I think everybody’s trying to say we had nothing to do with this when in fact, just as the testimony said, yes they did. Fannie May and Freddie Mac are victims of the fall but they’re the ones that created the bubble that caused the problem.
The real testimony is, private or public you cannot break the basic laws of financial responsibility and expect the outcome to be good in the long run. You might be able to get through a couple elections, giving loans to the people that will vote for you or support you, but eventually the system crashes and the most vulnerable are the ones who are always hurt. So the people you are claiming you are doing this for are the ones that end up being the greatest victims of your action or inaction.