What do you think of the Bush White House, past attempts to change the mortgage industry now?
In 2003, the Bush administration has recommended that the New York Times called “the biggest overhaul of regulation of the housing finance industry since the crisis of savings and loans a decade ago.”  This change was a move to ensure public control of the two main agents of subprime loans, Fannie Mae and Freddie Mac under a new agency created within the Ministry of Finance. However, it does not alter the implicit guarantee that Washington is bailing out these companies when they are in financial difficulties, allowing them to collect the debt is much lower than their competitors. Changes were generally not the party line and end up not going to happen. Representative Barney Frank (D-MA) stated that the Thrift “These two entities – Fannie Mae and Freddie Mac – are not facing a financial crisis, more people exaggerate these problems, the more pressure there is, these companies less considered affordable housing. ” Representative Mel Watt (D-NC) added: “I do not see much other than the shell game going on here, moving something from one agency to another and process weakened bargaining power of poor families and their ability to find affordable housing. “ http://en. wikipedia.org / wiki / Community_Reinvestment_Act