Saturday, February 28, 2009
Democrats buried mortgage scandal under the rug five years ago!
Here's a story that was actually in the New York Times in 2003.
I bet no American media outlet is willing to remind anyone of it.
When you see who called this an exaggeration, you will likely see a major cause of the problems...
I bet no American media outlet is willing to remind anyone of it.
When you see who called this an exaggeration, you will likely see a major cause of the problems...
However, CanadaFreePress.com IS willing:
"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, "
