US Congress has been unwilling to exercise their oversight authority
Really? Just how much are the tax payers paying for this poorly run entity? Does Government run health care have similar risk? Or will Senator Obama and Senator Clinton exercise their heath care oversight authority?
How much are we paying? Good question. A very good question.
Supposedly, we’re paying ‘nothing’ - it is quasi-private enterprise, merely ‘sponsored’ by the government.
But because of the unwillingness of Congress to get down to the bottom of the accounting and financial malfeasance in these GSE’s, who knows?
And with Bush’s bailout plant raising the limit on ‘conforming’ mortgages to sky-high limits (to enable banks to dump Alt-A paper onto Freddie/Fannie) — wooo hooo... we taxpayers could be on the hook for bailing out a few hundred billion of bad Fannie/Freddie paper before all the turds have finished hitting the turbines.
http://www.washingtonpost.com/wp-dyn/articles/A41165-2004Sep22_2.html