New Agency Proposed to Oversee Freddie Mac and Fannie Mae
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
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.
... 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.
''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.
THE ENTIRE CRISIS IS THE FAULT OF THE DEMOCRATS OF CONGRESS.
This week has been absolutely maddening and I'm really worried the MSM is gonna carry Obama to victory with all the lies about this financial crisis.
2 Important facts left out:
1. In 2003 both the House and Senate were Republican controlled. If your own party couldn't get this passed, you can't blame the party that was in the minority.
2. Those that voted against it (both Dems and Republicans) made a very smart move. The bill, as it was proposed in 2003 (and again in 2005), sought to privatize the oversight of the bank lending industry. Privitizating the oversight of the lending industry was and remains completely the wrong thing to do.
Isn't it funny when you tell only half the truth it completely changes things? Republicans seem really good at that.
Give people all the facts next time you facist.
And start thinking about why the richest 1% and businesses only gets richer under Republican economics and why the the remainder gets only poorer and looses their jobs.
YOU ARE AN ASSHOLE.
THE MEASURE WAS BLOVKED BY THE DEMS.
THE DEMS CONTROLLED THE SENATE THEN.
DASCHLE WAS MAJORITY LEADER.
AND SINCE 2006 THEY'VE CONTROLLED THE HOUSE.
CSPAN HAS THE VIDEOTAPE OF HOUSE DEMS DEFENDING FANNIE MAE FROM GOP ATTEMPTS AT CONTROL.
BTW: I AM A REGISTERED DEM.
BUT ONE WHO CALLS A SPADE A SPADE.
The bill, as it was proposed in 2003 (and again in 2005), sought to privatize the oversight of the bank lending industry. Privitizating the oversight of the lending industry was and remains completely the wrong thing to do.
THIS IS A FICTION.
AS THE ARTICLE STATES, BUSH WANTED TO CREATE ANOTHER AGENCY TO ACTH FANNIE MAE BECAUSE THE CONGRESS WASN'T DOING IT'S JOB.
btw: I AM A FREEMARKET LIBERTARIAN.
OBAMA IS THE FASCIST.
FASCISM IS A FORM OF SOCIALISM.
THAT'S WHAT HITLER AND MUSSOLINI BELIEVED.
THEY OUGHTTA KNOW.
YOU KNOW JACKSHIT.
just watch this video. it's a little speedy but worth the watch. and no i'm not rickrolling you. http://www.youtube.com/watch?v=1RZVw3no2A4
Please learn history or at least research your facts before posting.
Please stop lying about timelines when those timelines for Senate control are just a Google search away.
Bill Frist was the majority leader not Daschle in 2003.
If Bush did want to create an external agency to oversee Fannie Mae and Freddie Mac, he probably just wanted to create another agency to employ his cronies.
Republicans or Democrats, who cares? They are not much different these days. Both parties are to blame for the current economic crises.
Enough with the fingerpointing. We know that the system is broken. Let's work together towards fixing it.
This work is going to require Repulicans, Democrats and everyone else working together. Not fighting against each other
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