"Dave" wrote in message
news
On Wed, 8 Oct 2008 14:07:36 -0700, "Capt. JG"
said:

Anybody know who
the biggest recipients of Fan and Fred's largesse were? Hint: number two
chose a former President of one of the organizations to run his vice
presidential selection.


Last I checked, it's the Congress' responsibility. Are you planning on
answering the question or are you going to try an evade it as usual?

Dead wrong, Jon. I guess you didn't quite know where to check.

While Congress could impose upper limits on the leverage the GSEs were
allowed to use, the responsibility in the first instance to set prudent
limits rests on those organizations' management, subject to oversight by
their boards of directors, and to any rules established by OFHEO. IOW, it
fell right on the shoulder of Mr. Johnson, the guy Obama put in charge of
choosing his VP nominee until he was forced out.

Your response reflects a common error on the pro-guvmint side--the notion
that anything the rules allow is ok, and rules should be pushed to the
limit
regardless of whether it's prudent to do so. Then when the **** hits the
fan
the cry is that if was the regulators' fault because they allowed the
reckless behavior. That's certainly the Barney Frank approach.

Here's the story as related by somebody on your side of the fence.

http://affordablehousinginstitute.or...egulation.html


Bzzzzt:

"The U.S. Department of Housing and Urban Development (HUD) carries the
oversight responsibilities for the housing mission of the GSEs. Effective
January 1, 2005, HUD established new and increasing affordable housing goal
levels for the GSEs for the years 2005 through 2008. These goals require
that a certain percentage of the mortgages purchased by Fannie Mae and
Freddie Mac support financing for housing low - and moderate - income
families."

2005 - Republicans controlled the WH and the Congress.


--
"j" ganz @@
www.sailnow.com