Fannie Mae collapsed during a democrat majority in congress. The chair of the banking committee confessed that he had "ideological blinders on" while Fannie was going under. Translated that means democrats wanted an economic collapse to be the mother of all October surprises. Barney Frank admitted it. Frank Raines is one of Obama's financial advisors. He is alleged to have cooked the books to show a profit which was tied to his bonus money and walked away with 90 Million dollars for three years work. The former democrat majority ignored the mess in Fannie while they waited for the statute of limitations to expire and the blamed Bush. Obama squandered two years with a substantial majority in congress and spent money like a community activist with a stolen ATM card. Democrats had no intention of fixing the economy. All they wanted was a blank check to pay the poverty pimps and the union thugs to guarantee them another term in office.
2004 George W. Bush's Republican Convention Acceptance Speech
(This speech was delivered at the 2004 Republican National Convention on September 2, 2004 when George W. Bush officially accepted the Republican nomination to run for President.)
..... Another priority for a new term is to build an ownership society, because ownership brings security, and dignity, and independence. Thanks to our policies, homeownership in America is at an all-time high. Tonight we set a new goal: seven million more affordable homes in the next 10 years so more American families will be able to open the door and say welcome to my home .....
2004 George W. Bush's Republican Convention Acceptance Speech - Wikisource
Perhaps "whitehall" should "can" the rhetoric and go back to familiarize himself with George W. Bush's 2004 Republican Convention Acceptance Speech in which he promised "to build an ownership society ..... seven million more affordable homes in the next 10 years so more American families will be able to open the door and say welcome to my home ....."
Just what agencies does "whitehall" think Bush was relying on to "build an ownership society" and provide the mortgages required to finance these "seven million more affordable homes?"
If the Bush Administration and the Republicans didn't know what was going on concerning "subprime mortgages" and the activities of Fannie May, its because they didn't want to know!
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
Published: September 11, 2003
. .WASHINGTON, Sept. 10— 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.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
New Agency Proposed to Oversee Freddie Mac and Fannie Mae - NYTimes.com