Did not the Republicans clearly so the collapse coming and the liberal dufus in congress yelled "racism"?Let's don't forget this 100% democrat authored disaster that blew up in everyone's face:
The unvarnished truth, part 2:
The current mortgage crisis came about in large part because of Clinton-era government pressure on lenders to make risky loans in order to Ã¢ÂÂmake homeownership more affordable for lower-income Americans and those with a poor credit history,Ã¢ÂÂ the DC Examiner notes today.Ã¢ÂÂThose steps encouraged riskier mortgage lending by minimizing the role of credit histories in lending decisions, loosening required debt-to-equity ratios to allow borrowers to make small or even no down payments at all, and encouraging lenders the use of floating or adjustable interest-rate mortgages, including those with low Ã¢ÂÂteasers.Ã¢ÂÂÃ¢Â
The liberal Village Voice previously chronicled how Clinton Administration housing secretary Andrew Cuomo helped spawn the mortgage crisis through his pressure on lenders to promote affordable housing and diversity.Ã¢ÂÂAndrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the countryÃ¢ÂÂs current crisis. He took actions thatÃ¢ÂÂin combination with many other factorsÃ¢ÂÂhelped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments.
He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded Ã¢ÂÂkickbacksÃ¢ÂÂ to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.Ã¢ÂÂ(See Wayne Barrett,Ã¢ÂÂAndrew Cuomo and Fannie and Freddie: How the Youngest Housing and Urban Development Secretary in History Gave Birth to the Mortgage Crisis,Ã¢ÂÂ Village Voice, August 5, 2008).
Investors Business Daily had an editorial yesterday about how another federal Ã¢ÂÂlaw designed to encourage minority homeownershipÃ¢ÂÂ also contributed to the mortgage crisis by pressuring lenders to make risky loans.
Liberals can not think!