The kind of forward thinking people we want working on this problem

“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” —  Rep. Barney Frank of Massachusetts, September, 2003. Frank is now the chair of House Financial Services Committee.

Frank spoke against a Bush administration plan to create an agency to oversee Fannie Mae and Freddie Mac. The proposed agency would have had the authority “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.”

2 thoughts on “The kind of forward thinking people we want working on this problem

  1. Barney has also been one of the loudest champions of “Every American should own a home”. Well, it’s clear that not every American can afford to own a home.

  2. Pingback: 10 things a satirist gives thanks for « Collateral Damage

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s