Wednesday, December 30, 2009

It's the Democrats Stupid!

Peter J. Wallison: The Price for Fannie and Freddie Keeps Going Up - "Fannie and Freddie's congressional sponsors—some of whom are now leading the administration's effort to 'reform' the financial system—have a lot to answer for. Rep. Barney Frank (D., Mass.), chairman of the House Financial Services Committee, sponsored legislation adopted in 2008 that established a new regulatory structure for the GSEs. But by then it was far too late. The GSEs had begun buying risky loans in 1993 to meet the 'affordable housing' requirements established under congressional direction by the Department of Housing and Urban Development (HUD)."

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