By their own words – * According to Senator Chris Dodd (D. CT) the “root cause” of the problem is “the housing foreclosure crisis.”
“The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago,” The New York Times, September 11, 2003.
But someone intervened to stymie the Bush administration. Who? The New York Times reports:
Supporters of the companies said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower-income families. . . . “These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Watch when he asks if the DIMS are on the payroll or what?
Democrats Fighting Regulation of Freddie & Fannie
Bush warned congress…
Democrats were WARNED of Financial crisis and did NOTHING
Democrats forced the Govt to give loans to POOR people who could not afford them in the name of Affirmative action.
How The Democrats Caused The Financial Crisis: Starring Bill Clinton’s HUD Secretary Andrew Cuomo And Barack