6 October 2012 0 Comments

Fannie Mae Freddie Mac and The Forgotten Taxpayer Who Bails Them Out – Part 2- Listening to Paul Ryan

On July 27, 2000, a first-term Congressman from Wisconsin signed his name to the Housing Finance Regulatory Improvement Act. The 30-year-old legislator didn’t have much company. Of 435 Members of the House, only 12 were willing to join Paul Ryan in sponsoring this bill to reduce taxpayer risk at Fannie Mae and Freddie Mac.

 

Mr. Ryan continued his sometimes lonely attempts to reform these mortgage giants caused him to suffer their usual political wrath. In 200, he told us that Fannie once called every mortgage holder in his district, making the false claim that he ¬†wanted to raise the cost of their mortgage. ¬†Furthermore, Fannie reps asked the people in their district if they could tell the Congressman to stop on their behalf. He received some 6,000 telegrams. (See “The Fannie Mae Gang,” July 23, 2008) ¬† and Fannie Mayhem, A History (14 July 2008)

READ MORE WSJ 20 August 2012

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