All Their Own Work

FRANKLIN D. RAINES, chief executive of Fannie Mae, May 16, 2000:

It was Congress that chartered Fannie Mae and later Freddie Mac as private shareholder-owned corporations, so Congress deserves the lion’s share of the credit for the successes of the secondary market and the housing finance system today. What Congress did turned out to be absolutely brilliant—it created a system that harnesses private enterprise and private capital to deliver the public benefit of home ownership. And it maximizes this public benefit while minimizing the public risk, and without spending a nickel of public funds.

From Morgenson and Rosner’s Reckless Endangerment.

posted on 13 June 2011 by skirchner in Economics, Financial Markets

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