Bill Clinton’s Community Redevelopment Act. was a good idea to help low income people attain credit who, prior to the CRA, could not qualify for the kind of home they wanted. The Real Estate people and the money people saw their opportunity and took advantgage. We are now watching the colossal, robber baron recovery unfold with $700 billion dollars of freshly printed money by the Bureau of Engraving and Printing to pay for it.
They forced the banks, financiers on Wall Street and mortgage companies to make predatory loans to people who were not financially prepared to pay the mortgages on the homes. They were threatened with fines and other measures if they did not comply. Now everyone is suffering because greedy people and power hungry, political parasites created the high risk market – housing bubble – with Fannie Mae and Freddie Mac.
The Obama financial advisor,Penny Pritzer, VP vetter, James Johnson, Franklin Raines, personal advisor and some of their staff who are involved in Obama’s campaign at the highest level. They and their staff were in charge and instrumental in the demise of Fannie Mae and Freddie Mac with the blessings of Barney Frank and Chris Dodd. http://uk.youtube.com/watch?v=NU6fuFrdCJY
John McCain said, “Quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s [Fannie Mae] senior management, which resulted in a $10.6 billion accounting scandal and a $3.8 million fine.” That did not stop them from further fraud. As a matter of fact things got worse.
On the Senate floor John McCain said, “I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190. To underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.”http://uk.youtube.com/watch?v=NU6fuFrdCJY