Fenton
DP Veteran
- Joined
- Nov 17, 2012
- Messages
- 29,771
- Reaction score
- 12,231
- Gender
- Male
- Political Leaning
- Conservative
I know there's much more. I only addresses the CFM act because that's what you pointed to, when you tried to put all the blame for the crash on Clinton.
There's also videos of Bush bragging about the surge of new home owners under his watch. And the CRA? The mortgage banks like Counrtywide who committed vast amounts of fraud, forgeries and rampant greed, had nothing to do with the CRA, also most of the subprime loans were made by firms that weren't subject to the CRA. And the rating agencies who happily stamped AAA on the garbage that the banks were giving them also had nothing to do with CRA. Without those AAA ratings the banks wouldn't have been able to get rid of that garbage.
There's plenty of blame to go around.
Just look at the differences between your posts on this subject, and mine. I have blamed everyone, because that's where the blame belongs, on everyone. While you only blame the Dems and Clinton. Over the years that's been conservatives MO on the crash. The refuse to blame the Republican politicians, even though the GOP deserves some of the blame. They refuse to blame the banks, and Wall Street, and rating agencies, even though their actions caused the crash. You're just regurgitating the partisan hacks and conservative blogs. You don't want to discuss what really caused the crash, you just want to use it to further your 'all Dems are evil and stupid' agenda'.
I's not discussing this anymore, especially in this thread.
Yes, Country Wide was one of the largest originators of Subprime loans.
Problem is their primary consumer was Fannie Mae, who started working with Country Wide back in 1999 when Country Wide developed a product exclusively for Fannie Mae called the " Fast and EZ " loan.
Fannie Mae was the primary consumer of Country Wides toxic loans when President Bush was pushing for a third party regulator for the highly corrupt GSEs.
Democrat Senators like Chris Dodd were taking advantage of " VIP " loan options while fighting off Republican attempts to regulate Country Wides largest customer.
And Bush's Homeowner-ship initaive was through the FHA, not Fannie and Freddie and Homeowner-ship rates only increased 1 percent over his entire administration.
Homeowner-ship rates under Clinton rose from 63 percent in 1993 to 68 percent in 2000.
Thats a 5 percent increase.
Clintons CRA changes were so " successful " his own Treasury Secretary bragged about the exponential growth in mortgages to low income borrowers.
From 1992-2000 CRA commitments rose to over a Trillion dollars thanks to his CRA changes and his "fair lending initiative "
Last edited: