Bonaparte Bob

Rumor out of DC is that Sen. Bob Corker’s recent private dinner with President Trump was not a social occasion.  It is believed Trump politely, but firmly, informed Corker (R-Wells Fargo) that his legislation to “reform” Fannie Mae and Freddie Mac was neither necessary nor welcome.

If true, this would be a major blow to Corker, who has been relentless in his efforts to deliver the home mortgage business to the big banks (of whom Wells Fargo is the largest player).

Tomorrow might bring another blow to Corker’s standing and self-perceived clout in Washington.  Federal Housing Finance Agency (FHFA) director Mel Watt is slated to testify before the Senate Banking committee (of which Corker is a member) and rumor has it that he will address the practice of the federal government keeping all of the profits from Freddie Mac and Fannie Mae. A federal judge recently declared the Obama administration illegally looted the two institutions to pay for Obamacare.  If Watt announces the government is going to stop the Obama-era policy of taking all of those institutions’ profits, look for Corker’s reputation and standing to take a serious blow.

Maybe Bonaparte Bob needs a vacation.  We hear St. Helena is a nice place to ponder his future…

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