Who identified and tried to fix what presently ails Freddie Mac and Fannie Mae 5 year

So we need to regulate the regulators ?

How about if we just make the two's financial records available to the public ? The American people make better observers than dirty politician.

So can we all agree that Barney Frank has been a disaster as the chair of the House Financial Services Committee ? Maybe if he wasn't covering up his boyfriend's gay prostitution ring, he'd have been more able to pay attention to his job. But like most democrat crimes, congress, with it's allies in the media, have made sure Frank get's off with clean hands, he doesn't have to answer for a job poorly done.

 

They rejected the type of regulation or differed on the view of what to regulate and how is should be regulated. What we needed was a Maverick that could bring both sides of the isle together with a comprehensive plan that would have enough support from both sides to pass. It may not have been the best plan but it would have been the best congress would pass...

Oh yea, we had the Maverick there at the time... :BangHead:

Why do I keep forgetting he was there when we needed him and he??? What is it he did again??? Oh yea, he mavericked! :thumbs:

 

Not in my view, we need to put laws in place with stiff penalties in the regular penitentiary to discourage corruption and the need for regulation. I think no citizen of this country, to include congress or the president should be immune. You do the crime you do the time.

The jury still out. We're at the ground floor of figuring out who is at fault and for what. I would hope anyone found guilty of anything to include turning a blinded eye would be held equally accountable and sentenced accordingly.

Listen my friends, we have tougher laws for a crack user thanks to the war on drug than we do for dirty politicians and greedy untrustworthy trusted officials who as we can see, can do more to hurt the nation as a whole than any crackhead or dealer standing on a corner selling drugs. Yet who is in prison? I say a crime is a crime and we need to discourage it all around an at any level.

 

That wouldn't be Obama. He's never crossed the aisle to accomplish anything. He never supports the viewpoint on any subject except the farthest left.

So I take it you will now support McCain as the only one of the two that works with the opposition party on anything?

 

Do you have a link or proof of Obama not crossing the isle?

I think not... :laugh:

 

What are the facts on this and what are your perceived reasons?

 

Here are some:

The Legacy of the Clinton Bubble

 

I don't need a link to state a well known fact. It is impossible to prove a negative.

OTOH all one has to do to disprove it is to prove a positive.

If you disagree, prove it.

 

Do you EVER back up your statements with facts?

 

Prove me wrong.

Until you do, my statement stands as a fact.

 

http://www.whitehouse.gov/news/releases/2008/09/20080919-15.html

2001
April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003
January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

September: House Financial Services Committee Chairman Barney Frank (D-MA) strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," The New York Times, 9/11/03)

October: Fannie Mae discloses $1.2 billion accounting error.

October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

2004
February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)

June: Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee,"
4/13/05)

July: Senate Majority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)