"Fannie and Freddie are too important to fail. Their fundamentals, as they look now, provide no reason to think they will fail," Schumer said on the Senate floor. "These two institutions are the foundation of the American mortgage market, and we stand fully behind them and their crucial role."
"The facts are that these are sound, solid institutions with more than necessary capital today that the law would require," Dodd said.
Only two months agoi, the politicians were trying to tell us everything was just fine with Fannie Nae and Freddie Mac.