Richard Shelby actually said...

"Misguided housing policies pursued by the Federal Government and implemented by the GSEs played a significant role in causing the financial crisis."

"However, if the Committee decides that the housing market can and should function without a Government guarantee, reform will then focus on how to transition to a private market."

"Can our mortgage market operate efficiently without a Government guarantee?"

"Are we going to repeat this again? Are we going down that same road? Have we learned anything?"