Aug 22, 2008

Barney Frank on the package to rescue Fannie Mae and Freddie Mac

Of the problems that were created by the reckless deregulation that led to the subprime crisis and the neglect of affordable housing that has marked Republican rule in Congress, this package of measures is the best response we could make. It cannot solve all of these deep rooted problems immediately but the bill does represent a mutually reinforcing set of approaches that will begin to diminish the problem. This will begin to lay the groundwork for a turnaround in the housing market and hopefully in the broader economy as well.

~ Barney Frank (D-MA), House Financial Services Committee Chairman, House Committee on Ways and Means press release, July 30, 2008

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