You have to go all the way down to the last two paragraphs to find it, but I wold hardly call it "mocking". Even so, those words by Narney Frank show that he didn't agree with the numbers (quoted earlier in the article) that said FNMA and FDMC were overleveraged. His comment about a new agency being able to reduce affordable housing is either taken out of context or completely off the mark because the loans don't determine whether or not a house is affordable. That's determined by how much HOUSE there is. Are you building a 2BR ranch or a McMansion?

Still, 5 years before it hits the fan, someone was out there ringing a warning bell.