New Agency Proposed to Oversee Freddie Mac and Fannie Mae (MUST READ FROM 2003!! NY TIMES)

New York times ^ | September 11, 2003 | STEPHEN LABATON

[Mr. K]

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, [...] 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, [...]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 [...]

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[...]

... Among the groups denouncing the proposal today were [...] Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

‘’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, [...]weakening the bargaining power of poorer families and their ability to get affordable housing,’’ Mr. Watt said

[TruthWillWin]

It appears the the Dem spin (lies/propaganda) is that all these mortgage/housing problems were caused by Republicans,(Phil Gramm) and deregulation.

[Mr. K]

I am with you!

KEEP THIS BUMPED AND CONTACT RUSH, HANNITY, FOX, ANYONE ELSE YOU CAN THINK OF WITH THIS REMINDER

AND CALL BAWNEY FWANKS OFFICE TOO AND ASK ABOUT IT

[UltraKonservativen]

Everything is Bush’s fault... BUT WHY IS BUSH NOT MENTIONING HIS EFFORTS TO AVERT THIS WHEN HE SPEAKS TO THE NATION??? WHY NOT HOLD UP THAT DAMN NEWSPAPER??
The man frustrates me.

[Ditto]

Bump

[loveliberty2]

This story should be the primary focus of a Hannity’s America show, and, to counter the “spin” of the Democrats, it should be circulated and recirculated by every means possible during the next several days.

[NoDRodee]

Ping for later.

[DouglasKC]

McCain should just stand up and read this news story.

[rhetorica]

It died in January of 2007 when the Democrats took control of Congress. I kid you not. When Richard Shelby was chair of the Senate Banking Committee, he was pushing a bill, backed by the Bush administration, calling for strong oversight of Fannie and Freddie. The House passed a much weaker version that the White House did not support. There was never agreement and when the Democrats took over the move for strong oversight effectively ceases.

I've saved 4 years of Lexis-Nexis searches from the NY Times to document this. IT IS HUGE!

[Mr. K]

you should send a summary of your research to McCain and any news outlet that may be respectable.

and do it NOW before they pass this trillion dollar Piece’oCrap

[rhetorica]

I’m on it!

[jveritas]

WOW!!! excellent find.

[r-q-tek86]

ping

[Centurion2000]

bump .... Fannie Mae and Freedie need to be staked and privatized.