Your ignorance of the facts is glaring and appalling, typical of liberal deniers:<quoted text>
Clintons put forward the Community Reinvestment Act that forced banks to made loan money AVAILABLE in poor regions. He did nothing to force banks to change their lending practices.
BUSH took over FM and FM and then CHANGED the eligeability rules by bureacratic fiat using his control of FM & FM.
That was what George though and it might have been true before he messed with it.
He even bragged about the 'loosening' of mortgage criteria. You should pay attention to the FACTS not the spin.
"Freddie Mac recently began 25 initiatives around the country to dismantle barriers and create greater opportunities for homeownership. One of the programs is designed to help deserving families who have bad credit histories to qualify for homeownership loans."
President Bush's 2002 Speech at the Conference on Minority Home Ownership
George Washington University"
The fact is that this was about OVERSIGHT of the financing of FM and FM. And since their were no defaults till then any changes to the level of oversight would have found NOTHING.
"From the current handwringing, you’d think that the banks came up with the idea of looser underwriting standards on their own, with regulators just asleep on the job. In fact, it was the regulators who relaxed these standards--at the behest of community groups and "progressive" political forces.… For years, rising house prices hid the default problems since quick refinances were possible. But now that house prices have stopped rising, we can clearly see the damage done by relaxed loan standards"
"The effort to reduce mortgage lending standards was led by the Department of Housing and Urban Development through the 1994 National Homeownership Strategy, published at the request of President Clinton. Among other things, it called for “financing strategies, fueled by the creativity and resources of the private and public sectors, to help homeowners that lack cash to buy a home or to make the payments.” Once the standards were relaxed for low-income borrowers, it would seem impossible to deny these benefits to the prime market. Indeed, bank regulators, who were in charge of enforcing CRA standards, could hardly disapprove of similar loans made to better-qualified borrowers."
Now, stop embarrassing yourself with your willfull ignorance and lies.