Read of the day – How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable

by Mr. Bob | 3:57 pm, September 29, 2008 | Comments Off

One of the most frequently asked questions about the subprime market meltdown and housing crisis is: How did the government get so deeply involved in the housing market?
Fannie Mae and Freddie Mac, even into the early 1990s, weren't the juggernauts they'd later be.
While President Carter in 1977 signed the Community Reinvestment Act, which pushed Fannie and Freddie to aggressively lend to minority communities, it was Clinton who supercharged the process. After entering office in 1993, he extensively rewrote Fannie's and Freddie's rules.

Read the rest ...in the MSM!!!!

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