Question...what's that one white guy doing up on stage? Did he get lost on the way to Congressional White Caucus meeting...oops, I forgot, there's no such thing. He must have been looking for the men's room.
Make no mistake big guy, this crap was caused by the pressure put on F&F by the clintons ( check the NYT circa 1998) to lighten up and allow the "havenots" a chance at the American Dream. The failing point is its a dream, and a privlage, NOT A RIGHT. This is due to people lending money to people who can't pay it back for houses that they can't afford. You can spin it, decorate it, name call and whatever else you need to do to make your guy or your party look better but in the end, that is the reason.
Even if that is 100% correct, (I'm not saying it is or it isn't), at least during the 8 years of Clinton the economy enjoyed one of it's most financially successful spans in the history of the USA. That made it much easier for the lower class folk that you guys are referring to pay for the mortgages. The endgame cause of the decline is rising fuel prices that made everything in this market much more expensive and decreased those peoples spending power and forced the mortgage crisis IMO.
http://www.nytimes.com/2008/09/24/us/politics/24davis.html Fannie and Freddie lobbied EVERYONE. Plenty of blame to go around on the housing mortgage debacle.
it is just as much or more because of people with good credit overreached---greedy. so they got an arm. and those that bought investment homes on arms. i dont think the clintons were pushing for people to be able to move into a nicer house and sell it before the arm reset.
