"HeyBub" wrote in message
m...
noneya wrote:



And I suppose you think "Little Hitler" Bush was cool? Bush did
nothing about this problem in his 8 year term! People like you are
the ****ing Morons!!!!!

Nothing was done, true. But it wasn't for lack of trying by Bush and the
Republicans.

Bush said, in the 2002 Budget Request to Congress that both Fannie and
Freddie were potential problems. In 2003, the warning was raised to a
"systemic risk" that could spread beyond housing.

In late 2003, the Bush administration pushed for the creation of a new
agency to regulate and supervise GSEs, including Fannie & Freddie. The
legislation was blocked.

In 2005, Alan Greenspan cautioned we are placing our total financial
future at risk. Again the legislation (strengthening GSE regulation) was
blocked.

In 2006, John McCain co-sponsored legislation to reform and regulate
GSEs, specifically Fannie & Freddie. This bill made it out of committee
on a straight party-line vote. There were insufficient votes in the
Senate for final passage.

Well then, you may want to look up the American Dream Downpayment Act of
2003. You'll see who took credit for the act. It gave 400 million away each
year, to pay for closing costs etc. It claimed 200,000 new home ownerships
since it was enacted. It makes you wonder how many 200,000 of those who
couldn't afford closing costs, let alone actual payments, are now in
foreclosure. The 400 million per year is chump change, the damage was the
200,000 poor people put in homes, who couldn't afford rent.

Does housing bubble come to mind?