ALL the cogs in a wheel DUHMBO Duh A Vey. Just for the record and to be fair though-Dodd's probably had some good moments, slapping some republican stupidity down a time or two.<quoted text>
Banks might have lowered rates or reduced down payments, but borrows still had to prove they could make the payments.
Any bank at anytime could make a bad loan & sell it to Fannie/Freddie. So why didn't they? Why do you think it would only be CRA loans? It shows your argument to be stupid.
It starts with three Republicans, Graham, Bailey, Leach.
It was investment houses getting into the housing market by buying questionable mortgages & bundling them to create investments. These investments were quite popular & created a demand for mortgages.
None had anything to do with the CRA.
Republicans opened the gates & then sat back & watched what should have been a housing problem become the driving force to becoming a near financial meltdown.
When you right whiners start blaming the CRA, you just probe how uneducated & uninformed you are.
Sen. Chris Dodd, a Democrat from Connecticut, announced Thursday that he will maintain his chairmanship of the Senate Banking Committee in the upcoming Congressional session.
Rumors had circulated that Dodd might give up the post to seek the chair of either the Senate Foreign Relations Committee or the Health and Education Committee. Dodd is a senior member of both committees.
But with the financial crisis threatening to drag the economy into a protracted recession, the Senate Banking Committee will be on the front lines of the government’s efforts heal the housing and financial markets. As the top lawmaker on the panel, Dodd stands to boost his influence and raise his profile.
Mullins, L. Chris Dodd to Retain Banking Committee Chair. USNewsMoney.November 6, 2008
“As a United States Senator from Connecticut, there is no more important way right now that I can serve the people of Connecticut and our country than as Banking Committee Chairman,” Dodd said in a statement Thursday.“In this role, at this moment, I am confident I can do the greatest good for our nation – and create lasting change for millions of Americans.”