FG Was the Culprit in Housing & Economic Crisis: Congressional Report


	FG Was the Culprit in Housing & Economic Crisis: Congressional Report

jatfla

7-8-2009 3:32 PM

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jatfla says:

We've known this for months. In the later half of the Bush Administration there were serious attempts to *fix* this but the likes of Frank, Dodd, Kerry, etc....kept it going. Government in banking?? what would Alexander Hamilton have said? or M. Friedman?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/bfd4519e-569a-40a3-bb73-17f5562fc568/17BC132B-05CE-41AD-9C63-63FB32FFB687/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.cnsnews.com/public/content/article.aspx?RsrcID=50680" href="http://www.cnsnews.com/public/content/article.aspx?RsrcID=50680" style="font-size: 11px;">www.cnsnews.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cnsnews.com/public/content/article.aspx?RsrcID=50680"><SPAN id="ctl00_ContentArea_lblTitle">Federal Government Was Culprit in Housing and Economic Crisis, Says Congressional Report</SPAN></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cnsnews.com/public/content/article.aspx?RsrcID=50680"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/www.cnsnews.com/img/396B953E-203F-41C0-A846-762EA94970C0" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cnsnews.com/public/content/article.aspx?RsrcID=50680">Fannie Mae and Freddie Mac were the chief culprits in the housing crisis because they encouraged people who could not afford payments to borrow money, according to a <A href="http://blog.heritage.org/wp-content/uploads/2009/07/7-7-09-housing-crisis-report.pdf">congressional report</A> released Tuesday</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cnsnews.com/public/content/article.aspx?RsrcID=50680"><DIV>
The claims in the report have long been advanced by conservatives, who argue that the Community Reinvestment Act and other federal programs fed the housing bubble that burst in 2007 and led to the economic downfall in 2008. </DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cnsnews.com/public/content/article.aspx?RsrcID=50680">“In the short run, this government intervention was successful in its stated goal – raising the national homeownership rate,”</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cnsnews.com/public/content/article.aspx?RsrcID=50680">“However, the ultimate effect was to create a mortgage tsunami that wrought devastation on the American people and economy,” </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cnsnews.com/public/content/article.aspx?RsrcID=50680">the well-intentioned goal that everyone have a home even if they can’t afford it,” </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/17BC132B-05CE-41AD-9C63-63FB32FFB687/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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