By David Goldstein and Kevin G. Hall | McClatchy NewspapersWASHINGTON As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.
Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.
Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.
Private sector loans, not Fannie or Freddie, triggered crisis | McClatchy
Sorry about facts
I'm curious...why did you choose an article from back before the election in '08 when the problems at Fannie Mae and Freddie Mac were not yet apparent? Oh, wait...silly question on my part. You chose that article because it let those running Fannie and Freddie off the hook. Why don't you give us an "update" on how bad the situation actually turned out to be at Fannie and Freddie?
