Fannie Mae (“Phonie” of “Phonie and Fraudie” fame) has subtly altered their mission statement a couple of times over the past few years.
Why? Well, judging by the subtle change in phrasing and word substitution, the message I come away with is that the the organization has abandoned its original “mission” (“affordable housing” -heh) and focused on a completely different one.
One cannot help but wonder who authorizes or mandated this course change. Is this the final iteration? Will Phonie and Fraudie both continue to tweak their “mission” as some wizard-behind-the-curtain deems necessary to save his own crony ass?
Perhaps we should look in periodically for clues as to what the future holds.
Twist at Housing Doom has been keeping her eagle eye trained and reports:
Did you note the difference? Their focus changed from helping families to helping those who house America. (Helping those who house America being mortgage bankers and other lenders.)
So in 2008 Fannie Mae was “ensuring funds”. Now they are “enhancing liquidity”. In 2008 they were also ensuring low rates. In the 2010 version there is no mention of rates at all.
Given the current state of the markets, it’s easy to see why Fannie wouldn’t want to ensure anything. Enhancing is the safer promise. Additionally, it is unlikely that the removal of the “at low rates” comment was an oversight. It is more likely that Fannie sees the direction of mortgage rates and isn’t even promising to enhance them.
Artful manipulation right under the very noses of the public they serve.
Rally on! All is well!
Ever get the feeling you’re being cheated? -John Lydon