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<blockquote data-quote="Lue C Fur" data-source="post: 732098" data-attributes="member: 25159">Re: Obamanation here today&nbsp;And then suddenly, a lapse of honesty broke out on the floor of the Senate.&nbsp; Durbin replied: &quot;I will concede that this, what you pointed to as a fundamental flaw, a mistake that was made, there was a presumption made, that owning a home was such a valuable American ideal… but, we went too far, we extended the opportunity for home ownership to people who weren&#039;t ready.&nbsp; And we believed that if you pushed them to the limit of how much they could pay, that the home would appreciate in value, their incomes would go up and everything would work out.&nbsp; And it turned out that gamble was wrong… on some people.&nbsp; And certainly, Fannie Mae and Freddie Mac as the ultimate guarantors of mortgages were part of that.&nbsp; So, there is a governmental&nbsp; element here, I don&#039;t question that for a moment.&nbsp; So, certainly some blame lies there…&quot;&nbsp;Durbin continued, &quot;I will concede to the gentleman from Georgia his premise.&nbsp; Do we need to reform Fannie Mae and Freddie Mac? Yes we do.&nbsp; And if we don&#039;t we&#039;re going to pay dearly for it.&nbsp; I don&#039;t know that we can accomplish it in this bill, accomplish it at this moment, but it literally has to be done… [T]o argue that it doesn&#039;t include Fannie Mae and Freddie Mac and therefore we can&#039;t support it, I think that perhaps we just have a different point of view… [But] I think you&#039;re right in what you said.&quot; &nbsp;Durbin even repeated himself, &quot;I&#039;m with you in terms of the reformation [of Fannie Mae and Freddie Mac], I just don&#039;t believe it is reasonable to require this bill to do everything that needs to be done.&quot;&nbsp;Isakson thanked Durbin, and then Senator Chris Dodd jumped in.&nbsp; He too was apparently feeling rather honest yesterday: &quot;I acknowledge that we in Congress have failed at this responsibility actually going back to 2003… there were various attempts… and we didn&#039;t get the job done.&quot; Because he blocked them.&nbsp; He left that part out.&nbsp; &nbsp;Dodd continued, &quot;We in Congress collectively did not get job done with Fannie and Freddie… I acknowledge that.&quot;&nbsp; Dodd objected to eliminating Fannie and Freddie without replacing it with another &quot;housing finance system,&quot; presumably some other type of government-sponsored entity, although he claimed to be ignorant of knowing what the best option of replacing them were.&nbsp; &nbsp;&nbsp;<a href="http://click.bsftransmit2.com/ClickThru.aspx?pubids=6812%7c13286%7c278702&amp;digest=iWfggsZT%2fbEPJvfNFoFnbQ" target="_blank">http://blog.getliberty.org/default.asp?Display=2300</a><a href="http://click.bsftransmit2.com/ClickThru.aspx?pubids=6812%7c13286%7c278702&amp;digest=iWfggsZT%2fbEPJvfNFoFnbQ" target="_blank"></a></blockquote>

[QUOTE="Lue C Fur, post: 732098, member: 25159"] [b]Re: Obamanation here today[/b] [FONT=Arial][FONT=Arial] [/FONT][/FONT] [FONT=Arial][COLOR=red][FONT=Arial]And then suddenly, a lapse of honesty broke out on the floor of the Senate. Durbin replied: "I will concede that this, what you pointed to as a fundamental flaw, a mistake that was made, there was a presumption made, that owning a home was such a valuable American ideal… but, we went too far, we extended the opportunity for home ownership to people who weren't ready. And we believed that if you pushed them to the limit of how much they could pay, that the home would appreciate in value, their incomes would go up and everything would work out. And it turned out that gamble was wrong… on some people. And certainly, Fannie Mae and Freddie Mac as the ultimate guarantors of mortgages were part of that. So, there is a governmental element here, I don't question that for a moment. So, certainly some blame lies there…"[/FONT][/COLOR][/FONT] [FONT=Arial][COLOR=red][FONT=Arial] [/FONT][/COLOR][/FONT] [FONT=Arial][COLOR=red][FONT=Arial]Durbin continued, "I will concede to the gentleman from Georgia his premise. Do we need to reform Fannie Mae and Freddie Mac? Yes we do. And if we don't we're going to pay dearly for it. I don't know that we can accomplish it in this bill, accomplish it at this moment, but it literally has to be done… [T]o argue that it doesn't include Fannie Mae and Freddie Mac and therefore we can't support it, I think that perhaps we just have a different point of view… [But] I think you're right in what you said." [/FONT][/COLOR][/FONT] [FONT=Arial][COLOR=red][FONT=Arial] [/FONT][/COLOR][/FONT] [FONT=Arial][COLOR=red][FONT=Arial]Durbin even repeated himself, "I'm with you in terms of the reformation [of Fannie Mae and Freddie Mac], I just don't believe it is reasonable to require this bill to do everything that needs to be done."[/FONT][/COLOR][/FONT] [FONT=Arial][FONT=Arial] [/FONT][/FONT] [FONT=Arial][FONT=Arial][COLOR=red]Isakson thanked Durbin, and[/COLOR][COLOR=red] then Senator Chris Dodd jumped in. He too was apparently feeling rather honest yesterday: "I acknowledge that we in Congress have failed at this responsibility actually going back to 2003… there were various attempts… and we didn't get the job done." Because he blocked them. He left that part out. [/COLOR][/FONT][/FONT] [FONT=Arial][COLOR=red][FONT=Arial] [/FONT][/COLOR][/FONT] [FONT=Arial][FONT=Arial][COLOR=red]Dodd continued, "We in Congress collectively did not get job done with Fannie and Freddie… I acknowledge that." Dodd objected to eliminating Fannie and Freddie without replacing it with another "housing finance system," presumably some other type of government-sponsored entity, although he claimed to be ignorant of knowing what the best option of replacing them were. [/COLOR][/FONT][/FONT] [FONT=Arial][FONT=Arial] [/FONT][/FONT] [FONT=Arial][FONT=Arial] [/FONT][/FONT] [FONT=Arial][FONT=Arial][URL="http://click.bsftransmit2.com/ClickThru.aspx?pubids=6812%7c13286%7c278702&digest=iWfggsZT%2fbEPJvfNFoFnbQ"]http://blog.getliberty.org/default.asp?Display=2300 [/URL][/FONT][/FONT] [/QUOTE]

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