Richard Shelby actually said...

"we do not have an implicit guarantee, we have an explicit, because Fannie and Freddie are sitting in the taxpayer's lap right now."

"So while the bank crisis grew underneath their feet, they continued to sleep in a sense or look the other way."

"that is, it sits in the taxpayer's lap, like it is today, Fannie and Freddie--and privatize the profits. That is a dangerous situation, is it not?"

"One of the criticisms of our current housing finance system is that it encourages borrowing and accumulation of debt rather than the building of equity."