Lumpy 1
Diamond Member
- Jun 19, 2009
- 42,976
- 17,419
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Just my opinion..
Carter's Community Redevelopment Act caused Fannie and Freddie to start underwriting bad mortgages. Clinton and Bush both pushed it, then Bush tried to rein in Freddie and Fannie in but alas the leadership of Chris Dodd and Barney Frank in the Senate and House were being paid off to do otherwise.
Pelosi and Reid controlled both Houses of Congress but failed in their oversight responsibilities, they were more concerned, it seems, with undermining Bush with repeated investigations and winning the 2006 election at any cost.....(Okay sure showing some bias here)..
Wall Street/Bankers knew it was a bad situation but packaged bad mortgages as high risk investments and played it for as long as the profits rolled in.
Buyers of these high risk investments should have been far more diligent but weren't.
and the American people got screwed over...
Carter's Community Redevelopment Act caused Fannie and Freddie to start underwriting bad mortgages. Clinton and Bush both pushed it, then Bush tried to rein in Freddie and Fannie in but alas the leadership of Chris Dodd and Barney Frank in the Senate and House were being paid off to do otherwise.
Pelosi and Reid controlled both Houses of Congress but failed in their oversight responsibilities, they were more concerned, it seems, with undermining Bush with repeated investigations and winning the 2006 election at any cost.....(Okay sure showing some bias here)..
Wall Street/Bankers knew it was a bad situation but packaged bad mortgages as high risk investments and played it for as long as the profits rolled in.
Buyers of these high risk investments should have been far more diligent but weren't.
and the American people got screwed over...
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