Actually, the Bush Administration warned us about Fannie and Freddie. So did Alan Greenspan. So did John McCain, for that matter. So if you didn’t heed the warnings, look in the mirror, instead of finding someone else to blame.
“”Actually, the Bush Administration warned us about Fannie and Freddie.””
Gezzz...
Here’s Bush in a speech pushing home loans for totally unqualified minorities.
http://www.youtube.com/watch?v=MqR15H0gNBU
“Actually, the Bush Administration warned us about Fannie and Freddie. “
Nice try but that’s always been a dishonest claim.
The Bush administration was concerned solely about the capitalization ratio of F&F and not their lending practices.
The Bush administration never evinced any concern about F&F being at risk due to the quality of loans being made. They were only warning about the sheer quantity of loans versus their capital.
Not only was Dubya unconcerned about low lending standards in the mortgage market, he in fact actively encouraged them. You need only find the speech he gave in praise of the ‘American Dream Downpayment Initiative’ to remove all doubt about the matter.