In 2003, Ron Paul addressed the House Financial Service Committee concerning Fannie Mae and Freddie Mac. Here's part of what he said.
"Despite the long-term damage to the economy inflicted by the government's interference in the housing market, the government policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing".
If real change is what this country REALLY wants than Ron Paul should be the next president of the United States. Sadly though, he will not be. What a shame.
http://www.lewrockwell.com/paul/paul128.html
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