Matt Ridley Quote
From 2000, Fannie and Freddie’s appetite for sub-prime loans increased markedly every year, encouraging a rich harvest of increasingly crazy loans by mortgage originators to supply this appetite. House-builders, lenders, mortgage brokers, Wall Street underwriters, legal firms, housing charities and pressure groups like ACORN all benefited. Taxpayers did not. By the early 2000s, Fannie and Freddie were well intertwined with politicians, donating rich campaign contributions especially to Congressional Democrats, and giving rewarding jobs to politicians – Clinton’s former Budget Director Franklin Raines would pocket $100 million from his brief spell in charge of Fannie. Between 1998 and 2008, Fannie and Freddie spent $175 million lobbying Congress.
From 2000, Fannie and Freddie’s appetite for sub-prime loans increased markedly every year, encouraging a rich harvest of increasingly crazy loans by mortgage originators to supply this appetite. House-builders, lenders, mortgage brokers, Wall Street underwriters, legal firms, housing charities and pressure groups like ACORN all benefited. Taxpayers did not. By the early 2000s, Fannie and Freddie were well intertwined with politicians, donating rich campaign contributions especially to Congressional Democrats, and giving rewarding jobs to politicians – Clinton’s former Budget Director Franklin Raines would pocket $100 million from his brief spell in charge of Fannie. Between 1998 and 2008, Fannie and Freddie spent $175 million lobbying Congress.
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