[pleikumud]

Congress caused the mortgage meltdown. Barney Frank supported the reckless practices at Fannie Mae and Freddie Mac. But the Socialists in power now are blaming it on capitalism.

Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.

[Brad from Tennessee]

Thanks. I'm trying to put together a timeline. I'm familiar with some of the actions you list, some are new to me.

[Rome2000]

Can a Brother get a night in the White House?

[jurroppi1]

Do you have some credible sourcing to back up what you state in your post?

It’s not that I don’t believe you or that I think what you’re saying isn’t believable - I’m pretty sure it’s just about dead on. However, I’d like a source I can use to send to a few moron coworkers (admitted socialists).

I figure since you made the statement so succinctly, you might have a source you could share.

TIA,

jurroppi1

[CRBDeuce]

in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.

...great stats...your own research thru those Acts of Congress, or HUD, or other? Clearly establishes 'fault'!