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Author
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Topic: Barnie Frank (D): "Fannie Mae and Freddie Mac are not facing any kind of of financial
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Mannu
Knowflake Posts: 45
From: always here and no where
Registered: Apr 2009
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posted September 20, 2008 08:05 AM
  
This moron was wrong in 2003 and he dares to show his face in the public.President Bush got it right. September 11, 2003 quote:
New Agency Proposed to Oversee Freddie Mac and Fannie Mae By STEPHEN LABATON
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.
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2 575AC0A9659C8B63&sec=&spon=&pagewanted=print
I rather be hated for 50 years than not do the right thing now -- President Bush
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Mannu
Knowflake Posts: 45
From: always here and no where
Registered: Apr 2009
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posted September 20, 2008 08:11 AM
In 2000, he stated: “There was no federal liability there whatsoever.”
In 2002, he stated: “I do not regard Fannie & Freddie as problems. I regard them as great assets.”
In 2003, he stated: “There is no federal guarantee of Fannie & Freddie obligations.”
Again in 2003: “I do not think we are facing any kind of a “crisis” in response to the accounting crisis that came to light and then this jewel: “Fannie & Freddie pose no threat to the Treasury.”
In April 2004 when Fannie announced a many-billion dollar “financial misstatement”, it was again Barney to the rescue with this sage statement: “Fannie & Freddie pose no risk to taxpayers and Wall Street will get over it if Fannie & Freddie collapse.” (As we now know, both Wall Street and taxpayers will have to get over it!)
In 2007 now the Chair of the House Financial Services Committee, Mr. Frank continuously stated that “reform bills were being blocked by ‘economic conservative fundamentalists’ in the Bush administration.” It was actually Representative Frank that stopped reforms because he insisted on no reductions in the limits of their MBS holdings. Great idea Barney (Fife), let the taxpayers have unlimited exposure!Mr. Frank had the gall to state in 2007 also that Fannie & Freddie were subject to his control?! (Implying that he was wise enough and unbiased enough to make sure nothing was amiss there?!) He actually believed that (Barney) dribble because the GSE’s were political entities and because he has a “god complex.” IP: Logged |
Mannu
Knowflake Posts: 45
From: always here and no where
Registered: Apr 2009
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posted September 29, 2008 08:19 PM
Good Lord , he failed to convince congressman.
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Eleanore
Moderator Posts: 112
From: Okinawa, Japan
Registered: Apr 2009
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posted September 29, 2008 08:41 PM
Honestly, I think a huge problem we're having as observers is that so many people have no clue what's really going on. It might as well be goobledygook. "Just nod your head and say it's all Bush's fault." Few lay persons, ime, are doing the research and checking the facts to see where this problem was born and who has been fostering and sheltering it until now. IP: Logged | |
Lindaland
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