Steve Cohen actually said...

The important thing--it would be one thing if Freddie and Fannie were simply private companies. We are Freddie and Fannie, and the taxpayer ...

What these programs need is not to be replaced by a government program that is mandating modifications.

Is the era of freedom of contract over in this country? I hope it is not.

It promised to help virtually no one while inflicting unnecessary damage on the home lending market and the rule of contract.