America should be thankful and proud of Senator Baker for his uncompromised effort to provide Congressional oversight to Fannie Mae. Let's hope the rest of the senators find the same level of courage to pass legislation that will reign in Fannie Mae, control its debt and portfolio, prevent the recurrence of fraud, establish strong penalties and save our country from a major debacle.
Because nobody knows what else the GSE's are hiding from the world, a strong regulator is needed.
It's unnerving to see Dan Mudd, one of the three high ranking persons of Fannie Mae, still on the job when he failed to act upon receiving direct information of irregularities and did nothing. Daniel Mudd may offer to give back his bonuses but that doesn't take care of the fact that he was in charge and kept for himself information leading to the fraud. Moreover, permitted the harassment and punishment of employees who made revelations of the misdeeds.
Acevedo