Hold officials responsible for crisis

James B. Lockhart III and Henry Paulson made the announcement about the government's plan to take over Fannie Mae and Freddie Mac. Lockhart is director of the Office of Federal Housing Enterprise Oversight (OFHEO). The word "Oversight" caught my attention. Lockhart was appointed 6/15/2006, enough time, I would think, to do some overseeing. Looking up his most recent report to Congress dated 4/15/08 I was surprised to see this reassuring comment:

"OFHEO expects that Fannie Mae's and Freddie Mac's Consent Agreements will be lifted in the near-term and all major internal control issues should be remediated this year."

From his reassuring words in April to this disaster in September, what should have been said in his recent message is that he was ashamed of himself, and he and his superiors abdicated their responsibilities, and that his resignation would be tendered immediately. It is indeed time for a change, and that change is electing Barak Obama president.

Barbara Love

Mundelein