ACORN: More Unhinged Liberals
And they call us on the Right extremists?
A large crowd of protesters disrupted several foreclosure auctions today on the Sacramento County Courthouse steps, winning temporary cancellation of one Sacramento foreclosure and sending an auctioneer to the hospital with chest pains.
Bidders on the homes, all declining to provide their names, called the ACORN protest the first major disruption of an established auction schedule that plays out every weekday at the courthouse following 37,000 foreclosures in the capital region since Jan. 2007…
…As the first auction was to begin at 9:30 a.m. on the Sacramento County Courthouse steps, Los Angeles ACORN member Kathleen Thompson-Boons asked an unidentified auctioneer with LPS Financial Services of Sacramento “to stop the auction.”
When the auctioneer resumed seeking bids from nine potential bidders, Thompson-Boons asked again, prompting the auctioneer to say, “If you’re not going to bid, then go away.”
Seconds later, protesters surrounded the group, chanting, blowing whistles and creating a commotion that made it impossible to hear. The auctioneer, who had a pacemaker according to associates, began to collapse and was later taken to a local hospital.
The protest continued for about 90 minutes. ACORN members left after cheering a concession by LPS Financial Services to cancel a specific requested foreclosure auction for one Sacramento family. Minutes later, as the group left, the auctions resumed as scheduled.
Photoshop contribution of new ACORN logo sums it all up:
Conflicting Reports for CEO of Freddie – Suicide or Homocide?
I’m not sure what to make of this but I will also report this:
Police investigating the apparent suicide of Freddie Mac (FRE) acting chief financial officer David Kellermann confirmed the presence of a gun and a gunshot wound, AHN Media reported Wednesday on its Web site. Kellermann was found dead at his home early in the morning, according to Fairfax County police. Police spokesman Lucy Caldwell told AHN that other people were present at the home at the time of Kellermann’s death, in Reston, Va., and that there was a gun and a gunshot wound. Kellermann’s wife told local police he committed suicide, Washington, D.C., television station WUSA reported, citing county sheriff’s deputies.
The earlier report stated that he hanged himself, which seemed like an obvious suicide, but there is now evidence of a gunshot wound… Story is still developing. Rest in Peace Mr. Kellermann and sympathies to family and friends.
Freddie Mac CEO Found Dead; Suicide
The Investigation is still ongoing and the story is still developing… From Breitbart:
David Kellermann, the acting chief financial officer of money-losing mortgage giant Freddie Mac was found dead at his home Wednesday morning in what police said was an apparent suicide.
The Fairfax County police responded to a 911-call at 4:48 a.m. at the suburban Virginia home Kellermann shared with his wife and a daughter. The police would not release the cause of death or say if a suicide note was found.
[...]
Kellermann, a University of Michigan graduate who went to business school at George Washington University, worked for Freddie Mac for the past 16 years and was named acting chief financial officer last September when the government seized control of the company and ousted top executives. Freddie Mac lost more than $50 billion last year, and the government has pumped in $45 billion to keep the company afloat.
Kellermann’s death is the latest in a string of blows to Freddie Mac, which owns or guarantees about 13 million mortgages and us the No. 2 mortgage finance company after sibling Fannie Mae. The company has been criticized for financing risky mortgage loans that fueled the real estate bubble, and its first government appointed CEO, David Moffett, resigned last month after six months on the job.
[...]
Federal prosecutors in Virginia have been investigating Freddie Mac’s business practices. But two U.S. law enforcement officials, who spoke on condition of anonymity because they were not authorized to discuss the Freddie Mac investigation, said Kellermann was neither a target nor a subject of the investigation and had not been under law enforcement scrutiny.
News of Kellermann’s death came as a shock to employees of the McLean, Va.-based company, with those who knew Kellermann tearing up on Wednesday morning and a quiet mood prevailing.
Early Wednesday, Sharon McHale, a Freddie Mac spokeswoman, said senior executives at the company heard the news on local radio before going to work. “It’s just so awful,” she said.
John Koskinen, the company’s interim chief executive, said in a statement that Kellermann, “was a man of great talents …. His extraordinary work ethic and integrity inspired all who worked with him.”
[...]
Freddie Mac and sibling company Fannie Mae have both come under fire from lawmakers as they plan to pay more than $210 million in bonuses through next year to give workers the incentive to stay in their jobs. While Fannie Mae has disclosed the names of executives in line for the bonuses, Freddie Mac has yet to do so.
A Rudimentary Look at the Financial Crisis
The financial crisis currently hurting markets, housing, industry and employment can trace it’s roots to one major cause; The collapse of the sub-prime mortgage market. First, there was a boom in the housing market, that drove up prices, and pushed housing sales to record highs. These market dynamics lead to lax mortgage underwriting standards, resulting in a large portion of mortgages being financed by sub-prime lenders. Then there was the sudden burst in the housing bubble, and the rapid decline in home values. These forces along with widespread mismanagement of the financial risks by very large firms put us square on the road to the economic melt down we are suffering today.
Mortgage delinquencies and foreclosures rose sharply after the price of US home values began to fall in 2007. The resulting decline in market value, left many borrowers upside down in their mortgage agreement. All the equity (or potential equity) simply dried up. Financial firms, who backed these loans, began to experience very large losses on their holdings of sub-prime residential mortgage and mortgage backed securities (MBS). Read more
