[Congressman Billybob]

To regular readers of FreeRepublic, little of this will be new. But it js important and deserves to be in one place and available.

John / Billybob

[Enterprise]

Bump!

[SAJ]

John, excellent piece. I wish, though, that you had included the poisonous effects of the Community Reinvestment Act of 1977 and its subsequent force-feeding of steroids by none other than William Jefferson Blythe and his HUD Secretary -- ta daaa! -- Andrew Cuomo.

CRA has to go, period. And FNM's and FRE's loan officers need to have, 24/7, someone sitting next to them with a loaded pistol pointed at their collective (and collectivist) heads.

[jimt]

Bump !

[Diana in Wisconsin]

Bump. Makes sense to me. Thank you! :)

[marron]

“Wall Street greed” has a nice ring to it.

And it helps us to avoid naming names. But, it so happens that the people involved have names, and we know their names. The most effective thing we can do is to name them, and keep naming them. Wrap this thing around their necks and don’t let anyone forget who these people are.

The fact that the architects of this collapse happen to be on Obama’s campaign, and the collapsed companies among his biggest donors, the fact that the fatcats he’s railing against happen to be Obama-supporters, well thats just icing on the sponge cake.

[Oratam]

Cong. Frank was well down the list of financial assistance from Fannie Mae, but he formerly dated, and referred to as his “spouse,” Herb Moses. Moses was then assistant director in charge of new markets for mortgage securities at Fannie Mae, including the relaxation of underwriting standards which led to the current collapse. Cong. Frank was at all times on the House Banking Committee. He is Chairan of that Committee, today.

At 4:40 P.M. the Chairman went into mega CYA mode when he interrupted the question of another committee member to interject something alone these lines:

"President Bush has been president since 2001; the president's party was in the majority until 2006; the Democrats took control of Congress in 2007 and at the time I became chairman of this committee. This problem has been in the making for all that time."

What a shameless act of damage control! His multi-decade relationship to Fannie Mae and his role in creating this disaster needs to be investigated.