Friday, August 10, 2007

Good move by President Bush

According to Bloomberg, which seems to be the free internet financial news provider of record these days, "President George W. Bush said Fannie Mae and Freddie Mac must complete a ``robust reform package'' before the government will allow the two largest mortgage finance companies to buy home loans beyond current federal limits.

Congress needs to get the companies ``reformed, get them streamlined, get them focused, and then I will consider other options,'' Bush told a White House news conference today in response to a question about whether the two companies would be allowed to buy more mortgages to help spur the housing market. "

That's the right move, Mr. President. No bailouts for bogus loans or folks whose eyes were bigger than their wallets.

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