Fannie and Freddie Praised By Barney Frank(Democrat-Fannie Mae) Just a Year Ago

If you've been reading this blog you know we've been constant critics of Fannie Mae and Freddie Mac with their bogus balance sheets that no one else in corporate America could get away with.So,to gloat in honor of their implosion we will quote a blog entry from last year at this time from a Congressman on Fannie Mae's "pad".Here's Congressman Barney Frank(Democrat-Fannie Mae) being quoted in a Business Week article:

Fannie Mae (FNM ) and Freddie Mac (FRE ) have been cast as saviors in the housing drama that's roiling the financial markets. After they stepped in to snap up billions of dollars in subprime loans earlier this year, some politicos declared the duo a point of strength: "Freddie and Fannie aren't the problem. [They] are the good part," Representative Barney Frank (D-Mass.) said in a recent hearing.

Remember that quote.The "good part".Those campaign contributions sure paid off for Fannie Mae.You didn't see Congressman Frank call for hearings last summer on their bogus accounting numbers or Fannie Mae's promotions of mortgages with 4% down.Congress should look in the mirror, they are partners in this fraud.