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Originally Posted by RoninLB
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Ok, so their mere existence is unconstitutional. Fine, I get that. If Congress wants to defer to the Fed for regulating the money supply, I even get that, unconstitutional though it may be. The Fed, however, has zero authority for writing laws on lending practices by creditors who have nothing to do with federal money. Sure, plenty of banks are federally chartered. But lots of mortgage companies have nothing to do with that and, indeed, get all their money from investors, not necessarily Fannie or Freddie either. I would expect the Fed to be far more savvy on this stuff than politicians. But it sounds like they want a bunch of feel good/do nothing measures in place too, just Barney Frank wants.