UnAnswered Questions for Stanley Sporkin

Stanley Sporkin



featuring
UnAnswered Questions for Stanley Sporkin
#1 Why is $59 billion missing from your Agency, namely HUD, and who has it? (Mel Martinez senate campaign issues)
Stanley Sporkin has been retained by the Office of Federal Housing Enterprise Oversight (OFHEO) to assist in its duties overseeing Fannie Mae -- one of the largest issuers of mortgage backed securities and related derivatives in the world.
Why should we care? All Americans are impacted by the health and well being of Fannie Mae's operation - as homeowner, as investor and as taxpayers.
The entire US mortgage market is currently dependent on several private corporations that enjoy special governmental credit support (called Government Sponsored Enterprises or GSEs). Because of their size, the value of our homes may decrease if a GSE becomes troubled.
Many pension funds, mutual funds and money market funds include Fannie Mae securities. Hence, the retirement savings of many Americans and global citizens, as well as the resources of global financial institutions, are now vested in Fannie Mae's well being.
If government resources are called upon to forestall or support Fannie Mae in a bankruptcy or reorganization, our tax dollars and taxpayer-backed government credit could be diverted to fund Fannie Mae's liabilities and to subsidize the US mortgage markets.
If one GSE is troubled, it could impact the viability and health of the others, including Freddie Mac and the Federal Home Loan Bank System, as well as Ginnie Mae, a governmental corporation at the Department of Housing and Urban Development (HUD).
The following questions, organized around Judge Sporkin's historical areas of responsibility, are intended to illuminate the background and experience that Judge Sporkin brings to the task of assisting the Bush Administration in the oversight and regulation of Fannie Mae.
This information should be useful to investors in US mortgage securities who are assessing credit ratings and pricings of Fannie Mae, Freddie Mac, FHFB, Ginnie Mae and other related mortgage and homebuilding stocks, bonds and derivatives or the investment, mutual funds, pension funds and money market funds that hold them.
These questions have been sent to Judge Sporkin. We will post any response we receive.
Regulating Fannie Mae
Question #1: Are you under investigation by the Department of Justice? Question #2: What are your potential conflicts of interest? Question #3: Does the math of the mortgage bubble work? Question #4: Why are Fannie Mae and HUD still using the same auditor? Question #5: Is partisan politics involved in the regulation of Fannie Mae? Question #6: Is Fannie Mae vulnerable to class action lawsuits?
As US Federal District Judge - District of Columbia
Question #1: Why did you lead the persecution of Hamilton Securities? Question #2: What role have you played in black budget market manipulation and $59 billion missing from HUD? Question #3: Why did you resign from the bench?
As General Counsel for the CIA
Question #1: Did you draft the DOJ-CIA Iran-Contra Memorandum of Understanding? Question #2: Why did you suppress Community Wizard? Question #3: What was your role with the Mena, Arkansas Iran Contra operation and local HUD agency? Question #4: Is "Slimey Affirm" a code name you used in an off shore account? Question #5: Do you shut down honest businesses to protect government crime and narcotics trafficking?
As Director of the SEC Enforcement Division
Question #1: Are US enforcement efforts designed to prevent or promote money laundering? Question #2: Is National Security Law used to fraudulently over-issue mortgage securities to fund the "black budget"?
Additional Background Information
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