No Income… No Job… No Assets… No Problem
The video below traces the beginning of our economic undoing.
Who’s responsible?
Jimmy Carter, Bill Clinton, Clinton’s HUD Secretary Andrew Cuomo, (all Democrats) ACORN and Barack Obama (another Democrat). They forced the Banks to make loans knowing they were risky and the resulting default rate would be high.
The Community Reinvestment Act was signed into law by Jimmy Carter in 1977.
ACORN bullied the banks into lowering credit standards with the help of Chicago lawyer Barack Obama.
Bill Clinton forced Fannie Mae to increase the number of low income in their portfolio.
Who in their right mind would write a mortgage with no money down, no credit check, no job, no income or no assets?
This whole economic crisis can be directly tied to the Democrats.
Republicans opposed the Democrats. John McCain attempted to reign in Fannie Mae in 2006 and was never allowed to have the bill approved by the Banking Committee come to the floor of the US Senate for a vote.
For the record, John McCain signed this letter from May 5, 2006, which was singed by 19 other Republican Senators. It outlines their objections.
Human Events has more here…...
McCain Letter Demanded 2006 Action on Fannie and Freddie.
