Barney Frank: “I reclaim my time. Understand the difference, ``directed'' and ``allowed.'' Fannie Mae and Freddie Mac never originated…”

“I reclaim my time. Understand the difference, ``directed'' and ``allowed.'' Fannie Mae and Freddie Mac never originated a loan. They could not have directed anybody to do anything. They were the secondary market. Fannie Mae and Freddie Mac could only get into action if some private entity made the loan in the first place. Beyond that, during the period when we had the increased subprime loans, which some of us were trying to ban, Fannie and Freddie were in a declining percentage. But I will yield again to the gentleman to tell me who directed the private sector to make these loans.”