"Over the next two years," added Treasury Secretary Hank Paulson at the same time, “we face an unprecedented wave of 1.8 million subprime mortgage resets, raising the potential of a market failure.”
Secretary Paulson publicly pleaded with Congress to increase oversight of Fannie Mae and Freddie Mac, reform the Federal Housing Administration and provide rescue refis to those mystical 250,000 subprime borrowers who are not too poor, but not too rich, who can’t afford their homes, but aren’t yet late on payments.
Congress does such a great job with their own books… let’s put them in charge of cleaning up the worst financial crisis to face the country since Nixon yanked the dollar out of Bretton Woods. Good thinking, Hank.
Secretary Paulson publicly pleaded with Congress to increase oversight of Fannie Mae and Freddie Mac, reform the Federal Housing Administration and provide rescue refis to those mystical 250,000 subprime borrowers who are not too poor, but not too rich, who can’t afford their homes, but aren’t yet late on payments.
Congress does such a great job with their own books… let’s put them in charge of cleaning up the worst financial crisis to face the country since Nixon yanked the dollar out of Bretton Woods. Good thinking, Hank.
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