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.
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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