What caused the housing meltdown . . .


1977: President Jimmy Carter (D) signs the Community Reinvestment Act (CRA) guaranteeing home loans to low income families

1999: President Bill Clinton (D) puts the CRA on steroids, pushing Fannie & Freddie to increase the number of sub-prime loans. He even went on national TV to tell lenders that disqualifying welfare applicants based on source of income is discrimination.

2003: Republican White House calls Fannie & Freddie a systematic risk.

2003: Barney Frank (D-MA) says Fannie & Freddie are not in crisis. He bashes Republicans for crying wolf and calls F & F financially sound.

2003: Democrats block the Republicans-sponsored regulations legislation.

2005: Sen Schumer, (D-NY) says “I think Fannie & Freddie over the years have done an incredible job.”

2006: Sen John McCrain (R-AZ) calls for reform. “For years I have been concerned about the regulatory structure that governs F & F and it needs to be reformed NOW.”

2007: Democrats again block reform legislation.

2008: Housing market collapses, Democrats blame the Republicans!!!

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