"If effective regulatory reform legislation ... is not enacted this year, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole," the senators wrote in a letter that proved prescient. Full Story »
Posted by Chris Finnie
A well documented and damning investigative report. Showcases the impotence and unwillingness of Democrats and Republicans to thwart attempts by Freddie Mac and Fannie Mae to kill legislation that would have regulated them and potentially staved off their collapse this fall. Anonymous sources -- the expected bane of any story like this -- are abundant and barely attributed, but the AP appears to have gone to great lengths to confirm and elaborate on the information they provided. Research is thorough, especially in tracing the fate of Chuck Hagel's bill to regulate Fannie Mae and Freddie Mac. Very revealing. I'm amazed that only one reporter is tagged in this story.
