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Crain's Chicago Business reports yet another Chicago area bank bites the dust. The Federal Deposit Insurance Corporation closes Oak Park's FBOP Corporation after Congress wiped out $800 Million in shareholder value, including shares of the nation's biggest mortgage lenders Freddie Mac & Fannie Mae. US Bancorp picks up the pieces.
Nationalized Mortgaged Lenders Shutter Oak Park Bank
chicagobusiness.com - 3 weeks ago - 66 views
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As much as $800 million in Freddie Mac & Fannie Mae equity securities & preferred stock was written off by FBOP Corporation as reported September 28th, 2008 by Crain's Chicago Business.
http://www.chicagobusiness.com/cgi-bin/news.pl?id=31185
The Office of Federal Housing Enterprise Oversight reported more than five years ago that Freddie Mac & Fannie Mae incorrectly reported the value of financial derivatives which led to smoothing of earnings & overpayment of bonuses to Freddie Mac & Fannie Mae executives, including former Clinton Administration budget director official & Fannie Mae CEO Franklin Raines.
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