...Fannie Mae and Freddy Mac - are not facing any kind of financial crisis...the more people exagerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing. - Barney Frank, D-MA, 2003.
The Investors Business Daily has a story about the principal obstacle to timely reform and oversight of Fanny and Freddy, namely, congressional Democrats who sought to use questionable loaning by the institutions for political patronage. IBD also names the congerscritters who received the largest political contributions from the two failed lending agencies. The top five are:
- Christopher Dodd, D-CT, $133,900
- John Kerry, D-MA, $111,000
- Barack Obama, D-IL, $105,849
- Hillary Clinton, D-NY, $75,550
- Paul Kanjorski, D-PA, 65,500
It's unlikely that you will hear much of the role that either the Clinton Administration nor the Congers had in making Fanny-and-Freddy-stein. No, it will be blamed on BushMcCain.