Yikes...are those Obama sites that you linked to.
That’s because 0bama took all that money from Fannie Mae. He knew it was going to collapse just like Bush knew it was going to collapse, but 0bama wanted to milk it as long as he could.
The letter is asking the government to figure out ways to stop foreclosures, not to fix the underlying problems of Fannie and Freddie.
Thank you very much for those links.
OK - after reading the letter I see Barak was aware - like the rest of americans - that many people were going through foreclosure because interest rates were rising on their sub-primes.
I’m sure this was not news to Paulsen or Bernanke - or to anyone else.
I thought this quote from the speech you posted was most pertinent...
“There are a number of lessons that we must learn from this going forward. We know that much of this could have been avoided if the market operated with more honesty and accountability. We also know we would have been far better off if there were greater transparency and more information had been available to the American people.
To that extent, I believe there are a few steps we should take to prevent future crises of this kind and restore some measure of public trust in the market: First, we need more disclosure and accountability in the housing market. To ensure that potential homeowners aren’t tricked into purchasing loans they can’t afford, I’ve proposed updating the current mortgage rules to establish a federal definition of mortgage fraud and enact tough penalties against lenders who knowingly act in bad faith. I’ve also proposed a Home Score system that would create a simplified, standardized metric for home mortgages, sort of like the APR. This would empower Americans to make smart decisions by allowing prospective buyers to easily compare various mortgage products so they can find out whether they can afford the payments. And I believe we should finally enact the meaningful mortgage disclosure laws that the mortgage industry has been lobbying against for far too long.”
Nothing about Fannie and Freddie I see.