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Representatives Investigate Fannie Mae Patent
Republican Representatives Jason Chaffetz (Utah) and Darrell Issa (Calif.) are in the process of seeking information concerning a recent patent acquired by Fannie Mae regarding the cap-and-trade system. The Representatives and many Americans are confused as to the role Fannie Mae intends to play in cap and trade since Fannie Mae is a mortgage company.
When visiting the Fannie Mae website, the company’s mission statement reads, “Fannie Mae is committed to supporting and aiding in the efforts to stabilize the housing market.” It seems, however, that Fannie Mae is attempting to take on a new role within the federal government, and it involves cap and trade and the Chicago Climate Exchange.
In June 2005, the United States Patent and Trademark Office issued Patent No. 6,904,336 to Fannie Mae for a “System and Method for Residential Emissions Trading.” The patent was approved for then-chairman and chief executive officer Franklin Raines, who is now better known as a notorious fraudster. The “system and method for residential emissions trading” is the machinery necessary to facilitate the carbon trading system as established through cap and trade.
Chaffetz states, “I have serious questions about why Fannie Mae, back in 2005, was working on a Cap and Trade scheme. Why would they be spending their resources on something that is well outside of the scope of Fannie Mae’s charter?”
Furthermore, former Fannie Vice President Scott Lesmes was listed on the patent as a co-inventor on the patent. You may recall Lesmes played a large role in the downfall of the housing market through his use of risky “bundling” of mortgages that were resold to investors as mortgage-backed securities. The same Scott Lesmes has been placed in charge of the carbon trading system and intends to use a similar method of “bundling” to sell air.
Read more: The New American