This is not reassuring, folks. Senator Chris Dodd, Countrywide's VIP client, and Rep. Barney Frank, are not the ones who should be front and center in this bailout negotiation. In last night's press conference, they were both spokesmen for the new legislation.
Our own Texas Congressman Jeb Hensarling has in the past called for an investigation into the preferential mortgages given to some in Congress, including Chris Dodd.(http://www.politico.com/news/stories/0608/11124.html)
Here is a quote from Barney Frank back in 2003:
“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Barney Frank 2003 in response to Bush administration overhaul plan.