The political battle over the future of Fannie Mae and Freddie Mac continues despite the passage of the Housing and Economic Recovery Act of 2008, according to Franklin D. Raines, retired chairman and CEO of Fannie Mae. Raines wrote that he hopes critics of Fannie and Freddie give the legislation the opportunity to succeed. "The Congress heard the critics' arguments and decided that using the companies to intervene in the financial markets to increase homeownership was worth the economic risks," Raines wrote. "That is the way it works in a democracy."
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