Are you saying the Republican House actually passed a bill and sent it to the Senate? That is inconsistent with the story that Barney Frank blocked reform since he was NOT in the Senate.
GWB did successfully manage to get poor minorities with bad credit home loans they couldn't afford and took credit for it every chance he could. Maybe that is why he got blamed for it.
Bush home Ownership links:
Bush pushes minority homeownership (FR post | June 15, 2002 | By KATHY A. GAMBRELL)
Bush seeks to increase minority homeownership (FR post USA Today ^ | 1-20-04 | Thomas Fogarty )
President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)
Compassional conservative was proved to be a huge failure under Bush as all those minorities voted Democrat by 2008 after they lost all those homes promoted above.
Yet people here at FR still claim Bush tried to curtail sub prime loans.....he didn’t.
I don't know about a House bill. But there was a Senate bill -- the Financial Reform Act of 2005 (close). McCain hizzelf sponsored it and spoke in favor of it -- demanding action on the grounds that what actually happened would happen.
It was filibustered and died, courtesy of Harry Reid.
Nobody in the Senate majority followed up on it, to my knowledge. For that, they deserve blame.
But it was the Democrats who corrupted the system. And blocked any attempt to reform it.
I don't know about a House bill. But there was a Senate bill -- the Financial Reform Act of 2005 (close). McCain hizzelf sponsored it and spoke in favor of it -- demanding action on the grounds that what actually happened would happen.
It was filibustered and died, courtesy of Harry Reid and the Democrats.
Nobody in the Senate majority followed up on it, to my knowledge. For that, they deserve blame.
But it was the Democrats who corrupted the system. And they were the ones who blocked any attempt to reform it.