You ask who deregulated the housing mortgage market, like I said every president since Hoover. Just one of bushes contributions was his Securities and Exchange Commission exempted large investment banks from limits on their debt-to-equity ratios in 2004, following a lobbying push by, among others, future Bush Treasury Secretary and then Goldman Sachs CEO Henry Paulson. Then there is the fact that The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Bush chose to oversee them - an old school buddy , that he had given a job to in his Government- pronounced fanny and Freddy sound even as they headed toward insolvency. You can't rewrite history or the truth. you can come in and lie and you can come in to distort but neither of those changes the truth. What did Bush have to say about getting more low income people into own home. " The Bush Administration through HUD, also required Fannie and Freddie to give a higher percentage of their loans to loan-income and minorities that otherwise would not qualify for the loans.
That’s why I’ve challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America’s home ownership challenge.
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system — I introduced two of the leaders here today — they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It’s a commitment that conforms to their charters, as well, and also conforms to their hearts." He threw a half trillion dollars in to do what you blame on Clinton. You people are driving the little clown car with 40 clowns in it.