Mortgage News

In a new twist on political gamesmanship, Congressman Henry A. Waxman, D-CA, chairman of the House Oversight and Government Reform Committee is quoted in a Washington Post article today suggesting that the White House might have played a role in the recent decline in share prices of Fannie Mae and Freddie Mac. It quotes a letter from Waxman to Freddie Mac Chief Executive Richard F. Syron,  demanding documents "relating to any actual or rumored disclosure or communication by a White House official to investors, the media, or board members of a plan to nationalize, place in conservatorship, or assume control of Freddie Mac."

Now, I'm no fan of GW Bush, but this politicking smacks of...well...politicking. Waxman is clearly trying to tie a nationalization agenda to the Bush administration, implying that's something the Democrats would never do. Hogwash.

I'd like to see Waxman do some government oversight of the Federal Reserve board instead. Then, maybe he'd finally figure out that it was the Fed which put the whole unfounded housing boom of the late 1990s and early 21st century into high gear.

I'd also like to see all of Congress, the Senate, and the President resign with admissions of gross incompetence and criminal violation of their Constitutional oaths over the past few years, but I don't expect that to happen either.