"The past heads of now-disgraced mortgage giants Fannie Mae and Freddie Mac pleaded their collective innocence before Congress, claiming that neither they nor their companies had anything to do with the nation’s current economic woes.....
"Richard Syron, CEO of Freddie Mac from 2003 to 2008.....said that Freddie and Fannie were forced into the sub-prime mortgage market, arguing that they wouldn’t have been able to meet their Congressional mandates if they hadn’t been involved.... Freddie needed to participate in order to carry out its public mission,” Syron claimed....
"Franklin Raines, CEO of Fannie Mae from 1998-2004....expressed similar sentiments,.... “If anything, Fannie Mae played catch-up to the banks and investment banks who drove the securitization of the most toxic sub-prime mortgages,” he said.....
"Rep. Christopher Shays (R-Conn.) reacted harshly to the CEOs’ claims" and stated "“That’s just bull****,”
If you care to read more about the clasic saga of "the devil made me do it", click HERE.
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