D W asked:


Taking On Fannie And Freddie Without stronger regulation, argues Rep. Richard Baker, the mortgage giants present a huge market risk

By Ron Insana; Richard Baker
September 1, 2003
(MONEY Magazine) – Rep. Richard Baker is a driven man. The mission of this firebrand Louisiana Republican: to ensure that Fannie Mae and Freddie Mac, two of the world’s largest financial institutions, aren’t on a collision course with disaster. Baker, a minister’s son and amateur astronomer, goes so far as to compare the potential havoc that, in his view, inadequate oversight of the two mortgage titans could wreak on financial markets and taxpayers to the fallout from an asteroid hitting the earth.

Baker, chairman of the House subcommittee that oversees the two congressionally chartered “government-sponsored enterprises” (GSEs), has for years been voicing concerns about Freddie, formally known as the Federal Home Loan Mortgage Corporation, and Fannie, the Federal National Mortgage Association. A recent internal investigation of accounting at Freddie Mac proved his concerns about the $34 billion (market capitalization) company to be well founded, with allegations of lax internal controls and questionable accounting maneuvers.
Nothing ****** about common sense and crooks!
Man from ACORN: Are you saying that blacks aren’t affected and don’t invest in WallStreet? The black politicians who fought tooth and nail to defend the corruption are far from poor. The black homeowners who lost their homes got hurt too. In other words everyone got hurt and this is a major contributing factor to the current economical situation we are in.
Maldavi: Nothing racial at all about it until you decided to add the ‘Nothing racist’ comment.
Hmm… wonder why you felt compelled to do that?
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I was responding to a poster! Is that still legal under Obama rule?
ty claudiac, I think Baker was on the money!

Boston Real Estate