RE: GSEs like Freddie Mac & Fannie Mae: "creditors will continue to underprice the risk-taking of these financial institutions, overfund them, and fail to provide effective market discipline Facing prices that are too low, systemically important firms will take on too much risk. "
My mom had Julia Child and 'The Fannie Farmer Cookbook' on top of the refrigerator, and she had a small repertoire of French dishes.
When I saw Fannie Lou Hamer speech I said, "Well, how did this Democratic Party that Miss Hamer is talking about, become the Democratic Party that now is the party of the African-American community?"
These two entities Fannie Mae and Freddie Mac are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.
We faced a crisis caused by the Federal Reserve, the corporate tax system, Fannie Mae and Freddie Mac, and the Community Reinvestment Act. But the response of many people in Washington was to blame it on capitalism.
I just think of Fannie Lou Hamer, because even though she didn't know my name Ms. Hamer was thinking of me. I just want to do a good job, because I want her to look over that edge of heaven and say, "That's why I did it. That's why. I knew we had the capacity and the talent to be everything America says we can't be. All we needed was an open door. "
We're not going to beat Barack Obama with some guy who has Swiss bank accounts, Cayman Island accounts, owns shares of Goldman Sachs while it forecloses on Florida and is himself a stockholder in Fannie Mae and Freddie Mac while he tries to think the rest of us are too stupid to put the dots together to understand what this is all about. . . . People matter more than Wall Street.
The government-sponsored institution Fannie Mae, when I look at its risks, seems to be sitting on a barrel of dynamite, vulnerable to the slightest hiccup. But not to worry: their large staff of scientists deemed these events "unlikely. "
