Quote from skylr33:
Bush also inherited the banking/mortgage mess, due to the Democrats (Bill Clinton) and his affirmative action policy towards relaxing credit standards and handing out mortgages to anyone who could breathe, and had a 500 fico score. Bush tried on more than one occasion to curb the Clinton "Sub Prime" lending policy, but the idiot Democrats in congress wouldn't get on board. John McCain also introduced legislation to stop sub-prime lending, but once again, the democrats wouldn't get on board.
The Dems wouldn't get on board?
Your knowledge base is quite poor regarding this issue. Try sticking to the FACTS my friend. It might actually give you some credibility in this Forum for a change.
This probably comes as a surprise to you, but Republican
Chuck Hagel (Nebraska) introduced legislation via the Senate Banking Committee to strengthen and reform Federal oversight of Fannie, Freddie, and the FHLB way back in 2003.
His legislation was called the Federal Housing Enterprise Regulatory Reform Act.
http://www.swnebr.net/newspaper/cgi-bin/articles/printversion.pl?157683
Unfortunately, the Bill never came up for a vote in the Senate because there was not enough support by the GOP -run Senate.
Why no support from the GOP MAJORITY run Senate?
Because Freddie Mac secretly paid a
REPUBLICAN consulting firm called "DCI" $2 million to spend an entire year to kill legislation that would have regulated the GSE's.
Hagel and 25 other Republican's pleaded with Senate Majority Leader, Bill Frist ( Tennessee ) to allow a vote, but Frist didn't see enough support for the vote and the measure died at the end of the 109th Congress.
http://www.journalstar.com/articles/2008/10/20/news/doc48fbb1f2d0fb0996916427.txt
Interestingly enough, by the time that McCain signed onto Hagel's legislation as a co-sponsonor, the "DCI" effort to sabotage such legislation had already gone on for 9 months.
