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  • Freddie Mac

    Ethics, Shmethics

    Speaker Nancy Pelosi’s (D-CA) first act when taking over control of the House was to pass a bill that the Washington Post called “the broadest ethics and lobbying revision since the Watergate era.” Since then, it has become well documented that the government sponsored entities Fannie Mae and Freddie Mac, … More

    Take Those CBO Numbers with a Grain of Salt

    There is tons of terrible stuff in the housing package currently working through Congress. But the Congressional Budget Office (CBO) scoring of the bill should be taken with a grain of salt. Remember: The $25 billion estimate is a best guess based on inadequate data and covering a period of … More

    Morning Bell: Hey Hey, Ho Ho, the Housing Slush Fund Has Got to Go!

    Anticipating legislative action on a bailout for Fannie Mae and Freddie Mac in the House tomorrow, the White House reaffirmed a veto threat Monday if the proposed package includes a money for state and local governments to buy real estate. Speaker Nancy Pelosi responded, “Let me get this straight. The … More

    Thanks to Fannie and Freddie, Housing Bailout Debate Trending Our Way

    The Washington Post makes a great case today for separating the left’s long sought housing bailout bill with the more pressing debate over long term reform for Fannie Mae and Freddie Mac They write today: Democratic leaders in Congress plan to attach the Fannie-Freddie rescue to housing legislation already passed … More

    Morning Bell: Seize This Opportunity

    Freddie Mac and Fannie Mae own or guarantee a combined $5 trillion worth of mortgages. To put the size of that liability into perspective, remember that total U.S. federal debt is $9.5 trillion and total U.S. gross domestic product is $14 trillion. They are simply too big to fail. The … More

    Fannie and Freddie Fiasco Not A Surprise

    In retrospect, allowing two government sponsored entities to leverage their government granted advantages into a massive duopoly that could destroy the entire American housing market, probably wasn’t such a good idea. If only someone had warned Congress about the problem. Oh wait, someone did. Heritage scholar Ron Utt wrote in … More

    This Relationship Ought to Be So Over

    Heritage scholar David John makes the case for splintering Freddie Mac and Fannie Mae in light of their recent financial troubles. From the New York Post: WITH the Treasury and Federal Reserve in effect promising to keep Fannie Mae and Freddie Mac afloat, the mortgage giants’ crisis seems to be … More

    Paul Krugman Is Half Right

    Following up on his apologia for Freddie Mac and Fannie Mae today, Paul Krugman blogs: What you need to know here is that the right — the WSJ editorial page, Heritage, etc. — hates, hates, hates Fannie and Freddie. Why? Because they don’t want quasi-public entities competing with Angelo Mozilo. … More

    Who Does Paul Krugman Think He's Fooling?

    Commenting on the Fannie Mae and Freddie Mac mess, Paul Krugman asserts in his column today: Fannie and Freddie had nothing to do with the explosion of high-risk lending a few years ago, an explosion that dwarfed the S.& L. fiasco. In fact, Fannie and Freddie, after growing rapidly in … More

    Morning Bell: The Left's Crony Capitalism Exposed

    In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company … More