Richard Shelby actually said...

"If the Committee decides that the housing market needs a Government guarantee, then it is likely that housing finance reform will be largely a debate over how to structure the guarantee."

"We cannot get rid of an implicit guarantee. There is no way to do that."

"Is the idea of a guarantee, which ultimately lays the groundwork for a bailout, ... smart in our economy today?"

"A private market, in my opinion, will do just the opposite"