Monday, September 22, 2008

Pres. Bush warned Congress 17 times about Fannie and Freddie

White House warned 17 times about problems with Fannie and Freddie
September 22, 2008 - 11:07 ET
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

See further warnings in the last 8 years: