Johnjr_esq > Good research on your part... > Thanks to people like Barney Frank, Fannie and Freddy had their hands in 50% of the U.S. home mortages - they came very close to bringing down the whole international banking system.
The Bush administration warned congress about Fanny and Freddie many times, but Barney Frank and Maxine Waters lied about it for years. So far, taxpayers have had to bail out Freddie and Fannie to the tune of about $154 billion! "In fact, the highly leveraged giants were swollen with subprime loans, which began defaulting when the housing bubble burst in 2007. By 2008, the federal government had to step in. Technically private, the companies had long benefited from an implicit government guarantee. The housing crisis made that explicit..." http://news.investors.com/Article.aspx?id=592982&p=2
