You had your 'Facts' so dead on old "Barney"...It was the best and most accurate thing I have seen in a long time.
Here are those facts, with a little extra;
BILL CLINTON & CRONIES GAVE US MORTGAGE CRISIS
By JazzyKat on September 21, 2008 at 12:02 pm
While many pundits are pointing to corporate greed and a lack of government regulation as the cause for the American mortgage and financial crisis, some analysts are saying it wasnâ€™t too little government intervention that cased the mortgage meltdown, but too much, in the form of activists compelling the government to pressure Freddie Mac and Fannie Mae into unsound â€“ though politically correct â€“ lending practices.
â€œIn an attempt to increase homeownership, particularly by minorities and the less affluent, an attack on underwriting standards was undertaken by virtually every branch of the government since the early 1990s,â€ Liebowitz writes. â€œThe decline in mortgage underwriting standards was universally praised as â€˜innovationâ€™ in mortgage lending by regulators, academic specialists, (government-sponsored enterprises) and housing activists.â€
An article in the Los Angeles Times from the late â€˜90s praised the sudden surge in homeownership among minorities, calling it â€œone of the hidden success stories of the Clinton era.â€
A New York Times article from Sept. 1999 states that Fannie Mae had been under increasing pressure from the Clinton administration to expand mortgage loans among low- and moderate-income people and that the corporation loosened its lending requirements to comply.
When Greg Mankiw, chairman of President Bushâ€™s Council of Economic Advisers, voiced a warning about weakened underwriting standards, he was rebuffed by Congress..
The Wall Street Journal quoted Congressman Barney Frank, D-Mass., in 2003 as criticizing Greg Mankiw â€œbecause he is worried about the tiny little matter of safety and soundness rather than â€˜concern about housing.â€™â€
Frank, chairman of the House Financial Services Committee, rejected a Bush administration and Congressional Republican plan for regulating the mortgage industry in 2003, saying, â€œThese two entities â€“ Fannie Mae and Freddie Mac â€“ are not facing any kind of financial crisis.â€ According to a New York Times article, Frank added, â€œThe more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.â€
Continues Here: http://iraqsinconvenienttruth.com/2008/09/28/how-did-this-current-financial-crisis-really-start/
And Give Credit Where Credit Is Due:
John McCainâ€™s Fannie Mae/Freddie Mac Warnings â€“ MAY 2006 ( 3 TIMES)
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190,to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
http://iraqsinconvenienttruth.com/2008/ ... years-ago/
The Truth: Obama Ranks Second In Freddie/Fannie Contributions
http://www.youtube.com/watch?v=H-_HlpZ8 ... _embedded#!
WELL Done On "Bills" Show ~ Just The Other Night!
Los Angeles, Ca. USA