The reason we talk about the history is very simple: Every dollar that is lost and is about to be lost was lost because there was a delay in reform. The losses are not resulting from current operations. Secretary Donovan said that before the committee, and no Republican challenged him. We are stuck with losses that happened before we were able to put it into conservatorship by our votes and stop the bleeding.
The speaker addresses the impact of delays in reform on financial losses.
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We should have made it much higher, $125 billion or more, and we should have indexed it.
I urge staff to pay close attention to the differences in products offered by nonbank institutions and to be mindful of Congress's intent in financial reform that State consumer protection laws be preserved to the extent possible.
For example, there are key differences in product characteristics between payday, car title, and other high-cost secured loans and more traditional closed-end unsecured lending and related products, and the products are often regulated…
Fannie Mae and Freddie Mac do very good work, and they are not endangering the fiscal health of this country.
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