Think OMG-Obama Must Go.

While millions of citizens are constrained by mortgages that exceed the value of their property, the Federal Housing Finance Agency- FHFA- just announced it will sue the banks for billions because Fannie Mae or Freddie Mac, or both, purchased loans from the banks based on alleged faulty documentation.  The FHFA, another "independent agency" operates these two other independent FM agencies under conservatorship.

In other words, Mae and Mac were disasters, hence another federal agency was formed, called the FHFA. The FHFA kicked out the management of Mae and Mac and brought in new management. What is the solution proposed by the new management? Sue the banks. This a clear example of the left hand suing the right hand enabling another roller coaster ride for the stock market, and creating no solutions for the American citizens drowning in an ocean of deflated property values.

Meanwhile, many people are denied opportunities to seek employment in other cities because the housing market is in the toilet, and they can not sell their house to make the move. American citizens will be left sitting outside the circle of love on this FHFA litigation too.

It is a puzzling puzzle. The federal reserve compels the banks to take billions of dollars to cover their soiled loans. Now, the left hand, wants the right hand to give the money back. If you follow the cash flow on this scenario, then you are a magician. I am sitting at my desk drawing diagrams to understand who has the cash, who wants the cash, and who will wind up with the cash. It is impossible. Somewhere in the obscure background of this Rubik's cube is past Treasury Secretary, Paulson and his successor Bernanke.

I understand that Mae, Mac and FHFA are independent agencies, what ever that means. And by the way, where is that marvelous consumer protection agency that was formed to protect the citizens. Maybe they could sue someone on behalf of the citizens, and we could get our money back. It will never be cold enough in hell for that to happen.

There is simply no other conclusion except there is an appalling lack of leadership in the white house. It just ain't working.

Think OMG-Obama Must Go.