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ward311 · 01-16-2013, 10:24 AM

You are wrong.

It would have been 4% of the contributions into a choice of many different kinds of mutual funds.

If Congressional Democrats has listened to Bush about Fannie and Freddie, what would NOT have happened.

September 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

Barny Frank 2003 in response to Bush's plan.

Barney Frank: "''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing

Or McCain in 2006 ?

"In 2006," the Post editorialized, McCain "pushed for stronger regulation of Fannie Mae and Freddie Mac - while Mr. Obama was notably silent. 'If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole,' McCain warned at the time."

http://query.nytimes.com/gst/fullpage.ht...nted=print