Why I can't stand Barney Frank and Chris Dodd.
I realize politics will be played, but something tells me Pelosi isn't going to be talking about this while blaming republicans.
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Five years ago, Barney Frank vouched for the "soundness" of Fannie Mae and Freddie Mac, and said "I do not see" any "possibility of serious financial losses to the treasury."
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Earlier this year, Senator Christopher Dodd praised Fannie Mae and Freddie Mac for "riding to the rescue" when other financial institutions were cutting back on mortgage loans. He too said that they "need to do more"
to help subprime borrowers get better loans.
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In other words, Congressman Frank and Senator Dodd wanted the government to push financial institutions to lend to people they would not lend to otherwise, because of the risk of default.
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And Frank and Dodd are are leading the effort to fix this? Puke.