Fannie Mae (FNMA)

[955]

“I would say you had two who worked pretty well for about 70 years until they started to stray from their mission and the regulator allowed them to,” said Jack E. Hopkins, on behalf of the Independent Community Bankers of America (ICBA). “We now have a strong regulator in place, is it really necessary to duplicate the cost ?”

Rewording as follows would be more accurate:

I would say you had two who worked pretty well for about 70 years until they started to stray from their mission as mandated by quotas of HUD their regulator under the guise of Pelosi-Frank "Affordable Housing Goals".

Strongly suspect Mr. Hopkins was coached by someone in Gov. to word as he did.

"We now have a strong regulator in place..." In other words, the previous regulator, HUD, was blatantly fraudulent in carrying out it's basic fundamental duty to taxpayers of safeguarding the housing finance system. If we had a strong judicial system that followed rule-of-law, this would be a cake-walk win in court for shareholders. Gov still playing game of cover-up in Grand Theft Treasury, the largest heist in the history of the world.