Witness for yourself a classic example of "killing the messager, ignoring the message." Note the stark differences between the Democratic members on the committee, and the Republican members:
Maxine Waters – " Frankly, We were trying to fix something that was never broke." Mr. Chairman, we do not have a crisis at Freddy Mac, and in particular at Fannie Mae, under the OUTSTANDING LEADERSIP of Mr. Frank Raines."
Gregory Meeks – " as well as the fact that I am just pissed off (nice language at a public hearing) …because if it wasn't for you I do not think we would be here in the first place." "The question that then presence is the competence that your agency has…."
Barney Frank: "I have seen NOTHING in here that suggest the safety and soundness of an issue…and I think it serves us badly to raise safety and soundness as a general civilest….."
You have just witnessed "The Good, The Bad, And The Ugly." You decide who is who.
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To keep up with Wall Street expectations, Fannie Mae held onto more mortgages and mortgage-backed securities for investment purposes. The same practice nearly drove the company into bankruptcy in the early 1980s. Once again it was spared in 2008.
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