Re "Private Sector Should Take Over GSE Role" [Sept. 14]

Reading James B. Lockhart's article, I expected an explanation of his declaration on CNBC two years ago that Fannie Mae and Freddie Mac are "adequately capitalized, which is our highest criteria … they are very active in the mortgage market, and they are continuing to be." By that time, the common shares of these two companies had lost much of their dollar value from the prior year. For the millions of shareholders who directly or indirectly relied on Mr. Lockhart, then the federal regulator of Fannie and Freddie, his public assurance proved disastrous. On Sept. 7, 2008, the two companies were placed in conservatorship by the Federal Housing Finance Agency and the stockholders saw the collapse of their investments — so long considered as the safest after Treasury bonds.

So, why did you say what you did, Mr. Lockhart, when people trusted you to tell them the truth?

Ralph Nader, Washington

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