New Agency Proposed to Oversee Freddie Mac and Fannie Mae (2005 McCAIN flashback)

New York Times ^ | 11 September 2003 | Stephen Labaton

[Terrence DoGood]

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, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

[Terrence DoGood]

I just hope enough people are aware of this

[scooby321]

BOR isn't

What a loser

[screaminsunshine]

Yep they are a nest of crooks and democrat fingerprints are all over it. I say let the markets correct. It would be the end of the NEW WORLD order baloney and leave the USA in the best position worldwide. All this globalism has been to weaken the USA. In reality we are the strongest economy and will be the last ones standing.

[lakeman]

Flaskback

is this a new drinking game??

[Proud2BeRight]

“Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.”

[avacado]

"BOR isn't What a loser"

Neither is Hannity. Last light Hannity let Dick Morris and Colmes repeatedly say that the loan mess was the fault of the Republicans.

[snowman1]

And the parachutes for Raines and the rest should be rescinded and they should be prosecuted for their cupidity and thievery.

[VR-21]

It seems like just a week or so that the MSM was screaming for Ken Lay’s blood.

[quack]

I'm hoping they become aware of this also....

The President also believes that government alone can’t close America’s homeownership gap. It is critical that our government challenge the private sector to take concrete steps to tear down the barriers to homeownership that face minority families. The President is issuing “America’s Homeownership Challenge” to the real estate and mortgage finance industries to join in his effort to increase the number of minority homeowners by 5.5 million families by the end of the decade. Many organizations have already responded to the President’s challenge by committing to:

Substantially increase by at least $440 billion, the financial commitment made by the government sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market;

Launching twenty-five different local initiatives across the nation, geared toward eliminating the specific homeownership barriers faced by minority families in those communities;

Raising $750 million in below-market-rate investments by 2007, which will work in collaboration with local homeownership initiatives and be targeted to heavily minority program areas;

Pursuing strategic partnerships in 20 top housing markets between homebuilders, lenders, local officials, and community leaders to develop approaches that address the local challenges to building homes for minority families living in urban centers;

Establishing faith-based housing partnerships between the participants and at least 100 churches, mosques, synagogues, and other faith-based institutions;

Link: http://www.whitehouse.gov/infocus/homeownershi p/homeownership-policy-book-whole.pdf

[Mr. K]

KEEP THIS BUMPED AS A REMINDER