Posts Tagged ‘shays calls for hearings’

h1

Lehman Congressional Hearing Today – What About Fannie & Freddie?

October 6, 2008

TBV Readers,

Remeber when Nancy Pelosi ordered a “wide Wall Street probe” a few weeks ago?http://www.politico.com/news/stories/0908/13514.html)

Well, Lehman was front and center today on Capitol Hill: http://ap.google.com/article/ALeqM5ioHc80xKMiATnqCpK0cDKJzk_nPQD93L05D04

So, why not have a hearing for Freddie Mac and Fannie Mae? If the Dems want to do their dog and pony show, maybe they should invite all the dogs that are responsible. Today, Rep. Shays called for hearings on Freddie and Fannie. Don’t hold your breath.

-AP

Shays Calls For Hearings On Fannie And Freddie
By Daniel W. Reilly

(The Politico) Republican Rep. Chris Shays called for hearings on the role of mortgage giants Fannie Mae and Freddie Mac in the financial crisis Monday, accusing the two mortgage companies of “wretched manipulation” of Congress.

“We are not confronting the 800 pound gorilla in room…the role of Fannie and Freddie in this debacle,” said Shays at a congressional hearing on the financial crisis.

Shays wondered why Democrats will target Wall Street firms during their planned set of hearings, but not Fannie and Freddie, who he said offered the type of subprime loans that helped trigger the crisis.

“Congress stood idly by as Fannie and Freddie played with trillions of dollars under a different set of rules,” Shays said.

House Oversight and Government Reform Committee Chairman Henry Waxman said his staff is already reviewing documents provided by Fannie and Freddie and may hold hearings on the topic in the future.