IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Fannie, Freddie Critic Ridiculed In 2000

IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Fannie, Freddie Critic Ridiculed In 2000: "It is now consensus that Fannie Mae and Freddie Mac are at the heart of the systemic meltdown we are seeing in the mortgage market. They are costing taxpayers billions through their own bailouts and through the role they played in fueling an artificial mortgage boom. But eight years ago, when I testified before Congress that Fannie Mae and Freddie Mac's 'special privileges create a serious hazard to the market, to taxpayers (and) to the economy,' my criticism of these sacred financial entities was met with ridicule."
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He wasn't alone. Other people said similar things, and there was even legislation introduced that would have increased oversight of the GSEs. Nothing passed because numerous members of Congress rushed to Fannie Mae's defense. Maybe somebody should see who got what campaign contributions from whom. Maybe somebody with subpoena power might want to look into what other benefits certain people might have received.