The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone

The White House attempts to set the record straight:

(I’m copying this post from the White House webpage in it’s entirety because I want people to read the whole thing).

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.  Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac.  (OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.”  As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.  (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03).

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.”  To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.”  (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03).

2004

February: The President’s FY05 Budget againhighlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator:  “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.”  (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.”  Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.”  (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04).

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system.  Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs:  Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.”  (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04).

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.”  (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05).

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions.  Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.”  (President George W. Bush, Press Conference, The White House, 8/9/07).

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years.  Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission.  The GSE reform bill passed by the House earlier this year is a good start.  But the Senate has not acted.  And the United States Senate needs to pass this legislation soon.”  (President George W. Bush, Discusses Housing, The White House, 12/6/07).

2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.”  (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08).

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.”  (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08).

April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.”  (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08).

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

  • “Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.”   (President George W. Bush, Radio Address, 5/3/08).
  • “[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.”  (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08).
  • “Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.”  (President George W. Bush, Radio Address, 5/31/08).

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.”  (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08).

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

Can Bill O’Reilly get off of Bush’s case now, please, and put the blame squarely where it belongs, on the Dems in congress, (with the help of a few RINOs) who blocked every effort from the Bush administration, at reform?

Maybe Mark Levin can help with that.

MORE from The Astute Bloggers:

A CENTRAL FIGURE IN OUR CURRENT FINANCIAL FIASCO IS OBAMA’S FINANCE CHAIRPERSON – AND THE LEFT-WING KNOWS THIS.

Hat tip: Gateway Pundit

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57 Responses to “The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone”

  1. White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone « Cao2’s Weblog Says:

    [...] 23, 2008 by cao2 See it at Nice Deb’s – or just go to the White House press release. It also appears on Glenn Beck’s website, which [...]

    Like

  2. Oops: Shit Sandwich Fails « Nice Deb Says:

    [...] The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone. [...]

    Like

  3. Saying Goodbye To A Decent Man « Nice Deb Says:

    [...] It can’t be repeated enough that the Bush administration’s pleas for some oversight of Fannie Mae and Freddie Mac were resisted by Congressional Democrats for years. Bush warned Congress about the GSEs in 2008, 17 times, alone. [...]

    Like

  4. Thank you, President Bush | The Anchoress Says:

    [...] of the housing market, you can’t do it without looking at the Democratic policies that Bush tried to warn us all about. You can’t talk about it without mentioning Barney Frank, Chris Dodd and the [...]

    Like

  5. Democrats caused the recession and Republicans tried to stop it « Wintery Knight Blog Says:

    [...] 1: The Achoress just posted even more of the history of this mess here. She has a link to Nice Deb’s post which contains about 2 dozen warnings issued by the Bush administration [...]

    Like

  6. reeko Says:

    does anybody know what the former President GW Bush website is? he does have one right? Bill Clinton had one up and running before he left office… and had links to it from whitehouse.gov but, i never saw any links on GWB’s whitehouse website. i (and others in the loop) were watching the website closely on 20 Jan, and it switched over almost immediately after the inauguration – as had been planned for the past year by the cooperative effort of the former and new administrations.

    yet curiously, we cannot find any new GWB website.

    fyi: George and Laura officially moved into their new home on Daria at Meaders here in Dallas. (i used to live about a mile from there) nothing but cheers and smiles from the locals and lots and lots of “Welcome Home George and Laure” signs all around town. lots of class and admiration here for a first-class couple IMHO.

    PS: i still think he deserves a medal for grounding all air traffic on 9/11 – and directly thwarting at least three (that we know of) more hijackings on the west coast. anybody can quote u the death toll of lives lost that day, but nobody knows the untold thousands of Americans whose lives were actually saved that day by the direct command from our leader and one of the greatest wartime presidents our country has ever had. again, just IMHO apparently.

    Like

  7. Yep, I miss Bush | The Anchoress Says:

    [...] could never, ever have anything to do with economic disaster. And Bush and his administration never congress about Fannie and Freddie and this sort of stuff, or asked for some revisions to a ruinous [...]

    Like

  8. Bill Says:

    More deflection and hand-washing from the Right. Wow, what a surprise. And imagine the Right attacking a Gay senator, another shocker!
    This is a page right out of the Bush playbook – deny and deflect at any expense – integrity be damned.

