First YOUR premise was Bush went to Congress 17 times to reform F/F. Weird how the GOP Congress didn't take HIM seriously? AS he pushed F/F into purchasing $440 BILLION in MBS''s to meet his goals, starting in 2004
Want to give me the link to the "Bloomberg Market article". YOU TALKING KEVIN HAZLET'S BUSH ISN'T GUILTY THING? The guy from AEI who like the rest of AEI, has been jumping through hoops to lie?
YOUR NEW LINK, NYT? CRA. Had ZERO to do with Bush's subprime crisis. Only 6% of ALL loans 2004-2008 were done by banks even under CRA requirements, NOT that they were even done for CRA purposes, lol
Most subprime lenders weren't subject to federal lending law
Community Reinvestment Act, blamed for home market crash, didn't apply to the banks that did the most lending.
BANKSTER:
Bob Davis, executive vice president of the American Bankers Association, which lobbies Congress to streamline community reinvestment rules, said "it just isn't credible" to blame the law CRA for the crisis.
"Institutions that are subject to CRA - that is, banks and savings asociations - were largely not involved in subprime lending," Davis said. "The bulk of the loans came through a channel that was not subject to CRA."
Most subprime lenders weren't subject to federal lending law - The Orange County Register
NOW let's get back to FACYS
Clinton huh?
The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008
"(In 2000, CLINTON) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."
How HUD Mortgage Policy Fed The Crisis
"In 2004 (BUSH) , the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."
http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf
The American mortgage market was about $500 billion in 1990. During the 1990s, it went up to nearly $1 trillion in 1993, peaked in 1998 at around $1.5 trillion. In 2000, it stood at $1 trillion a year. The real surge in the mortgage market began in 2001 (the year of the stock market crash). From 2000 -2004, residential originations the U.S. climbed from about $1trillion to almost $4 trillion.
About 70% of this rise was accounted for by people refinancing their conventional mortgages at lower interest rates
http://www.tobinproject.org/sites/tobinproject.org/files/assets/Fligstein_Catalyst of Disaster_0.pdf
CLINTON? LOL
US HOUSEHOLD DEBT DOUBLED UNDER BUSH. GET HONEST, JUST ONCE
Everything else you posit is just right wing nonsense!