When will Democrat take responsibility for the mortgage crisis?
In 2003, “The Bush administration recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis” but, Democrats opposed the overhaul.
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” — Barney Frank (D – MA)
”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing” — Melvin L. Watt (D – NC)
SOURCE: New Agency Proposed to Oversee Freddie Mac and Fannie Mae