In the spirit of not being so harsh we rewrote tonight’s headline five times to tone it down and find a more delicate balance.
I hope everyone appreciated our response to the Presidents SOTU. After careful consideration I decided that this was the best response, I hope it helped people to understand the significance of silence.Silence is possibly the least understood and appreciated things in this noisy world we have created. To truly understand I offer the analogy of a song. Every song has a series of beats but just as important are the spaces of silence between them.Few recognize the importance they play but those who do reap huge rewards.To truly read between the lines, one must understand this concept.
I understand that we have some catching up to do and want to begin by highlighting a few articles from the past week.
One of the most important stories from this week was generated by the following research paper compiled by Manuel Adelino, Antoinette Schoar and Felipe Severino.
The authors smash the myth that mandates designed to ensure equal access to Americas mortgage market caused the financial crisis.
The timing of their paper could not have been planned any better as it came out just as AEIs Peter Wallison destroyed any shred of credibility he had left with the release of his fantastical work of fiction in which he doubled down on his “Big Lie”.
The paper generated two articles:
One on CBS
It is highly encouraging to see such a mainstream news source help change the false narrative. There are several excellent comments, and I encourage our readers to participate in the debate there.
And another on the highly trafficked Market Watch. I must add that Market Watch is owned by Rupert Murdoch.Perhaps Rupert is beginning to see that the numbers don’t lie.
Another key development is found in this article on Housing Wire. A massive increase in risk sharing transaction by the GSEs are making them safe than ever before.
Another key takeaway here is the incredible quality of GSE mortgages: “Of the mortgage loans included in the transactions issued to date, only 22 basis points are currently delinquent.”
This is almost beyond belief.
The reforms that are taking place at both Fannie and Freddie have accomplished more than housing finance reform ever hoped to. Once capital is allowed to be retained, the risk will be completely removed from the shoulders of the taxpayers.
Coming up this week Mel Watt will be going into the lion’s den on the hill. Pay close attention, you will clearly see who our allies and opponents are.
Rep. Ed Royce is on this committee; it would be nice to see Mel or some of our value allies on the committee confront Ed on the outrageous lies he has chosen to spread concerning Fannie and Freddie.
This hearing is definitely one you won’t want to miss as it is sure to reveal quite a bit.
We will soon be reaching out to Rep. Royce and asking him to correct his false statements, if he chooses not to heed our request we will be pointing out to his constituents the obvious credibility problem their leader has. We will also let them know that through the pursuit of his ideological goal to destroy Fannie and Freddie he has forsaken one of the most cherished conservative principals.
Our campaign against Ed will serve as a warning to the rest of our opponents. The next step will be to go after much more nationally known rising stars.
This is just one part of our expanding campaign to both share the truth and hold our opponents accountable to their lies.
We have had a very busy week working to unify our allies and continuing our media/truth campaign. It is incredible the grassroots support we have received spanning all aspects of this debate. I want to thank all of those who have committed to share their valuable resources to help us ensure that the truth is no longer lost in this great debate. We will be reaching out to many of you soon as we finalize organizational plans this week.
I know it has been a long road, and many of you have grown battle worn but I assure you that great progress is being made. Our simple campaign of truth has emerged as a huge threat to our opponents and a valuable asset to our allies. Keep The Faith!