    Like

  9. nicedeb Says:

    Those are the facts, you buffoon. You should wander out of your left wing cocoon more often:

    http://nicedeb.wordpress.com/2008/09/28/video-democrats-in-congress-defend-and-cover-for-fannie-mae-and-freedie-mac/

    You can’t tell me that you’re so blinded by your BDS that you don’t see that every single thing that Obama is doing to ostensibly “fix” the economy is making things worse?

    Like

  10. The Irascible Chef » Time Line—Enough with the RE-Writing Says:

    [...] Great Great Great timeline from NiceDeb!     It’s GREAT! For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.  Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems… (read more) [...]

    Like

  11. Linkaround; Flowers & Weeds | The Anchoress Says:

    [...] the housing bubble, the lending crisis and the recession with their policies and their refusals to heed warnings and make adjustments. No one is talking, anymore, about questionable Freddie & Fannie bonuses, or Obama’s [...]

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  12. Coolest President Ever. - Page 26 Says:

    [...] this start with the housing market? The Bush administration warned of Fannie and Freddie problems 17 times and Democrats not only blocked any reform measures, they whined and protested that they were just [...]

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  13. When Does Betrayal Become Treason? « Taxes, Stupidity, and Death Says:

    [...] no, they are not backed by the US government.  Quit talking crazy you silly Republicans!” For many years the President and his Administration have not only warned of the systemic consequence… In the times that Fannie and Freddie couldn’t make the market, they became the market. Over the [...]

    Like

  14. malky Says:

    Nicedeb you wouldn’t be able to recognise a fact if it bit you on the backside. Any damn fool with a couple of units of economics under their belt can see that the crisis your country is in is chiefly the result of Bush/Cheney’s eight years of administration – but not you and your fear-mongering cronies. You are a much bigger buffoon than Bill could ever be.

    Like

  15. geoff Says:

    Any damn fool with a couple of units of economics under their belt can see that the crisis your country is in is chiefly the result of Bush/Cheney’s eight years of administration

    Go ahead and explain it to us, malky. That should be very exciting. I look forward to another of your presentations of made-up ‘facts’ and misinterpretations. Since you couldn’t make a single correct statement about Michelle Malkin without our help, I can’t imagine how badly you’ll butcher this topic.

    On the other hand, if you’re just going to continue to drop snarky, empty-headed comments like any other amoral liberal troll, then I’d guess you’re only a couple comments away from being banned.

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  16. JackStraw Says:

    Hey Malky-

    I see Australia gave a big thumbs down on cap and trade/global warmning legislation. Nice to see that not all Aussies are as dumb as you.

    http://news.bbc.co.uk/2/hi/asia-pacific/8198690.stm

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  17. Can a free country like USA produce a good leader Says:

    [...] Originally Posted by RDS Bush did not screw up? How did the $12T public debt come about? A little thing called 9/11 happened and that started things and GWB warned about the possible mortgage crisis at least 17 times while in office but no one listened. The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone Nice Deb [...]

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  18. ireuel Says:

    DearMalky;
    You forgot that both the house and senate were all Democrats for the last two years of those 8 years. As I heard a Demcratic congress person on TV last night state “The house is the ones that spends the goverment money”. Please tell us the exact bills that President Bush signed that did this to the economy. All I hear from the Democrats is the exact words you just stated, “The last eight years”without any explaination of what exactly he did to cause this. I believe this was caused by both political parties and we the people living on borrowed cash and time. We are all resposible for this and instead of pointing fingers at someone else. How do we fix this? And please don’t tell me that we need another usless stimulias bill. The only one that seems to believe that is working is “say it ain’t so Joe” VP.
    Have a good day. Be the answer not the critic.

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  19. Newspaper Article: Blaming Bush No Longer an Acceptable Excuse (Feb. 2010) « UnWelcome Honesty Says:

    [...] years, Obama misses one key fact: Bush, ridiculed by the media as “inept” and “stupid,” had been warning about the impending dangers of Fannie Mae and Freddie Mac, whose failure acted as a catalyst for the 2008 economic collapse, since 2001. Every year of his [...]

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  20. Al Gore Speaks « Nice Deb Says:

    [...] don’t remember calling Bush’s repeated attempts to rein in Fannie Mae and Freddie Mac as Socialist. But then…Bush isn’t a socialist. Al Gore on the other hand…..doth [...]

