This is fact:
“In 1999, pressured by Clinton, Fannie Mae started a programme of extensive expansion of loans to people with low to moderate credit. Clinton’s housing secretary Andrew Cuomo warned Fannie Mae and Freddie Mac that such loans must amount to 50% of their portfolio by 2001.”
FoxNews did a special on it a few months ago, with dates adn specifics/
Read this article written in December of 1993 to understand what was going on at the time. Derivatives were incidental to the problem as were other factors. THE CAUSE of the problem is as this article states, Clinton’s enforcement and expansion of the Jimmy Carter era CRA legislation. It’s the fault all the way through to today of the Democrats period.
Link to Assault on The Mortgage Industry:
http://findarticles.com/p/articles/mi_m1282/is_n25_v45/ai_14779796
bump to you