Ironically, Raines was right. It was Fannie and Freddie's practice of providing risky mortgages to low- and middle-income buyers that fueled the housing bubble and led to this spectacular bust. Policy trumped economics, and now we're all footing the bill. Thanks Frank.
On Tue, Sep 9, 2008 at 10:14 AM, Sam wrote: > But the bill has faced a lot of opposition, mostly from Democrats. > When Raines was still at Fannie Mae (he was forced out in 2004), he > tried, in Sununu's words, "to slow-walk the process. Frank Raines > decided they were stronger and better and smarter than everyone else, > so they would push back." Democrats allied themselves with Raines and > said they worried that reform might harm Fannie Mae's ability to > provide mortgages to low- and middle-income homebuyers. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;203748912;27390454;j Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:268515 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
