Fannie Mae, that is, along with her brother Freddie Mack. I’m of course referring to the two “government-sponsored enterprises” that played a major role in creating the housing bubble that caused the financial meltdown that caused the recession. Since the housing crash, the government has basically given these two evil twins unlimited amounts of money to stay afloat.
Everyone was freaking out about big financial institutions like JP Morgan Chase taking bailout money, but when these GSEs got an unlimited bailout, there was no outrage. Why, you ask? Because the morons in the media did nothing to inform the public about the bailouts to Fannie and Freddie. These institutions did more to bring down the economy than any private firm, yet all the anger is directed toward the fat cats on Wall Street. Yet Wall Street firms repayed the taxpayers WITH INTEREST, yet we will never see a cent from Fannie and Freddie.
Meanwhile, Barney Frank, a useless idiot, exempted Fannie and Freddie from his financial regulations. Probably because he kept saying that they were solvent all the way up until the crash, when they practically collapsed. Barney Frank is a looter, who steals the people’s money through taxation and spends it on his friends at Fannie and Freddie.
Republicans, now in control of the House, want to challenge Fannie and Freddie. The Daily Caller has the details:
Republican lawmakers on Capitol Hill are planning to hold a hearing on February 9 to begin tackling reform of government sponsored enterprises (GSE) like mortgage giants Fannie Mae and Freddie Mac. The hearing will be the first in a long series of investigations by Republicans to fix what is viewed as one of the main causes of the 2008 financial crisis.
The first hearing will be held by the Financial Services subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. The focus of the hearing and the ones that follow it will be stopping taxpayer losses on housing in the short term, preventing future bailouts and removing government from the housing markets all together.
Republican Rep. Spencer Bachus of Alabama, chairman of the Financial Services Committee, said in a statement announcing the hearings, “The Committee will be busy this year addressing the issues of concern to Americans: jobs, economic activity, Fannie and Freddie reform, and implementation of Dodd-Frank.”
“We will work to ensure that taxpayers are protected,” he added.
Reform of Fannie Mae and Freddie Mac is shaping up to be a primary area of concern for the GOP as Republican lawmakers figure out how to address the two financial institutions that were left out of the Dodd-Frank Financial Reform and Consumer Protection Act that was passed last summer.
But Republicans are eying the financial overhaul bill as well.
Thank God the Republicans have oversight power now, so they can clean up the mess caused by Barney and friends.