“Men are from Earth, women are from Earth. Deal with it.” ~ George Carlin
By Catherine Austin Fitts
In 1991, after leaving the Bush I Administration, I founded the Hamilton Securities Group, an investment bank and financial software developer in Washington DC.
In 1993, Hamilton won a competitive bid to serve as the lead financial advisor to the Federal Housing Administration (“FHA”) at the Department of Housing and Urban Development (“HUD”) in reengineering the FHA’s portfolio of mortgage insurance and mortgages, including approximately $10 billion of mortgage loan sales of the HUD held single and multifamily mortgages.
Prior to the loan sales program, the FHA Funds recovered only about 35 cents for each dollar of mortgage insurance payments it made on defaulted mortgages. The mortgage loan sales program that Hamilton designed increased recovery rates on defaulted loans to about 70 – 90 cents for each dollar expended by the FHA Funds, saving the Funds and/or U.S. taxpayers in excess of $2.1 billion (in the form of credit subsidy savings). Among other headlines, the results inspired Barron’s to describe the loan sales as, “At last, HUD does something right for taxpayers!”