Well, seeing that this thread is from 2011, I don’t care to look up Congressional testimony at the moment. If you weren’t smart enough then, you’re not smart enough now.
That would be too hard for you, wouldn’t it? That’s okay, I don’t expect you to find a link to a Greenspan statement warning about subprime lending because there isn’t one.
The sole concern of the critics of Fannie and Freddie at the time was the capitalization ratio of the two GSEs. The quantity of loans versus their capital. But feel free to keep pretending.
The majority of subprime loans made during the bubble were made by non regulated shadow banking firms and not the GSEs. The Bush crew had no problem with widespread subprime lending and in fact had programs that encouraged it.