[...] Cory Booker! Whatever would g...
Did White House threaten Cory Booker for criticizing Obama’s attack ad? « Full Metal Patriot on Obama threatens to withhold Social Security checks despite sufficient funds [UPDATED] Social Security Chief Actuary exposes Obama deception
Who caused the subprime crisis? Set your Wayback Machine to 1999.
Are you believing the ludicrous – and erroneous – assertion by Obama and the Democrats that the current subprime crisis is the fault of Republicans?
Let’s have a little memory refresher, shall we? Set your Wayback Machine to 1999 and read this article from The New York Times:
Fannie Mae Eases Credit To Aid Mortgage Lending
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
[...]
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980′s.“From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”
$700 billion dollars worth of Democrat chickens, coming home to roost…in our wallets.
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Previous posts for further reading:
- How the Democrats Created the Financial Crisis
- Obama’s inconvenient ties to Fannie Mae
- Further proof of Democrats’ fault over economy
Posted by FullMetalPatriot
12th gen. American, Constitutionalist, Harley-riding Texan, gun owner & NRA member, blogger, illustrator, Florida Gator alumnus. #TCOT
12th gen. American, Constitutionalist, Harley-riding Texan, gun owner & NRA member, blogger, illustrator, Florida Gator alumnus. #TCOT
