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December 30, 2010
Graph for the Day for December 30, 2010
"These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." Rep. Barney Frank (D-MA), 2003.
"We have, I think, an excessive degree of concern right now about home ownership and its role in the economy." Barney Frank, 2005.
"The Office of Federal Housing Enterprise Oversight sued the former executives in 2006, seeking to recoup more than $115 million of compensation the agency said they received while Fannie Mae's earnings were misstated... OFHEO Director James B. Lockhart III said the former executives ‘improperly manipulated earnings to maximize their bonuses . . . misleading the regulator and the public.'" Source: The Washington Post, 2008.
"The enactment of the Housing and Economic Recovery Act of 2008 established the Federal Housing Finance Agency and gave it authority to place Fannie Mae and Freddie Mac in conservatorship - a step it took in September 2008." Source: CBO, Dec. 2010.
"I am used to having my views severely distorted by the Wall Street Journal Editorial Board..." Barney Frank, 2008.
Source: CBO, Dec. 2010.
Hoven's Index for December 30, 2010
Fraction of outstanding mortgages owned or guaranteed by Fannie Mae and Freddie Mac in 2009: 50%
Fraction of new mortgages financed by the GSEs in 2009: 75%
Fraction of new mortgages in 2009 guaranteed by the federal government: 90%
Cost of federal subsidies to the GSEs through 2009: $291 billion
Sources: CBO, Dec. 2010.
Graph of the Day Archive.