Federal Government Was Culprit in Housing and Economic Crisis.

CNSNews.com ^ | 07-08-09 | edcoil

[edcoil]

Fannie Mae and Freddie Mac were the chief culprits in the housing crisis because they encouraged people who could not afford payments to borrow money, according to a congressional report released Tuesday.

[edcoil]

This will not be reported in the MSM.

[tgusa]

Ummm .... wasn’t it the Congress who passed law(s) DIRECTING Fannie and Freddie to back housing loans to people that you or I wouldn’t have lent $5 to? Fannie and Freddie were AT LEAST complicit, but Congress is guilty as sin.

[org.whodat]

True, since Freddie and fanny only controlled about 40% of the secondary market. It is very poor research on the writers part.

[matginzac]

But, according to Rush’s sub, Mark Belling(?), this needs to be repeated often so the average sheeple GET IT!!!! AND needs to be continually pinned to the dims in congress: Frank, etc. Also, Soros’s role in the election and econ crash needs to be looked into more and expounded on. No true Americans want to learn that their lives have been manipulated...

[org.whodat]

Oh, where’s the part about CRA being part of the republican bill and voted 100% by republicans.

[cranked]

Barney Franks to be more precise.....

[Ev Reeman]

The architects of this economic collapse include Barney Frank, Chris Dodd, Nancy Pelosi, Harry Reid, Chuck Schumer, both the Jimmy Carter and Bill Clinton administrations and lastly but certainly not least Obummer.

[RC2]

The culprits were Barney Frank and Dodd. Until people start looking at people like them it will never get solved. We can’t just blame Government without putting names to it. People like these two are the problem and until they are brought out in the open, run out of office, they will continue to do things that benefit only them.

[easttennesseejohn]

This, like the EPA report, will probably never see the light of day. Back in 1991, after the S&L crisis Congress passed strict laws, with independent oversight on the banks. They did not for Fannie &Freddie turing them into tools of the politicians, both democrat and republican. These GSEs were the only 2 Fortune 500 publicly traded companies that weren’t subject to Sarbanes-Oxley. In 2005 when the Bush Adminiastration tried to create banking lke type rules, not 1 Democrat, BO,(the 2nd largest recepient of political contributions from F&F) voted for the bill in committee and it never made it to the floor.Is anyone surprised? The “local contact” offices had ACORN ties, in many cases.Isent directly to McCain’s office this data and it was ignored. Surprised?

[wbones8765]

This isn’t news it has been known for quite a while. It has not been reported by the SRM.

[easttennesseejohn]

It’s true that F&F controlled just under 50% of the market, but guess who was another big player? Dodd’s old buddy Angelo, you know, make his liost and get a sweetheart deal on personal mortgages. F&F weren’t the sole cause, but they sure were a hell of alot of the gas that got thrown on to the fire.

[org.whodat]

Sort of puts a lie to the old conservative argue facts line of Rush doesn't it.

[Matthew James]

bttt

[org.whodat]

If the republicans had not pass Gramm-Leach-Bliley Act of 1999, to which the CRA was attached. And Gramm had not slipped in his Commodity Futures Modernization Act of 2000, bought and paid for by ENRON, None of this stuff could have happened. Now that is the fact.

[Jeff Chandler]

This was a sword handed to McCain in October 2008. So what did he do with it? Stab himself with it.

[matginzac]

Huh? Do not understand...

[Jeff Chandler]

Banks which refused to offer loans to buyers who couldn’t afford them were accused of redlining and threatened by the government.

[org.whodat]

His campaign manager was lobbyists for Fanny and Freddie.

[Jeff Chandler]

figures.

[org.whodat]

ROFLOL, so the builders, threatened the banks causing them to lend more money so they could, over build and over price the market by millions and millions. LOL