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Name:
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water_watcher
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This answers the question !
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Date:
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9/19/2008 2:22:39 PM
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The question about fannie and Freddie and the current housing crisis and the melt down on mortgages that has had a ripple effect.
The democrats said when reform was proposed by republicans:
”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, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
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This is what McCain said in response:
"I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation" said John McCain. "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole. I urge my colleagues to support swift action on this GSE reform legislation."
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I don't know, but it sure sounds like the republicans, and specifically McCain saw the hand writing on the wall and wanted to fix it, while the democrats continue to want to give more bogus loans.
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