Thursday, October 9, 2008

Kanjorski Told Us Fannie and Freddie Weren't Failing In July

7/11/08: Kanjorski Reacts to Fannie and Freddie Share Losses

WASHINGTON - Today, Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, released the following statement on his reaction to recent turmoil in the stock prices of Fannie Mae and Freddie Mac.

"We must not over react to the recent drops in Fannie Mae's and Freddie Mac's stock prices. It is important to have contingency plans in the works, but the two government sponsored enterprises are not failing. The Office of Federal Housing Enterprise Oversight has assured me that it is working to ensure the safety and soundness of Fannie Mae and Freddie Mac. Both companies continue to have sufficient capital and liquidity, as I understand.

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