability to understand money and the economy just continues to amaze.

Wed, 05/01/2013 - 09:41 | 3517495 ThisIsBob
ThisIsBob's picture

Well in all fairness, his economic experience was limited to reviewing his checking account balance on line.

Wed, 05/01/2013 - 09:39 | 3517498 krispkritter
krispkritter's picture

 'Obama's total and complete ability to understand his orders to destroy "money" and  the economy just continues to amaze.'

FIFY...

Wed, 05/01/2013 - 09:48 | 3517538 imapopulistnow
imapopulistnow's picture

Btw......U one fugly monkey......

Wed, 05/01/2013 - 12:10 | 3518301 A Nanny Moose
A Nanny Moose's picture

oh you cheeky monkeys

Wed, 05/01/2013 - 09:47 | 3517530 kridkrid
kridkrid's picture

What does Obama have to do with anything? The oligarchs understand money quite well. What we call money is debt that is loaned into existence with interest. Like any basic Ponzi scheme, the next round of debt must be larger than the one before it. Every sector must do their part. Apple is playing ball. Joe six pack is back on the horse. GSEs, all levels of govt, corporations, etc. Everyone is "all in". Someday this war is going to end

Wed, 05/01/2013 - 10:31 | 3517730 Jekyll_n_Hyde_Island
Jekyll_n_Hyde_Island's picture

On the bright side of things, maybe this catfish will work to abolish/reform Dodd-Frank.  He's got the banksters perdigree in spades.

Wed, 05/01/2013 - 10:33 | 3517744 DaveyJones
DaveyJones's picture

isn't that exactly what the product placement boys want?

Wed, 05/01/2013 - 09:39 | 3517491 buzzsaw99
buzzsaw99's picture

Franklin Raines II

Wed, 05/01/2013 - 09:48 | 3517526 Everybodys All ...
Everybodys All American's picture

No doubt.

Wed, 05/01/2013 - 09:54 | 3517550 NoDebt
NoDebt's picture

Yen- I was trying very hard not to think that.  Then you said it and, well, there it is.

Wed, 05/01/2013 - 10:27 | 3517720 DaveyJones
DaveyJones's picture

jesus, I thought we already went through one

it'll be intersting to see that criminal market manipulation fighting against the joke of an economy where the no one can afford these things, afford to drive to these things, afford to pay taxes on these things, afford to expect appreciation on these things.....  

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