Post from another site I belong to. thought it might intrest a few prople.
barney frank better start cya. wonder if someone at the bar offered to push in his stool.
btw, does anyone remember this article from the ny times five years ago? bush wanted a new treasury dept agency to oversee freddie and fannie. of course the dems stopped him.
from the article:
September 11, 2003 New Agency Proposed to Oversee Freddie Mac and Fannie Mae
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
so all you whining liberals please tell me AGAIN how it's all bush's fault.
oh btw, part of the dems objections back in 2003:
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
Barney Frank and Chris Dodd should be worried. I just wonder if this investigation notice is out there to make the DEMS go along with the bailout. Its just amazing how the two individuals in charge of these committees are blaming everyone else. The more I read on these home loans, the more i shake my head. No income required, interest only payments, borrowing up to 125% of the value of the home. These type of loans go back to the Clinton years and thanks to Janet Reno, banks were forced to allow these loans to be made. If this bailout is the answer, those responsible must be prosecuted...period!
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