OBAMA WAS USING BUSH GOVERNMENT DATA!
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The Office of Federal Housing Enterprise Oversight (OFHEO), REGULATING the GSEs and was an INDEPENDENT OFFICE within HUD, charged with ensuring the capital adequacy and FINANCIAL SAFETY AND SOUNDNESS of two government sponsored enterprises -- the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
THEIR NOVEMBER 2007 REPORT:
"For FY 2007, OFHEO again received an 80
unqualified (“clean”) audit opinion on its
70 financial statements, which the agency has received continuously since its initial financial statement audit in FY 1998. No material weaknesses were noted in internal controls or any noncompliance with laws and regulations."
(page35)
"The volume of subprime loans tripled from 2002 to 2006."(page 13)
http://www.ofheo.gov/media/pdf/OFHEOPARNovember2007508.pdf
THEIR '07 REPORT TO CONGRESS:
"While the lack of asset growth and continued competitive pressures from other mortgage
investors and securitizers limited the performance of their retained portfolios, both
Fannie Mae and Freddie Mac increased their guarantee business at HEALTHY RATES in 2006
and, based on available information, both were profitable and their combined books of
business grew 8 percent."
(page 5)
http://www.ofheo.gov/media/annualreports/OFHEOReporttoCongr ess07.pdfWoW! If you CAN'T TRUST REPORTS COMING UNDER BUSH CONTROLLED GOVERNMENT............
This is BIPARTISAN, STOP the SPEW!