Eddie Haskell
2010-07-08 16:46:58 UTC
We should have obeyed the Republicans by continuing the same policies
that created the Bush recession, near collapse of the auto and
financial industries.
Democrat lies have become so boring.that created the Bush recession, near collapse of the auto and
financial industries.
"It's one of the hidden success stories of the Clinton era. In the great
housing boom of the 1990s, black and Latino homeownership has surged to the
highest level ever recorded."
"All of this suggests that Clinton's efforts to increase minority access to
loans and capital also have spurred this decade's gains. Under Clinton, bank
regulators have breathed the first real life into enforcement of the
Community Reinvestment Act, a 20-year-old statute meant to combat
"redlining" by requiring banks to serve their low-income communities. The
administration also has sent a clear message by stiffening enforcement of
the fair housing and fair lending laws. The bottom line: Between 1993 and
1997, home loans grew by 72% to blacks and by 45% to Latinos, far faster
than the total growth rate.""
"Fannie Mae and Freddie Mac buy mortgages from lenders and bundle them into
securities; that provides lenders the funds to lend more"
"In 1992, Congress mandated that Fannie and Freddie increase their purchases
of mortgages for low-income and medium-income borrowers. Operating under
that requirement, Fannie Mae, in particular, has been aggressive and
creative in stimulating minority gains."
"The two companies are now required to devote 42% of their portfolios to
loans for low- and moderate-income borrowers"
"Although Fannie Mae actually has exceeded its target since 1994, it is
resisting any hike. It argues that a higher target would only produce more
loan defaults by pressuring banks to accept unsafe borrowers."
http://articles.latimes.com/1999/may/31/news/mn-42807
"The Bush administration today recommended the most significant regulatory
overhaul in the housing finance industry since the savings and loan crisis a
decade ago."
"Under the plan, disclosed at a Congressional hearing today, a new agency
would be created within the Treasury Department to assume supervision of
Fannie Mae and Freddie Mac, the government-sponsored companies that are the
two largest players in the mortgage lending industry."
http://tinyurl.com/6lp5qu
"McCain Letter Demanded 2006 Action on Fannie and Freddie"
"Sen. John McCain's 2006 demand for regulatory action on Fannie Mae and
Freddie Mac could have prevented current financial crisis, as HUMAN EVENTS
learned from the letter shown in full text below."
http://www.humanevents.com/article.php?id=28973
Unlike Bush and McCain, as senator, Obama did nothing, other than earn the
distinction of becoming the second largest recipient of F&F contributions in
the entire congress, even in his short stint there.
Bill Clinton himself said it best:
"I think the responsibility the Democrats have may rest more in resisting
any efforts by Republicans in the Congress or by me when I was President to
put some standards and tighten up a little on Fannie Mae and Freddie Mac."
-Bill Clinton
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any
kind of financial crisis,'' said Representative Barney Frank of
Massachusetts, the ranking Democrat on the Financial Services Committee.
''The more people exaggerate these problems, the more pressure there is on
these companies, the less we will see in terms of affordable housing.''