Quote:
Originally Posted by Seaver
Completely false. Fannie May/Freddie Mac were Democrat initiatives. Bill Clinton helped forge the idea that everyone should own a home, even those who can't necessarily afford it.
They claim they haven't been properly represented in Washington for a decade or so, that the people they put in power ignored what they wanted and did something completely different. So in essence it's not tax evasion, it's taxation without representation.
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If Fannie Mae and Freddie Mac were the main culprits for this mess, the second they were bailed out this mess would have gone away.
In fact, it has been more than established by now that whatever role those companies, the CRA, or low income home buyers played in the crisis, it was very far from being the main or one of the main causes for this mess.
There is a reason why the heaviest hit areas in terms of foreclosures are Vegas, South Florida, and southern California, and not Queens, Oakland and so on.