Today the hearings will begin into the Fannie Mae & Freddie Mac collapse. The first of many hearings titled, “The Role of Fannie Mae and Freddie Mac in the Financial Crisis” will begin on Tuesday, December 9, 2008, in 2154 Rayburn House Office Building. The hearing will examine the extent to which the actions and policies of Fannie Mae and Freddie Mac may have contributed to the ongoing crisis.
The contestants playing today will be;
- Franklin Raines – former CEO, Fannie Mae
- Daniel Mudd – former CEO, Fannie Mae
- Leland Brendsel – former CEO, Freddie Mac
- Richard Syron – former CEO, Freddie Mac
- Charles Calomiris – Authur Burns Scholar in International Economicis, American Enterprise Institiute
- Arnold King – adjunct scholar, Cato Institute
- Edward Pinto – former Chief Credit Officer, Fannie Mae – Real Estate Financial Services Consultant
- Thomas Stanton – fellow, Center for the Study of American Government at Johns Hopkins University
So here we go yet again. Why Congress does not request people from the trenches to get the real answers to what went on I will never understand. If you think that these people will not stick together and only tell a limited story then guess again. I am sure that this new drama playing out will soon have a new catchy name like Financial Gate or possibly two spin offs like Fannie Gate & Freddie Gate. The label Water Gate will no dough stick with us for sometime. The timing of the Nixon movie could not be any better.