Tuesday, March 17, 2009

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

The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone « Nice Deb: "ety 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."

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