Democrats in their own words covering up the Fannie Mae, Freddie Mac scam [8:37]
At a 2004 hearing, Democrat after Democrat attacked Republican attempts to impose regulations on Fannie Mae and Freddie Mac that would have prevented or mitigated the growth and bursting of the housing bubble that set off the current economic crisis.
Watch this whole thing and PAY ATTENTION to what party is associated with the legislators demanding regulation and what party (and what skin color) is associated with the legislators condemning regulation.
Barney Frank Lies About Fannie Mae [:50]
Barney Frank says he was never pushing for excessive homeownership, just renting homes. And of course, he says the whole Fannie-Freddie mess was Bush’s fault.
But he lies. He pushed for home ownership, just like the rest of the Democrats involved in Fannie and Freddie.
“Those of us on our committee who continue to push for home ownership, but you’re not going to see the collapse you see when people talk about a bubble.”
It was these “risk-less” loans that failed and led to all those foreclosures the media tried to blame on Republicans.
Fannie and Freddie handed out 100% mortgages to people who couldn’t afford the monthly payments, never mind come up with a down payment, and who would never have qualified if they’d had to meet sound banking standards for loans.
But under Fannie and Freddie, they had the right skin color, so they were handed houses that they then had taken away again.
It stinks of Affirmative Action, which gets unqualified students admitted to colleges where they are almost certain to fail.
The Left calls this “compassion” … I call it unmitigated evil.