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Tag Archives: Freddie & Fannie

Financial reform without Fannie/Freddie isn’t reform at all.

Here’s Duncan Currie: Here’s one thing you won’t find in the 2,300-page financial-overhaul legislation that passed the Senate Thursday afternoon: any serious reform of housing giants Fannie Mae and Freddie Mac, the longtime “government-sponsored enterprises” (GSEs), both of which have been in federal conservatorship since September 2008. Last summer, the Congressional Budget Office (CBO) estimated […]

Congress empowers the causes of crises:Themselves.

[WSJ] President Obama hailed the financial bill that House-Senate negotiators finally vouchsafed at 5:40 a.m. Friday, and no wonder. The bill represents the triumph of the very regulators and Congressmen who did so much to foment the financial panic, giving them vast new discretion over every corner of American financial markets. Chris Dodd and Barney […]

Bizarro World.

Signs of Bizarro World: Using terms like “perverse” and “disingenuous,” Uber-liberal journalist Robert Scheer defends — yes defends — the economic record of Ronald Reagan against accusations from NYT’s uber-liberal Paul Krugman that the former president is most to blame for the credit crisis and mortgage meltdown: It is disingenuous to ignore the fact that […]

Outraged in wrong direction.

Just so we’re all clear. We’ve got a bunch of Congressmen and administration officials who brokered these bailout deals with the financial community, were aware of and approved of retention bonuses, then once the deals came to the public light have the gall to act outraged. If you haven’t yet read the open resignation letter […]

All the president’s strawmen.

Here’s Karl Rove, with some succinct points: Mr. Obama also said that America’s economic difficulties resulted when “regulations were gutted for the sake of a quick profit at the expense of a healthy market.” Who gutted which regulations? Perhaps it was President Bill Clinton who, along with then Treasury Secretary Larry Summers, removed restrictions on […]

Rewarding incompetence.

Talk about rewarding incompetence: Today General Motors ask for an additionally $16 billion on top of the $30 billion it received in December. Paul Ingrassia notes that this amount “doesn’t count the $8 billion it wants to develop fuel-efficient cars, and another $6 billion it’s soliciting from foreign governments.” All the while their “foreign” competitors […]

Revisionist history.

History is written by the victors, and the Obama Democrats will prove to be no exception to this rule. In the coming weeks (and beyond) expect to hear the president and his supports propagate that George W. Bush’s “tax cuts for the rich” created our economic downturn. The attack will lack any economic evidence, of […]

The biggest revisionist history job in revisionist history.

Courtesy of the New York Times, the sheer scale of their “Bush caused the mortgage crisis” lie is staggering. That the New York Times engages in purposeful amnesia over the 1970s to the 1990s, the Clinton Administration, the Community Reinvestment Act, or that Democrats in Congress blocked every attempt to regulate Fannie Mae and Freddie […]

Freddie Fannie mea culpa.

Washington Post: Internal Freddie Mac documents show that senior executives at the company were warned years ago that they were offering mortgages that could pose dangers to the firm, hurt borrowers and generate more risky loans throughout the industry. At Fannie Mae, top executives were told it was necessary to develop “underground” efforts to buy […]

CRA Myths & Facts.

Here’s an excerpt from Investors Business Daily: Fact: The 1977 law was only lightly enforced until Clinton added teeth to it in 1994 and launched an anti-redlining campaign against banks, led by Ludwig, Housing Secretary Henry Cisneros (and later Andrew Cuomo) and Attorney General Janet Reno that lasted into this decade. Minority homeownership rates, which […]