Maxine Waters The Ranking Democratic Member of the House Financial Services made some very telling remarks at today’s Financial Services Committee Hearing entitled, “Assessing the Impact of the Dodd-Frank Act Four Years Later.”
We have received another piece of the puzzle today within congresswoman Maxine Waters carefully worded statement.
“They incorrectly blame the financial crisis on government efforts to house the poor and disadvantaged – despite the fact that private mortgage securitizations built on predatory mortgage loans started the crisis, exotic over-the-counter derivatives exacerbated it, and poor corporate governance and risk management allowed it to flourish.”
Here she is making it clear that Fannie and Freddie did not cause the financial crisis, after all the demonizing this is a refreshing change.
“And though they are the loudest critics, Republicans have never offered an alternative. No alternative to protect consumers. No way to wind-down large, complex banks. And no capacity to pass reforms of Fannie Mae and Freddie Mac.”
Unlike her GSE reform bill where she called for the elimination of Fannie and Freddie we now see a complete one eighty, here she clearly states that Fannie and Freddie needs to be reformed.
I suggest readers review my posts pertaining to the coup that is taking place,you will see the puzzle much clearer. As I said before I am trying to walk a fine line to keep everyone informed while not blowing our chances of getting released. There is a process going on that needs to be allowed to play out. The narrative is continuing to shift. The stage is being set.
I just noticed an excellent comment by “aawnc” in the comments section of this post I want to share- “I like what you have to say but your link is a five minute question. What if I agree with some of the things he questions but not all? What if? What if the court works in our favor and the system works? What if people quit acting like investors and grabbing 10% gains and started caring and owning FNMA? What if we all started a chain mail like the one done to Mel Watts? What if every person who owns FNMA stock knew they own it? What if we remind the Senate they work for us and they should remember that when they write legislation about our company. Common owns FNMA. What if we acted like it?” Bravo!
keep the faith!