I’M CALLING BULLSH**T.
The ‘Housing Bubble’ was in trouble long before this. Or have YOU already forgotten that the massive mortgage frauds were already unhinging the system by this time?
The problem wasn’t helping people get homes. The problem was government FORCING banks to loan money to people who shouldn’t have had one in the first place, BASED ON RACE, not credit!
Or have YOU already forgotten “Red-Lining”, and all that other crap?
The problem wasn’t helping people get homes.
Yes it was - to the extent the feds were helping people who couldn’t get downpayments to buy homes. That’s what Bush did. You are willfully blind if you think his no-down-payment program didn’t get people into houses who couldn’t afford them.
But there are none so blind ...
Well, the guys a troll, but there is SOME truth in it.
Probably the most unsustainable part of the housing bubble was subsidized mortgages for minorities, black in particular. That was mostly under the CRA (Community Reinvestment Act), which was first put into place by Jimmy Carter, and then put on steroids by Bill Clinton.
The Congressional Black Caucus played an important part, along with Barney Frank and Chris Dodd. They rotated in and out of congress and Fannie Mae and Freddie Mac.
Curiously, the only known time that Obama ever practiced law was in Chicago, where he sued various banks and forced them to give out substandard loans in black neighborhoods.
Bush actually tried to back away from this. But the Democrats in congress resisted, and as was too often the case, Bush gave in and went along with them. The Democrats were the chief guilty party, but Bush did little or nothing to restrain spending in this and other areas. Of course, Bush was not the only one; numerous RINOs were only too happy to play the game of corrupt spending with the Democrat enablers.
So, Obama actually had a hand in creating this mess. But Bush bears some guilt for not doing enough to put an end to it. He had his strong points, but controlling spending and facing down corrupt Democrats and RINOs was not one of them.
***The ‘Housing Bubble’ was in trouble long before this****
Let’s not forget the first housing bubble back in the late 1970s and 80s just after Jimmy Carter signed the Community Reinvestment Act into law. Lots of banks, Savings and loans and other lenders went belly up after that.
The problem was indeed ‘helping people get homes’. Bush doesn’t get all the blame, but he contributed to it and it hit the critical point on his watch.
He occasionally made some noise about the Democrat-run Fannie and Freddie needing ‘reform’, but he didn’t deal with the larger issue and he helped to make it worse.