Quote Originally Posted by maladroit

McCain said. ??I said two years ago that the Fannie and Freddie thing was a very serious problem and we had to work on it. And I have always opposed greed of Wall Street and I know how we can fix this.?

McCain echoed his remarks later in the day during a speech in Tampa, saying, ??Two years ago, I warned the administration and the Congress that Fannie Mae and Freddie Mac needed to be fixed. It turns out, the problem was even bigger. They waited too long, and now we have a housing crisis, three bailouts with taxpayers?? money, and a financial crisis.?
Hold up...:smokebong:

Fan and Fred failed due to unethical, and unprofessional lending practices that really have very little to do with them. One could say they fed the housing bubble, but they were doing business like they always did, only in much higher volume. Could a better practice of risk management been implemented? Possibly, but that is not the underwriter's job to evaluate potential homeowners, that is the issuing banks department. Underwriters evaluate writers (lending banks), when things got bad i guarantee money began to flow at a slower rate. The Federal Reserve then lowered interest rates in an attempt to push lending, which was a horrible idea.

The truth of the matter is, Fan and Fred should not have been allowed to grow to a "to big to fail" size. Whatever happened to antitrust laws? Whatever happened to competition? You are now expected to believe Washington has your back, when the one thing they could have done to prove it gets mulled down due to political pandering....