What do you think of the Bush White House, past attempts to change the mortgage industry now?

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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.” [10] 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. “[11] http://en. wikipedia.org / wiki / Community_Reinvestment_Act

2 Comments
  1. Reply
    arnold
    February 24, 2011 at 7:45 am

    He tried to limit their size. Dems wouldn’t let him and now we’re all suffering.

  2. Reply
    SCOTT M
    February 24, 2011 at 8:08 am

    I wonder if Barney and Mel now think we got too much “affordable” housing.

    Now some of our moronic social engineers are proposing that if we fund the bailout and get recoveries, all such recoveries should go to subsidize mortgages for low-income borrowers — some of whom falsified their loan applications. That’s a felony. This is just another form of tax.

    I think Watt drinks to much. Bush wasn’t talking about moving Fannie and Freddie from one agency to another. He was talking about improved oversight.

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