Monday, July 28, 2008

Hurry up and wait.

Reading the headlines over the weekend, you might have thought that the cavalry had just come over the hill to save Fannie Mae and Freddie Mac. As usual however, the devil is in the details. There are several websites that are covering the in's and out's of the new legislation, but there was a small piece in the WSJ that showed the writing on the wall:

Dodd Demands Meeting With Fed, Treasury Officials

The summary is that HUD thinks it will take a year before they implement provisions of the legislation, so Dodd wants to twist their collective arm and apply some urgency to the situation.

Curiously absent from the WSJ article is that Dodd was named as a "Friend of Angelo", which might explain why he considers this particularly urgent.

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