Congress is considering legislation that would reform the entire financial system of the United States - except the now government controlled mortgage companies Fannie Mae, Ginnie Mae, and Freddie Mac.The purpose of this legislation is to prevent another financial meltdown. If so, why no new oversight for Fannie and Freddie? This Investors Business Daily editorial explains:The panic of 2008 drove all private-sector investors from the secondary mortgage market. At present, only Fannie, Freddie and Ginnie Mae issue mortgage-backed securities. Thus far in 2010, Fannie has issued $91.5 billion in MBS, Freddie $65.7 billion and Ginnie $23.9 billion."The administration and the majority party never saw or admitted that the GSEs played any role in the cause of the financial crisis," said Rep. Scott Garrett, R-N.J. "If you don't see it as a cause, you don't see a need to fix it."Key Democrats insist that the GSEs are not being overlooked."This is a favorite talking...(Read Full Post)