The Housing Crisis

As we all know, because Barack Obama and others tell us every day, it was Bush’s fault. Except when it wasn’t:

The report concluded that Countrywide executives used a special VIP loan program to try to stop legislation that would have restrained the company’s business with Fannie Mae. Countrywide had an exclusive agreement to sell billions of dollars in mortgages to Fannie Mae at a discounted rate, according to the report issued by committee chairman Darrell Issa, a California Republican.

“This report sheds new light on Countrywide’s relationship with Fannie Mae and how Countrywide used its VIP program to cement its ties to its taxpayer backed business partner,” Issa said in a statement. “Other than Countrywide, no other entity’s employees received more VIP loans than Fannie Mae.”

Well, if you don’t consider Chris Dodd’s. What political party were Jim Johnson and Franklin Raines, again?

5 thoughts on “The Housing Crisis

  1. Leland

    Old news to most of us, but the media won’t cover it, and our regressive trolls will just ignore it.

  2. Godzilla

    The mess started a long time ago and had many factors. To me the main factor was the historically low interest rates and the fact that investors didn’t have anything better to put their money into than buying up real estate. This was already being done to a degree for a long time but the big shots only really started pumping up the world economy after the 1997 Asian crisis.

    W was there for two terms so he could have at least endeavored to stop the problem. Instead the US got into a large debt paying for wars on the other side of the world while the economy was heated up even more.

    1. Titus

      If Bushitler tried to stop the interest-only no hablo English loans, the weapon-of-choice for the elite Left to divest themselves of the tulips, he would have been a “racist.”

    2. Curt Thomson

      Instead the US got into a large debt paying for wars on the other side of the world while the economy was heated up even more.

      Umm… so… don’t go to war because it heats the economy up too much??
      That’s a new one for me anyway.

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