Liberals Claim “Private sector loans, not Fannie or Freddie, triggered crisis”
The article below claims that Fannie and Freddie were not responsible because 1) “84% of subprime mortgages were issued by private lending institutions.” 2) “Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that’s being lambasted by conservative critics.” To point 1) Here is what this misses. The private sector issued these loans and then Fannie and | Read More »
Did Obama Write a Letter Warning of Fannie/Freddie?
Below is Obama’s Letter. Do you see any mention of Fannie/Freddie? March 22, 2007 Dear Chairman Bernanke and Secretary Paulson, There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership | Read More »