The Credit
Scoring Site

A bleak account
Dirty Data
Dirty Data
in the media

Clark Howard
USA Today
Chicago Tribune
The Christian Science Monitor
Federal Reserve
Credit Repair
The Detroit News
The Columbus Dispatch
The Augusta Chronicle
Realty Times
MoneyCentral Radio
Realty Times
Money Maze Radio
The Major Players
The big push from funny names

Fat Cat Fight: Fannie Mae vs. FM Watch - You are going to love this
  • FM Watch
    • "If you have information on how Fannie Mae and Freddie Mac are placing the interests of their investors above the interests of homebuyers and exposing taxpayers to unwarranted risks, you can report it to us. Your identity will be confidential." Yeah, and use a secret code name, too.
    • "The forced use of Fannie Mae and Freddie Mac's own proprietary products and technology is seriously undermining private market competition."
    • "Technology developed by Fannie Mae and Freddie Mac should be used by them for their internal risk management purposes only and not used in the primary market.
  • FM Watch Observer - "So FM Watch Observer was born, a means by which some plucky Fannie Mae employees can keep the Coalition for Higher Mortgage Costs honest." If you're plucky, do you call yourself "plucky"?
Coming Soon: FM Watch Observer Examiner
Coming Later: FM Watch Observer Examiner Witness
Still to Come: FM Watch Observer Examiner Witness Intelligence Gathering
Still in the Hopper: FM Watch Observer Examiner Witness Intelligence Gathering Scrutinizer

The Spinning is Just Beginning:

  • FM Watch: HUD Questions Fannie Mae and Freddie Mac's Activities
  • FM Watch: "... Mr. Friedman is the chairman of FM Watch, a recently launched watchdog group that works with consumer and taxpayer groups, affordable housing advocates and financial institutions dedicated to ensuring that Fannie Mae and Freddie Mac, two Government-Sponsored Enterprises (GSEs) keep the interests of homebuyers and taxpayers above the interests of their investors."
    FM Watch Observer: "... a review of the biographies of the top people who run and advise the organization shows that their backgrounds are a little light on consumer advocacy."
  • FM Watch: "FM WATCH is a coalition of financial services and housing related trade associations working with affordable housing and consumer advocates, taxpayer groups and financial institutions. FM WATCH is dedicated to monitoring the activities of two government-subsidized enterprises (GSEs), Fannie Mae and Freddie Mac."
    FM Watch Observer: "Such entities are often mischaracterized as Government-Sponsored Enterprises, a misnomer which fails to recognize that the activities of a CCC are entirely supported by the revenue of the company and the capital of private investors and are not in any way guaranteed by the federal government."
  • FM Watch: "Fannie and Freddie are returning unparalleled profits to their investors. The GSEs earned more than $5 billion in 1998, almost half of which came from their retained Federal subsidies."
    FM Watch Observer: "FM Watch is a group of mortgage insurers, high-cost lenders, and their allies who want to roll back Fannie Mae policies that cut costs to consumers. We call them the Coalition for Higher Mortgage Costs, because if they had their way, the costs that Fannie Mae lowers would go up."
Watching the FM Watch Fannie Mae and Freddie Mac: Government Sponsored Enterprises
  • HUD Oversight of Fannie Mae and Freddie Mac - Housing - Oversight of Government Sponsored Enterprises: Fannie Mae & Freddie Mac
  • MBA GSE Policy Statement, August 10, 1999
  • "FM WATCH is dedicated to monitoring the activities of two government-subsidized enterprises (GSEs), Fannie Mae and Freddie Mac."
  • FAQ About Freddie Mac - "... But because Freddie Mac exists, millions of Americans have benefited from lower monthly mortgage payments and better access to home financing...."
  • Fannie Mae The Company - Who We Are - "Fannie Mae is a private, shareholder-owned company..."
  • Government Sponsored Enterprises - "... The Federal Government provides a number of economic privileges to GSEs, most important of which is the implied Federal Government guarantee, which reduces Enterprise funding costs. In return for these benefits, the GSEs are required by their Federal charters and other statutes to provide public services..." (WACHTER)

    "... I agree that they should be profitable, so the 20 percent profit is not what I am concerned about..." (WACHTER)

    "... To perpetuate the present situation just gives the GSE that much more of a monopoly position and stifles private competition...." (CAVANAUGH)

National Association of Mortgage Brokers

Mortgage Bankers Association of America

Associated Credit Bureaus, Inc.
  • "ACB has four priorities:
    • Providing federal and state legislative support
    • Serving as the spokesperson for the industry with the media
    • Setting industry standards which assist consumers and ACB members
    • Providing educational material for consumers and ACB members"

    (Includes, in an extraordinary effort, an entire link to Fair, Isaac's site.)

  • Accuracy. Metro 2, a new format to learn: Invites creditors (tasked with providing to the credit reporting agencies accurate data about your accounts) to voluntarily make a trip to Las Vegas or Chicago, pay $125 for a seminar on this exciting topic, and $159 for a hotel room. Airfare not included. Gives them "a unique opportunity - to learn the new Format from the people who designed it."

    Undoubtedly at the top of every IS Manager's event list.

    And they haven't even had a chance to master the old format.

    Also includes a "Group Learning Activity" discussing "Accuracy, Completeness, Timeliness of reporting." Golly, it seems so basic; why would they be doing that?

    The New! Metro (hopefully it includes rural consumers, too) 2!

International Credit Association (defunct)
  • "ICA has just started the process of dissolution and therefore is not accepting membership applications or product orders."
  • "ICA MISSION STATEMENT - To advance the credit industry and profession worldwide by furnishing information, education and standards; and to further public awareness and understanding of the proper use of credit."
  • "International Credit Association Code of Ethics - ... The Association will work with governmental agencies to help advance programs to educate consumers on the proper use of credit..."
  • "International Credit Association Standards of Conduct:... To Society:... Support and participate in programs that favorably affect society, citizens and communities served by ICA, and to the fullest extent seek solutions to social problems and concerns relevant to the credit industry."
Credit Info Center
National Mortgage News
MSN MoneyCentral