Bankruptcy

Bernake on the Health of Freddie and Fannie

By J. Michael McBride

One more interesting thing about the government’s takeover of Freddie and Fannie is that it flys in the face of the “happy talk “ which has been coming out of Washinton. Here is a quote from an article from July 16 of this year:

“Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing.""

The Fed chief made his remarks as he appeared before the House Financial Services Committee, in his second day on Capitol Hill to brief lawmakers on the problems plaguing the economy. He appears amid a backdrop of fading confidence in the U.S. financial system and in the national economy.

Here is a link for that quote:
http://www.breitbart.com/article.php?id=D91V10J00&show_article=1

Michael

Full post as published by Texas Lawyer Blog on September 09, 2008 (boomark / email).