there are rumblings that there is a push to reduce the requirements to get mortgages...again.... 1977: Jimmy Carter (D) signs the Community Reinvestment Act, guaranteeing home loans to low-income families 1999: Bill Clinton (D) puts the CRA on steroids, pushing Fannie Mae and Freddie Mac to increase the number of sub-prime loans. 2003: The Bush White House calls Fannie and Freddie “a systemic risk.” The Bush administration pushes Congress to enact new regulations. 2003: Barney Frank (D-CT) says F&F are “not in a crisis.” He bashes Republicans for crying wolf and calls F&F “financially sound.” Democrats block the Republican-sponsored regulation legislation. 2005: Federal Reserve Chairman Alan Greenspan voices a warning over F&F accounting. “We are placing the total financial system of the future at a substantial risk 2005: Sen. Charles Schumer, (D-NY) says “…I think Fannie and Freddie over the years have done an incredibly good job and are an intrinsic part of making America the best-housed people in the world …if you look over the last 20 or whatever years, they’ve done a very, very good job.” 2006: Sen. John McCain (R-AZ) again calls for reform. “For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac … and the sheer magnitude of these companies and the role they play in the marketplace … the GSE’s (government sponsored enterprises) need to be reformed without delay.” 2006: Democrats again block reform legislation. 2008: housing market collapses; Democrats blame the Republicans
Posted on: Tue, 02 Jul 2013 10:19:02 +0000
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