Bret Baier looks at how Sen. McCain and the Republicans recognized the Fannie/Freddie crisis with time to spare. Democrats like Barney Frank blocked the increased oversight, calling action unnecessary.
Barney Frank: "Fannie Mae and Freddie Mac are not in a crisis situation."
"The more people in my judgment exaggerate the threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the treasury, which i do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. Even if there were a problem, the federal government does not bail them out. But the more pressure there is, the less we see in terms of affordable housing."