Speaking at a House Financial Services Committee hearing, Congresswoman Maxine Waters claimed no fix was needed for government sponsored enterprises such as Fannie Mae and Freddie Mac, and praised Franklin Raines (who would later be accused of questionable accounting practices).
||Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals.||”|
The Who & When:
Maxine Waters, September 25, 2003
Wall Street Journal