Democrat Barney Frank, now Chairman of the House Financial Services Committee, reacted by saying "Fannie Mae and Freddie Mac are NOT in a crisis..." completely rejecting Bush administration calls for reform... went on to say that Fannie and Freddie should do even more to get low-income families into homes. "The more people, in my opinion, exaggerate the threat of safety and soundness, the more people conjure up the possibility of more serious financial losses to the treasury, which I do not see, I think we see entities that are fundamentally sound financially, and withstand some of the disaster scenarios, and even if there were a problem, the federal government doesn't bail them out, but the more pressure there is there, then the less, I think we see, in affordable housing." ...Congressional Democrats then killed the 2003 bill put forth by Republicans, intended to head off financial crisis.
Democrat Barney Frank, now Chairman of the House Financial Services Committee, reacted by saying “Fannie Mae and Freddie Mac are NOT in a crisis...” completely rejecting Bush administration calls for reform... went on to say that Fannie and Freddie should do even more to get low-income families into homes. “The more people, in my opinion, exaggerate the threat of safety and soundness, the more people conjure up the possibility of more serious financial losses to the treasury, which I do not see, I think we see entities that are fundamentally sound financially, and withstand some of the disaster scenarios, and even if there were a problem, the federal government doesn’t bail them out, but the more pressure there is there, then the less, I think we see, in affordable housing.” ...Congressional Democrats then killed the 2003 bill put forth by Republicans, intended to head off financial crisis.
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