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Fannie, Freddie, who favored reforms?
Did any body see the troubles with with Fannie and Freddie coming?
The "Federal Housing Enterprise Reform Act of 2005" was voted down by the Democratically controlled Senate.
"....For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
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. 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."
Senator John McCain May 25, 2006 See link to the congressional record here
Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a ... more
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