The White House, President George W. Bush Click to print this document

For Immediate Release
Office of the Press Secretary
October 9, 2008

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
The Washington Times Fails To Research The Administration's Efforts To Reform Fannie Mae And Freddie Mac

     Fact sheet Setting the Record Straight
     Fact sheet In Focus: Economy

Today, the Washington Times incorrectly accused the White House of ignoring warnings of trouble ahead for government-sponsored enterprises (GSEs) and neglecting to "adopt any reform until this summer," when it was too late.  "Neither the White House nor Congress heeded the warnings, Fannie and Freddie retained strong bipartisan support during the 1990s and early part of this decade."  (Editorial, "Hear, See And Speak No Evil About Fannie And Freddie," The Washington Times, 10/9/08)

Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.  In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs.  Over the years, the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.








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