WASHINGTON — The government takeover of mortgage giants Fannie Mae and Freddie Mac was necessitated in part by Congress' inaction, White House Press Secretary Dana Perino said today.
Perino said they had been pushing Congress for several years to establish stronger regulatory oversight over the agencies, which Congress didn't do until the housing bill was enacted last month.
'"It is exactly the kind of event we warned about and tried to prevent over the years," she said during her daily media briefing, according to a White House transcript. "Remember that we have highlighted the systemic risk posed by Fannie Mae and Freddie Mac because of the very large role they play in housing markets and because of their business practices."
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