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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (79735)	5/26/2010 6:57:31 AM
From: Sully-	Read Replies (1) \| Respond to of 90947

WSJ: Obama administration says Fannie, Freddie reform ‘too hard’ By: Mark Hemingway Commentary Staff Writer 05/24/10 1:26 PM EDT With the Senate blazing ahead with sweeping financial reform bill, most sensible people are asking why they aren’t touching Fannie Mae and Freddie Mac. Few disagree the two government-sponsored entities’ distortion of mortgage markets played a major role in the current financial crisis and taxpayers can’t be happy about the ongoing bailouts in excess of $100 billion. And yet, Democrats still consider Fannie and Freddie reform off the table, notes this Wall Street Journal article: <<< “The administration has put it on the ‘too hard’ pile,” says David Felt, a former senior lawyer at the companies’ federal regulator who presided over the government takeover of the companies in 2008. Among the reasons for the hands-off approach: Freddie and Fannie are playing a bigger role in the housing market today than before the bust; the Obama administration says it’s reluctant to address the firms’ future until markets are more stable. Together with the Federal Housing Administration, Fannie and Freddie guaranteed 96.5% of all new home loans last quarter. Officials fear hasty action could send a recovery into reverse. Republicans, meanwhile, introduced a measure during the financial-overhaul debate that detailed how to wind down the companies, but the amendment, which was defeated, didn’t specify what would take their place. >>> Color me skeptical that anything positive will come of Congress’ reluctance to act. Read more at the Washington Examiner: washingtonexaminer.com