Every President wants to increase home ownership.
The 2003 Quote of the decade from Barney Frank (D)- “Fannie Mae and Freddie Mac are not in crisis.”
The 2003 Bill to step in and set up a Banking styled Regulator for Fannie May & Freddie Mac needed 60% support to get out of the House Committee and to the House Floor for a vote. The committee was made up of 20 members, 11 Republicans & 9 Democrats.
To get 60% to get the Bill out of Committee, the Republicans needed just one Democrat’s support. Not a single one of the nine would vote with the Republicans to get this Bill to regulate Fannie May & Freddie Mac out of Committee.
In 2003 Barney Frank, Maxine Waters, etc expressed utmost faith in Fannie May CEO Franklin Raines, however, on December 21, 2004 Raines resigned from his position as CEO of Fannie Mae after being charged with shifting of losses so senior executives, such as himself, could earn large bonuses.
Note that McCain, the GOP, Alan Greenspan, and Bush were all warning of this in 2001, 2003, 2005 and 2006. Legislation for reform and oversight of Fannie-Freddie was proposed and was blocked every time - on party line votes - by the Democrats. Ignoring it won’t change it.
I take it you did not watch this video.... WATCH IT
I suppose that the problems that I have with this bailout is that those who were responsible for getting us to this point are not only still in office but also are the ones writing laws to fix the problem.