posted
Aug 22, 2010 by News Gatherer
Designed to introduce the flow-ready market, Fannie and Freddie buy mortgages from sellers, a package with other investments, and sell them – ultimately increasing the mega-profits for their executives and shareholders. He did not give home loans, collecting the financial community was that Uncle Sam would never allow Fannie and Freddie go under, a perception that proved sadly accurate.
In 2003, when the Bush administration began pushing for reform uncomfortable, Congress hesitated. Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee, told the New York Times. "The more people exaggerate these problems, the pressure is on these companies, the less we will see affordable housing .." These two entities – Fannie Mae and Freddie Mac – are not facing any financial crisis, "Rep.
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