Thursday, December 11, 2008

Quote for the Day

No regulation or law forced banks or the GSEs to acquire loans that were so risky they imperiled the safety and soundness of the institutions. The acquisition of such loans was a business judgment made by management and the boards of directors.

- Franklin Raines, former CEO FannieMae, yesterday's testimony

Raines testimony is fascinating. His grasp of the issues seems to far exceed those of his peers at the table.

More to say later on (I'm reviewing data, sorting out Christmas presents, and much else besides!).

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