Friday, April 9, 2010

Congress set in motion the mortgage crisis

I get sick of hearing Democrats blame the fat cat bankers for the mortgage melt-down. Sure the lenders were greedy - so what. The fact is, the banks never would have been loaning losers with lousy credit, hundreds of thousands of dollars, without the prodding of democrats in congress. Two Fannie and Freddie execs testified today that they acted according to congressional prodding.

Two former Fannie Mae executives said Friday that competitive pressures, combined with the political goal of increasing home ownership, were to blame for the company's decision to back riskier mortgages that fueled the housing bubble. [emphasis added]

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