President Bush tried, the commie Democrats killed it.
A September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac. Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.
Fannie and Freddie have long since ceased to be relevant to the needs of lenders and borrowers, having succumbed to the daily pressure from Congress and the media to become agents of social change. They were set up before the term "political correctness" was coined, but they have to be two of the most politically correct "corporations" in this country. With the government take-over of last week, expect our leftist politicians to demand ever more "social justice" from them even as the house of cards collapses.
Reform is no longer an option; dissolution is what will happen, and the sooner the better.