White House downplays idea of "bad bank" for Fannie, Freddie

08/7/2009 | Washington Post, The

Despite internal discussions, the White House said the idea of creating a "bad bank" to take troubled loans off the balance sheets of Fannie Mae and Freddie Mac is not about to be executed. "The story out today is light years ahead of any decision-making process here," White House Press Secretary Robert Gibbs said in reference to a Washington Post story. "Safe to say that many senior administration economic officials learned of this proposal sometime this morning at the foot of their driveway."

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