Mar 15 2009
Time Line—Enough with the RE-Writing
Updated! 3/16/2009
How can the people who blame Bush and the Republicans ONLY and deregulation and take no responsibility for the Democrat’s Barney Frank, Chris Dodd, and Chucky Schumer and the rest (not to mention the Carter/Clinton push for all people, regardless of their ability to afford it, to own their own home.)
What is the need to have a lone shooter? Removes personal responsibility doesn’t it? Responsibility of ones choices, beliefs, and organization…
Seems they did. What was the response of the spineless GOP and feckless Democrats? Oh yes….now I remember:
“Fannie and Freddie are fundamentally sound.”
“They are not in danger of going under….We’re doing three separate things that make it much less likely — very, very unlikely — that we’ll have this kind of a housing crisis six months or a year from now.”
“Looking at the financials, they’re solid.”
— Banking Committee Chairman Barney Frank, (D, Massachusetts) July 14, 2008“We do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines…What we need to do today is to focus on the regulator, and this must be done in a manner so as not to impede their affordable housing mission.”
— Maxine Waters, (D, California)Questioned by former congressman Chris Shays, Republican of Connecticut, about Fannie’s teensy 3 percent capital cushion, Raines said of the multi- and single-family loans the company holds: “These assets are so riskless that capital for holding them should be under 2 percent.”
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Updated 3/16/2009 (hat tip to TheAnchoress)
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)
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