Sunday, January 13, 2013
David Fiderer Unchained
In This Corner, Wearing………
I first read David Fiderer’s work a few years ago when I was looking for anyone challenging the conservative bombast and rhetoric hurled at Fannie Mae and Freddie Mac, as well as the core federal government’s role in mortgage finance, by their GOP opponents and allies.
David has a strong progressive viewpoint and backs those views with facts. He’s a 30 year battle scarred financial services veteran, who worked for several major global companies in New York on energy matters, doing tax law, international originations, and mulling credit oversight issues.
Fiderer writes with an edge and he has a delightful way of dismissing opponents’ allegations with indisputable savvy, based on his long years working and watching the elements in the financial services industry.
I am going to post a link Fiderer tome which I just saw just this weekend in the “Daily Kos” because it dovetails with something I wrote last week about new Conservative efforts to challenge and undermine any federal role in the mortgage finance system.
As I’ve written, I think there is a necessity for that government role although not as large as there once was. I continue to believe that consumers in the upper end of the market can be supported by a Fannie/Freddie model which does not have the federal government behind the two explicitly or implicitly.
I guess that means House Financial Services Committee Jeb Hensarling (R-Tex) and I agree on his goal for Fannie and Freddie, just recreate them as privately and turn them loose.
Before I turn David Fiderer loose on you, I need to offer one small addendum to something I wrote last week, when I went off on Ed Pinto and the American Enterprise Institute (AEI), long time opponents of Fannie Mae and Freddie Mac, and the suggestion that Pinto’s current anti-Federal Housing Administration (FHA) rants were rank opportunism and a fresh avenue for his opinions.
In an email exchange after last week’s blog, Pinto pointed out to me that he has held this perspective for many years and had first developed his thinking almost 20 years ago, when he encountered the late Gale Cincotta, a legendary Chicago low income housing advocate, who often testified before Congress against FHA policies and once led several busloads of low income and elderly protestors into Fannie Mae’s DC headquarters in the early 1990s. (I think EP may have worked for Fannie then.)
As I told Ed, I accept the revelation of his early education but still didn’t agree with the core AEI position and his manipulation of Fannie’s 1990’s lending data for use (or misuse) in the AEI’s anti-GSE campaigns.
David Fiderer also writes about AEI and Pinto in his Daily Kos piece, but that’s unrelated to my clarification and acknowledgment of Pinto’s nearly two decade opposition to FHA policies.
Enjoy David Fiderer.
I have a feeling that more of Fiderer’s stuff could show up in future blogs, especially if the Right chooses to cross swords with him.