Richard Shelby actually said...

"Despite repeated warnings by me and other Members of this Committee about the risk that GSEs presented, they were allowed to accumulate more than $5 trillion in financial obligations with only minimal..."

"To properly consider the future of the housing GSEs, one should first consider the goals policymakers have for the U.S. housing finance system, and specifically the secondary market."

"I am at a loss as to why the Administration does not or did not consider the GSEs to be a central cause meriting immediate consideration in regulatory reform."

"We have underpriced it at our own peril, have we not?"