Tuesday, September 30, 2008

Hmmm...something seems a little fishy!


This excerpt is from the above 2003 New York Times article:

''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.''


"Mr. Dodd, who has received more contributions from Fannie Mae and Freddie Mac’s political action committees and employees ($133,900 since 1989) than any other senator, didn’t mention lapses in Congressional oversight. Instead, he said he began warning Mr. Bernanke many months ago about the housing crisis, blaming absentee regulators and “reckless, careless and sometimes unscrupulous actors in the mortgage lending industry.”"

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