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  21. Behind Closed Doors: New Republican DEMOCRAT Ad?! « Nice Deb Says:

    [...] The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone [...]

    Like

  22. Barney Frank – Gotcha! Says:

    [...] alone in his maneuvering to make sure Fannie and Freddie were not regulated.  While President Bush warned repeatedly of the risks to the economy posed by an unfettered Fannie and Freddie, the democrats pushed back.  [...]

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  23. The Epic Fail of Bush and Cheney that led to the recession - Page 3 - US Message Board - Political Discussion Forum Says:

    [...] growing problems. If the news media doesn't want to write about it….who's fault is that, wry? The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone Nice Deb __________________ Old [...]

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  24. Is the GOP’s Connection to Wall Street, or Just Business in General? | The Rantings of Vern Rigg Kaine Says:

    [...] Government – 100%. Fannie and Freddie stating that “nothing’s wrong”. The Bush Administration tried 17 times to reign in Fannie and Freddie (Note: I tried to quote the original White House posting, but it’s been (conveniently?) taken [...]

    Like

  25. wine dude Says:

    You people are full of shit. The President makes a speech somewhere and it becomes a call on Congress to act? A few times he did warn about Fannie & Freddie but certainly not the 17 times in this blog. Typical Teabagging bullshit, even before the Teabaggers existed.

    Like

  26. nicedeb Says:

    There, there – the truth hurts, doesn’t it?

    Like

  27. sundancer2 Says:

    What is most amusing is that anyone would automatically believe something posted at a political website, regardless of the party involved. But perhaps it just depends on if you’re predisposed to believe it because it suits your views. I’d like to see the context of those ‘warnings’ before I started crowing, but there’s enough fault from Reagan-HWB-Clinton-GWB-and now Obama to go around, so nobody looks real shiny. Obama didn’t cause it, but he sure didn’t put the right people in to clean it up. People have to be better watchdogs of all our elected officials. Apathy is our greatest danger.

    Like

  28. nicedeb Says:

    You can go back and check the public record. There was a hearing for instance, where Dems steadfastly refused to deal with Fannie Mae and Freddie Mac.

    Like

  29. JF Says:

    Even the most Bush-deranged liberal should realize that the head of Fannie Mae, Franklin Raines, was fired for his gross incompetence in 2006. At that point, shouldn’t congress (all Dems, BTW) have ordered an investigation and an audit? Sidenote: Raines got another job – as Obama’s economic advisor. So you really think Bush is to blame for the 2.5 years this country has been at a near depression?

    Like

  30. OpinionEditorial — Blog — 'Tis the Season for Some Reason Says:

    [...] far back as April of 2001, President Bush sounded the alarm over Fannie and Freddie: The Administration’s FY02 budget [...]

    Like

  31. Tis the Season for Some Reason - pr4you - the information 4 you | pr4you - the information 4 you Says:

    [...] far back as April of 2001, President Bush sounded the alarm over Fannie and [...]

    Like

  32. ‘Tis the Season for Some Reason | Sanity Sentinel Says:

    [...] far back as April of 2001, President Bush sounded the alarm over Fannie and Freddie: The Administration’s FY02 budget [...]

    Like

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  34. The Debt and Deficit Reduction Proposal Thread - Page 4 - Political Forum Says:

    [...] merely because you posted a Republican, when I posted a Democrat? How blindly partisan are you? At least Bush kept warning of a problem with Fannie and Freddie, while Dems in Congress – specifically Frank and Dodd – ignored the warnings, blocked Bush's [...]

    Like

  35. Greg Says:

    A Youtube video covers this in great detail.It’s called “Burning Down The House: What Caused Our Economic Crisis? http://www.youtube.com/watch?v=1RZVw3no2A4 It is very thorough and uses independently verifiable facts that are a matter of public record including on camera congressional sessions to document Democrats complicity in the Fannie Mae/Freddie Mac debacle. Denying the documented historical reality is fundamentally dishonest.

    Like

  36. Goodbye, Barney « The Anchoress Says:

    [...] oversaw Fannie Mae and Freddie Mac insisted no reforms were needed.From Nice Deb, circa 2008: The White House Warned Congress About Fannie/Freddie 17 Times, in 2008, alone.That would be the Bush White House:2001April: The Administration’s FY02 budget declares that the [...]

