Hans Bader, senior attorney and counsel for special projects at the Competitive Enterprise Institute, which filed a brief in the St. Paul case, said the HUD rule “would pressure banks to engage in the very same risky practices that led to the 2008 housing collapse such as mortgage lending to non-creditworthy borrowers. Thus, it could contribute to a future financial crisis, and it will help spawn future mortgage meltdowns.”
Fred Smith is the animating spirit at the Competitive Enterprise Institute. Fred conceived of the idea for an organization that would, in his words, “find a more positive answer to the challenge Joseph Schumpeter laid down in his essay, “Can Capitalism Survive?” He founded the organization and served as president for nearly three decades.
He died at the age of 83 at home in Maryland where he is survived by his beloved wife Fran. Fred was a friend and mentor, an advocate and ally, and an inspiration. His bright light lives on in our work.
Fred Lee Smith
December 26, 1940 – November 23, 2024