I couldn’t have written the script any better, of all sources Ruth Mantell from the WSJ provided the perfect follow-up to last night’s post.Rep.Maxine Waters certainly did not give Ruth the answers she was hoping for but staying true to form Ruth did not let the facts get in the way of a headline.She was obviously referencing congressional housing finance reform when she mentioned that we are a long way off. The headline clearly referred to Maxine’s observation that housing finance reform in Congress is a long ways off. How Ruth considered that to be the hardline from this interview reflects the extreme anti-GSE bias at the Journal.
Once again I am going to ask our readers to start tonight’s song before they read further. I believe I have found the perfect song that captures the spirit of tonight’s post and am dedicating it to none other than Rep. Waters herself for boldly and bravely sharing the truth.

Rep. Maxine Waters Nails It
Right on cue Ruth’s obvious, devious intentions blew up in her face as Rep. Maxine Waters shared this gem:
“Of course, Fannie and Freddie look pretty good. Not only have they been performing well, but they have paid back all of the money to the Treasury and they continue to earn money. So that makes them look very, very good.”
As ranking Democrat on the House Financial Services Committee Rep. Waters wields a tremendous amount of power in this debate. She understands what is truly at stake; she is truly a great ally of the Truth.

She also lays out two future possibilities for the GSEs:
“The discussion continues about Fannie and Freddie. There are those who say let’s keep the status quo. And, of course, there are those who say that there have to be some reforms in Fannie and Freddie.”
Option one: Keep Fannie and Freddie Option two: Keep Fannie and Freddie, well played Maxine, well played.

Not knowing when to quit Ruth asked:
MarketWatch: So you are not ruling out, for instance, keeping Fannie and Freddie in something close to their current form?
Waters: Personally, I don’t rule out anything.

I would suggest that our readers contrast what Rep. Waters stated with what we hear from Rep. Ed Royce. This comparison shows who is dedicated to the truth and who is drowning in their own lies.

Black Rock Presentation 2008 (All Points Bulletin)
In other news, I have been in touch with Andrew Park ABS/MBS Analyst and Reporter at Thomson Reuters IFR. Andrew like many of us has been searching for the 2008 Black Rock analysis that Hank Paulson mentions in his book.We have been told by a very high ranking/reliable source that this document could be very valuable to our cause. If anyone knows of this document, we would love to hear from you. If you would feel more comfortable Andrew has agreed to act as an intermediary and will guarantee your anonymity. Andrew has also filed an FOIA request with Treasury:
UST FOIA Request – Blackrock Report
He anticipates a legal battle will ensue going that route so we would all greatly appreciate any help you can provide to expedite this. Andrew can be reached at andrew.park@thomsonreuters.com>

Keep the Faith!