    Like

  37. Instapundit » Blog Archive » JENNIFER RUBIN ON BARNEY FRANK: Good Riddance! “His real legacy will be his cluelessness and indif… Says:

    [...] UPDATE: Something to remember: The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone. [...]

    Like

  38. Don’t let the Freddie/Fannie House door hit you on the way out, but Frank-ly I hope it does « Pull My Chain Says:

    [...] http://nicedeb.wordpress.com/2008/09/21/the-white-house-warned-congress-about-fannie-mae-freddie-mac…  People forget Democrats took over both houses of Congress in the 2006 midterm elections while Bush was president.  Dems resisted all attempts to reform the Macs, which led to the housing bubble collapse and the 2008 fiscal crisis.  In fact, Dems  called the Repubs and Bush ‘Racist’ for attempting to reform Freddie/Fannie. [...]

    Like

  39. werbaz neutron Says:

    All this seems like a wonderful ready-made debate topic for the Newt to stick up Obama’s (or Hillary’s) behind in the upcoming Presidential debates. Give them dates, comments, facts, figures, and tie it to them.

    Like

  40. The Santorum Surge Says:

    [...] to congressional politics, when Obama was a Senator. Most of the resistance to vilified outgoing President Bush the Younger’s repeated calls for stricter oversight had come from Democrats, though Republicans who deserve to be red-slipped were also recalcitrant, [...]

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  41. Obama critcizes banks for risky mortgages. - Democrats, Republicans, Libertarians, Conservatives, Liberals, Third Parties, Left-Wing, Right-Wing, Congress, President - City-Data Forum Says:

    [...] Originally Posted by Memphis1979 Hindsight is 20/20. President Bush was touting home ownership levels when he ran for President in 2000. Encouraging home ownership isn't bad. But when banks lumped mortgage backed security swaps with large numbers of unsustainable mortgages and interest rates started going up, well. Boom This is true, but it is also true that Bush sounded the alarm about Freddie and Fannie and it fell on deaf ears in the house at the time. I'm not a big Bush fan and he holds some responsibility in the meltdown, but lets be realistic. This was a long time in the making. This may jog your memory. http://nicedeb.wordpress.com/2008/09…in-2008-alone/ [...]

    Like

  42. Republicans, what did GW do wrong? Says:

    [...] ( Bush ) White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone.http://nicedeb.wordpress.com/2008/09/21/" Democratic administrations in encouraging (or forcing) lenders to make loans they had no [...]

    Like

  43. The Truth About the Economy - Page 7 - Political Wrinkles Says:

    [...] were thwarted by the legislative maneuvering of those who emphatically denied there were problems. The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone Nice Deb Mikeyy, I don't recall Clinton or dems warning Fannie and Freddie do you…..? Be [...]

    Like

  44. The Truth About the Economy - Page 8 - Political Wrinkles Says:

    [...] were thwarted by the legislative maneuvering of those who emphatically denied there were problems. The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone Nice Deb Mikeyy, I don't recall Clinton or dems warning Fannie and Freddie do you…..? Be honest….. [...]

    Like

  45. DRM Says:

    Bill O’Reilly is a big libtard anyway. Glenn Beck needs to back off Pres Bush as well. Let’s face it, FOX has really jumped the shark but for a very few conservatives left on there. These people need to brought to trial.

    Like

  46. Democrats Responsible for the 2008 Mortgage Meltdown Says:

    [...] seems that then-president George W. Bush warned Congress seventeen (that’s right – 17) times in 2008 about the roles of Fannie Mae and [...]

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  48. What Philosophical Principle Do Liberals Hang Their Ideology On? - Page 13 - US Message Board - Political Discussion Forum Says:

    [...] sound – Wikipedia, the free encyclopedia The housing crisis, all democrat, read and learn: The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone | Nice Deb See what I do, like most liberals, I back what I say with fact not a jaded opinion apparently [...]

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  49. Greatest president in my lifetime for income inequality - GWB? - Democrats, Republicans, Libertarians, Conservatives, Liberals, Third Parties, Left-Wing, Right-Wing, Congress, President - Page 6 - City-Data Forum Says:

    […] From the 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.'' Representative Melvin L. Watt, Democrat of North Carolina, agreed. The Bush administration called for changes in Fannie and Freddie 17 times, warning of potential trouble. The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone | Nice Deb […]

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