Follow it back to Fannie & Freddie and follow that back to the Democrats in Congress and look at Schumer, Dodd and others, but especially look at Barney Frank. Frank is still the classroom smartass who is bright, but totally unreliable to make correct decisions and he doesn't get that this isn't a game of, 'ha ha, look at what I did!'
Frank has hurt millions of people and reliably, he will deny it and will smirk and dare anybody to go up against him.
Lawmaker Accused of Fannie Mae Conflict of Interest
Critics say such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.
Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.
Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis.
"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac," Clinton said recently.
Personally, I think that the Democrats, both actively involved and those who sat back and just reaped the financial rewards, should stand next to the corporate executives and answer to justice. If found guilty, they should have to spend every penny they have to pay us back.
