Many conservative critics say the government helped to enable the financial crisis through its efforts to increase home ownership, including the role of Fannie Mae and Freddie Mac in buying mortgage loans to make more money available for lending. The companies are now owned by the government after incurring enormous losses on loans that borrowers could not afford to repay. In spite of this well known fact that Fannie and Freddie „s role in the markets enabled a grand part of the over-extension of credit to home buyers – the government has pledged unlimited support to keep these huge companies above water.
As reported in the NY Times -
Lawrence J. White, a finance professor at New York University, said it made no sense to overhaul financial regulation without addressing the future of federal housing policy. He said he was trying to find the strongest possible words to describe the omission of Fannie Mae and Freddie Mac from the legislation.
“It‟s outrageous,” he finally said.
Republicans have repeatedly criticized the administration for advancing legislation that does not address the companies‟ future. The Obama administration says drafting a new housing policy is on its agenda for next year.
Other critics warn that the proposed legislation would insert the government deeply into the financial markets, creating new distortions and seeding future crises. They say the focus of financial reform should instead be on increased transparency.
Andrew Redleaf and Richard Vigilante, hedge fund managers who started warning investors in 2006 that a housing crisis was inevitable, proposed a minimalist version of reform in their recent book “Panic.” They want to require all financial institutions, including investment banks and hedge funds like their own, to disclose, at least once a week, every position in tradable securities.
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