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From the Department of You Can't Get Blood From a Stone...

.. although the banksters' over-staffed and over-paid branch office in Versailles, the Obama administration, will surely try. Housing Wire:

Fannie Mae (FNM: 0.3871 +1.87%) is sifting through borrower data to determine who is strategically defaulting and who is not after announcing more efforts this week to crack down on those who walk away from their homes.

Well, I doubt Fannie Mae is going to be able to "produce the note" any more than anybody else has been able to.

And if they try, that's going to reveal an epidemic of accounting control fraud -- which, by definition, occurs at the executive level -- and we might see CEOs in orange jump suits doing the perp walk after all. So it's an ill wind that blows nobody good.

No doubt the response of the Obama administration will be rewrite the rules so the note doesn't have to be produced, and whatever the banksters might say is true, by definition. Anything for you, "savvy businessmen"!

NOTE In fact, it's the more financially sophisticated who do the math, treat an underwater house as a failed business venture, and walk away -- just like CEOs walk away, or would walk away, if Obama and the rest of Versailles hadn't bailed them out with our money. So I'd say that Fannie Mae is going to end up going up against people with some smarts and a little more leverage than usual.

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