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| New Agency Proposed to Oversee Freddie Mac and Fannie Mae: 9/11/03 |
| 2008-09-25 |
| Note the date... By STEPHEN LABATON Published: September 11, 2003 And some of the comments... ''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.'' ''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. ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said. |
| Posted by:tu3031 |
| #4 It's like a home away from home for them. Go for the affordable housing. Stay for the polygamy. |
| Posted by: ed 2008-09-25 14:14 |
| #3 But Utah's still better than Somalia, right? |
| Posted by: Ebbang Uluque6305 2008-09-25 13:59 |
| #2 Affordable housing was the mantra of all the developers and their pet politicians here in San Diego. They talked like there should be enough affordable housing for everybody in the whole wide world who wanted to live here. I remember one story in the Union Tribune where they were crying about immigrants from Somalia who had to move to Utah because they couldn't afford to live here. Sniff. It was sooo sad. /sarc Meanwhile their bulldozers were running roughshod all over the county and they were building McMansions that were going for a million bucks or more. Traffic got so bad on the freeways that a commute that took half an hour in 1993 took up to two hours in 2003. They ruined the place. Thanks, Barney. We were all bent over and you gave it to us. |
| Posted by: Ebbang Uluque6305 2008-09-25 13:55 |
| #1 A new government agency to handle the situation? Just the ticket. I now feel ever so much better about the outcome |
| Posted by: Kelly 2008-09-25 11:17 |