The Administration's statements and red flags.[/i]April 2001:[/b] The
Administration's FY02 budget declares that the size of Fannie Mae and
Freddie Mac is "a potential problem," because "financial trouble of a
large GSE could cause strong repercussions in financial markets,
affecting Federally insured entities and economic activity."May 2002[/i]: The
President calls for the disclosure and corporate governance principles
contained in his 10-point plan for corporate responsibility to apply to
Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

In 2003, former Treasury Secretary John Snow testified before the House Financial Services Committee a...

The Administration's statements and red flags.[/i]April 2001:[/b] The
Administration's FY02 budget declares that the size of Fannie Mae and
Freddie Mac is "a potential problem," because "financial trouble of a
large GSE could cause strong repercussions in financial markets,
affecting Federally insured entities and economic activity."May 2002[/i]: The
President calls for the disclosure and corporate governance principles
contained in his 10-point plan for corporate responsibility to apply to
Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

In 2003, former Treasury Secretary John Snow testified before the House Financial Services Committee and said this:SNOW:
We need a strong world-class regulatory agency to oversee the
prudential operations of the GSEs and the safety and the soundness of
their financial activities.
August 2007: President Bush emphatically calls on Congress
to pass a reform package for Fannie Mae and Freddie Mac, saying "first
things first when it comes to those two institutions. Congress needs to
get them reformed, get them streamlined, get them focused, and then I
will consider other options." (President George W. Bush, Press
Conference, The White House, 8/9/07)

December 2007: President Bush again warns Congress of the
need to pass legislation reforming GSEs, saying "These institutions
provide liquidity in the mortgage market that benefits millions of
homeowners, and it is vital they operate safely and operate soundly. So
I've called on Congress to pass legislation that strengthens
independent regulation of the GSEs – and ensures they focus on their
important housing mission.

" For years Ive been concerned about the the regulatory structure of F. Mae and F. Mac...the GSE's need to be reformed without delay." Sen John McCain, Senate Floor May 25, 2006.

On the other hand:

"Fannie and Freddie have done a very, very good job"
Charles Schumer, Senate Banking Committee Hearing,

And km, Frannie and Freddy have existed since the 60s and the CR Act since the 70s but they suddenly failed inexplicably. And conservatives were so foresightful on the housing crisis that they watched the loans skyrocket from 2002 to 2006 under their watch and they stopped unregulated banks from getting involved. There is never any greed from the wealthiest 20%, it's those $50000 a year and unders. Damn them.

Whew, no problem. There is no financial systems collapse. If only regulation and oversight had been valued prior to last week. Due to Fannie and Freddie getting great lobbyists like McCains campaign chair, they did get deregulated quite a bit.

As CNN noted, there is virtually no...

And km, Frannie and Freddy have existed since the 60s and the CR Act since the 70s but they suddenly failed inexplicably. And conservatives were so foresightful on the housing crisis that they watched the loans skyrocket from 2002 to 2006 under their watch and they stopped unregulated banks from getting involved. There is never any greed from the wealthiest 20%, it's those $50000 a year and unders. Damn them.

Whew, no problem. There is no financial systems collapse. If only regulation and oversight had been valued prior to last week. Due to Fannie and Freddie getting great lobbyists like McCains campaign chair, they did get deregulated quite a bit.

As CNN noted, there is virtually no connection between Raines and Obama, but the "truth is subjective crowd" keeps trying to sell that.