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Oct 26, 2008

GMIP Regulation of Fannie and Freddie

Great Moments in Politics
(Fictional, but seems right to me.)

Jim: We're pressuring the banks to make more housing loans.

Bob: Right. Are they printing "Brought to you by Democrats" at the bottom of the loan documents?

Jim: They say there are programming glitches.
We're working on it.

Bob: Still, they aren't making enough loans to our voters.

Jim: The banks complain that it is too risky.
We have to help them.

Bob: Tell Fannie Mae and Freddie Mac to buy those loans, whatever it takes.

Jim: What about the regulator, OFHEO?

Bob: We own OFHEO. They won't complain too much. Who understands what they say? They report to us, and we don't care.

Jim: If the loans go bad?

Bob: We'll have to give Fannie and Freddie some money. We'll raise taxes on the fat cat Republicans. That can't be bad. We always wanted the rich to buy houses for the poor, and now we can do it.

Jim: Won't anyone notice?

Bob: They haven't complained so far. But, just in case, lets print "Brought to you by caring members of Congress, mostly Democrats" at the bottom of the loans.

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