Obama Administration drops the ball on Fannie, Freddy reform
Most efficient administration evah:
The Obama administration failed to release a report today on how Freddie Mac and Fannie Mae could be reformed, despite being required to do so by the Dodd-Frank law passed last summer.
Rep. Jeb Hensarling (R., Texas), who chairs the House Republican Conference, said in a statement that the White House’s failure to meet the deadline made it “crystal clear that the President is not serious about reforming Fannie Mae and Freddie Mac.”
“The Obama Administration’s repeated inability to propose a plan to reform Fannie Mae and Freddie Mac calls into question their commitment to taxpayer protection and their ability to effectively govern on this issue,” Hensarling added. “After more than $150 billion in Fannie and Freddie bailouts, we can no longer afford to allow the Administration to kick the can down the road.”
Kicking the can down the road is being kind. One of the most egregious storylines of the whole financial crisis, was the implicit corruption of the GSEs. Remember Franklin Raines? The accounting scandals? The royal screwing they gave to US taxpayers?
Yeah? Well, the administration would rather we didn’t.