How The Democrats Caused The Financial Crisis: Starring Bill Clinton’s HUD Secretary Andrew Cuomo And Barack Obama; With Special Guest Appearances By Bill Clinton And Jimmy Carter
That HUD report was based solely on assumptions made during the Clinton Administration.
From the silly report:
Fannie Mae and Freddie Mac are moving into the subprime market in a slow and prudent manner.
Bush never embraced such silliness, only Democrats:
NY Times Sept 2003
WASHINGTON, Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
BLOCKED BY DEMOCRATS
*****Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.***
Barney Frank -
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
HU*D had regulatory oversight of the GSE's...they could have simply ordered FN and FM to cease purchasing those mortgages which, had you actually read what I had posted, then you'd know that.
Why would you try to lie to me over an element of what I do for a living, Happyfunball?
The fact of the matter is HUD in the early 2000s was operating under the model established by Clinton/Cuomo in the late 90s. It's not simple to immediately change bureaucratic procedures of agencies or even immediately recognize the flaws.
Bush is absolutely on the record as demanding oversight if the GSEs and your Dem buddies are on the record as opposing him. That is just a fact.
