Great.... what bill(s) did he pass to alter it which led to Bush’s Great Recession? Cite the bill number and year.
As you know, and know well, to alter the policies, rules, and regulations of Fannie and/or Freddie requires no change in the law.
For instance.
Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.
How Government Stoked the Mania
ONE of the many foul-ups led by Chris Dodd and Barney Frank leading to the downfall of the housing/mortgage/financial meltdown of 2007/2008.
I should be surprised by your ignorance about the recession but then, you have yet to accept the results of the Presidential Election of 2016.