Johnny Isakson: “We cannot have responsible reform of financial services and leave out Freddie Mac and Fannie Mae. One of the reasons…”

“We cannot have responsible reform of financial services and leave out Freddie Mac and Fannie Mae. One of the reasons that, along with Senator Conrad, I created the Financial Markets Crisis Commission--which is now meeting, by the way, and will report back at the end of December--is I knew there were pervasive and redundant failures in the system that brought about what became a cataclysmic collapse. I wish we had waited until the Financial Markets Crisis Commission reported, but we have not. So let me just for a second address Freddie and Fannie and the McCain amendment. Freddie and Fannie filled the void the savings and loans created when they failed in the late 1980s.”