Peter Wallison talked about the history and background of Fannie Mae and Freddie Mac. His books include Serving Two Masters, Yet Out of Control: Fannie Mae and Freddie Mac and Privatizing Fannie Mae, Freddie Mac and the Federal Home Loan Banks: Why and How, both by AEI Press. He explained a video clip of Treasury Secretary Paulson from Sunday, September 7, 2008, announcing the federal takeover of Fannie Mae and Freddie Mac. Mr. Wallison is a fellow at the American Enterprise Institute. His previous positions include counsel to President Reagan, general counsel to the Treasury Department, and an aide to Nelson Rockefeller both his time as governor of New York and counsel during his vice presidency, 1972-1976.