Saturday, May 1, 2010

Hypocrites | Congress set in motion mortgage crisis

Democrats mandated 55 percent of Fannie and Freddie funding go to people at or below the median income. The left leaning main stream media does not report this enough. The housing market got pumped up by a bunch of folks who should be renters.

Now we are bailing out these same folks who never should have been able to qualify for a mortgage in the first place. It is hard to have sympathy for the mortgage holders, and the banks were forced, by Democrats, to give the loans, so you can't fully blame them. Now the hypocrites in congress try to demonize the bankers, and put a halo over the heads of the greedy people who signed on the bottom line for a mortgage the could not afford.

US News & World Report, Mortimer B. Zuckerman WRITES:
Democrats who seek to cast Wall Street as the villain forget the congressional mandate they placed on Fannie Mae and Freddie Mac to put 55 percent of their funding into mortgages for people at or below the median income.

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