ohhhhh, pleeeeeezzzzz....<quoted text>
Yes Carol and it's been pointed out to you on numerous occasions that Fannie and Freddie didn't have anything to do with the collapse of the housing market. Private markets caused the shady mortgage boom: The first thing to point out is that the both the subprime mortgage boom and the subsequent crash are very much concentrated in the private market, especially the private label securitization channel (PLS) market. The Government-Sponsored Entities (GSEs, or Fannie and Freddie) were not behind them. The fly-by-night lending boom, slicing and dicing mortgage bonds, derivatives and CDOs, and all the other shadiness of the mortgage market in the 2000s were Wall Street creations, and they drove all those risky mortgages.
In 2004 Republicans held the House, Senate and the White House so your assertion that Democrats are to blame is inane. Also in 2004 the housing market appeared to be going fine, it wasn't until two years later that the market started to collapse because of the toxic loans infecting the system. Fannie and Freddie don't originate loans nitwit, they buy them so that banks have the cash to make more loans. Fannie and Freddie did buy some of the toxic loans in the form of mortgage backed securities but let's not forget that the ratings agencies were rating them AAA and they were in high demand throughout the financial industry.
But go ahead let's keep recycling those lies.
We have the Director of OFHEO warning everyone about Fannie Mae and Freddie Mac keeping fraudulent books to hide the CRA disaster as early as 2003 when the Democrats supported the war in Iraq in exchange for no effective oversight of institutions like Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac had everything to do with the economic collapse, dupe.