What law(s) in congress created this current mortgage banking meltdown disaster?
Is any particular lawmakers or committee in the U.S. Congress largely to blame for this failure in judgement and the lack of adequate oversight and accountability. Most of all, who has left the “crime scene” with the gold and gave the garbage loans to Freddie Mac and Fannie Mae, thus, the taxpayers and a $ 10 trillion loss?
If investment bankers spot a weak opening in the laws and regulations they will use it to their best advantage. Yes, Clinton led the move to make Fannie Mae and Freddie Mac offer “opportunity” for unqualified borrowers and the lenders shuffled the risk mortgage contracts into their hands. Now they are bankrupt and so is Lehman Bros as of tonight. The limos are line up for the executives to haul away their booty and get out of Dodge. Lehman Bros., just another tombstone resulting from leadership in Congress, especially trusty Chuck Shumer. He needs a long stretch in Attica or on a rope.