Today's reminder why Chris Dodd is in the process of losing....

This evening's news

Freddie Mac seeks $30.8B in US aid after 4Q loss

WASHINGTON (AP) -- Freddie Mac, facing mounting damage from the U.S. housing crisis, said Wednesday it will ask the government for nearly $31 billion in additional aid after posting a gargantuan loss of more than $50 billion last year.....

The Treasury Department has pledged up to $400 billion in aid for the duo. But as losses mount, many analysts see the companies remaining under government control, perhaps indefinitely. Until officials know the final bill for the housing crisis, it will be tough to figure out whether they can be spun off as private companies, said debt analyst Jim Vogel of FTN Financial in Memphis, Tenn.

Now, this wasn't supposed to happen!

To suggest somehow that [Fannie Mae and Freddie Mac] are in trouble is simply not accurate,” Dodd replied.

The facts are that Fannie and Freddie are in sound situations,” Dodd said. “They have more that adequate capital, in fact more than the law requires

Why IS this man Chairman of the Senate Banking Committee?

 

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