Sorry Cake Crumb, but Janet Reno took one lending institution to court circa 1994, forcing it to lend to the poor. It fell in line and so did the other lending institutions. They had little choice. Bush (around 2002) and other Republicans addressed this as early as the late 90s into the early 2000s. They knew about it when they had plenty of time to take action to prevent the mess we’re in now. Did the Democrat policies cause this? I think that is a given. It’s still a fact that we did not take action to end it. Newt should have known better than to allow this to continue. Here it is 2008, and the info has been out there for more than a decade, 12 years of which we had the majority in Congress, six of it with a Republican in the White House.
Sunday, September 21, 2008
Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
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For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
http://gatewaypundit.blogspot.com/2008/09/bush-called-for-reform-of-fannie-mae.html
The President proposes .... Congress disposes, or did you forget where legislation resides?