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Fannie, Freddie stumble into the spotlight

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Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

F&F, get your act together, NOW! Fannie and Freddie, knock, knock, anyone there? Open up and listen up, reform is at the door and you are no longer operating behind closed doors as a bi-polar institution (some days quasi-government, other days private sector money machine). Your behavior and your business decisions must be brought fully and completely into the town square for regulators, lawmakers and the public to see. President Bush's new budget makes that clear, calling for tougher controls on the mortgage giants. We agree. We applaud the success of Fannie Mae and Freddie Mac, but arrogance, relentless lobbying and defensiveness are now signs of hubris, that could cloud judgment. Liquidity in the mortgage market can be achieved with responsible regulation. God bless America, so pure and so puritanical "Urban rabbit hutch." That is what one homeowner in the waterfront town of Alameda, across the bay from San Francisco, worries about the upscale enclave becoming if citizens v...