ROUND 2 PART II, HOUSE -
Congresswoman Maxine Waters gives wink-nod to pimped out $700,000,000,000+ toxic asset bailout bill. She places blame for the worst economic disaster since Great Depression on deregulators. Unfortunate comrade constituents were lured into predatory type exotic loan products. They find themselves unable to pay their mortgages or buy new cars.
It's quite unfortunate that much of the blame is HER's:
"Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding
leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals. What we need to do today is to focus on the regulator, and this must be done in a manner so as not to impede their affordable housing mission, a mission that has seen innovation flourish from desktop underwriting to 100 percent loans. -- Congresswoman Maxine Waters (D-CA) in a September, 2003, hearing of the House Committee on Financial Services."
http://commdocs.house.gov/committees/bank/hba92628.000/hba92628_0f.htm
<< Back to article
