What They Said About Fan and Fred - WSJ.com: "House Financial Services Committee hearing, Sept. 10, 2003:

Rep. Barney Frank (D., Mass.): 'I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. . .'

Sen. Charles Schumer (D., N.Y.): 'And my worry is that we're using the recent safety and soundness concerns, particularly with Freddie, and with a poor regulator, as a straw man to curtail Fannie and Freddie's mission. And I don't think there is any doubt that there are some in the administration who don't believe in Fannie and Freddie altogether, say let the private sector do it. That would be sort of an ideological position.'."
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There is more, and from a number of Democrats who are now blaming the whole thing on the Republicans. It wasn't all the Democrats fault, either, but it does take a certain chutzpah for Barney Frank to say the things he has said in the last week, after saying what he did five years ago. He was warned, and so were others, and they not only ignored the warnings, they criticized the people who delivered the news.