Critics Assail Congress for Using Subpoena Powers and Strong-Arm Tactics

Fox News reports:

On Oct. 23 last year, William Frey, the president of a company that puts together mortgage-backed securities, told the New York Times that he had been contacting banks and threatening to sue them if they renegotiated mortgages for homeowners facing foreclosure.

Providing better terms for homeowners, Frey explained, would mean reducing the value of the mortgage-backed securities held by investors like himself.

"Any investor in mortgage-backed securities has the right to insist that their contract be enforced," Frey, president of Greenwich Financial Services, told the Times.

Before the day was out, Frey received a letter from six members of the House Financial Services Committee who said they were "outraged" by what he'd said.

You'll want to read this one.