I Must Have Fogotten To Mention Bwaney...

clipped from www.powerlineblog.com disclosures about the role played by Fannie Mae and Freddy Mac in last year's financial crisis: On Christmas Eve, when most Americans' minds were on other things, the Treasury Department announced that it was removing the $400 billion cap from what the administration believes will be necessary to keep Fannie Mae and Freddie Mac solvent. This action confirms that the decade-long congressional failure to more closely regulate these two government-sponsored enterprises (GSEs) will rank for U.S. taxpayers as one of the worst policy disasters in our history. ... The GSEs had begun buying risky loans in 1993 to meet the "affordable housing" requirements established under congressional direction by the Department of Housing and Urban Development (HUD). Most of the damage was done from 2005 through 2007, when Fannie and Freddie were binging on risky mortgages. Back then, [Congressman Barney] Frank was the bartender, denying that there was any cause for concern