How the Bush administration shoved the housing bubble down America's throat.

[Beet]

Yes, I got this from a certain blog, but...

"In 2003, during the height of the predatory lending crisis, the OCC (Office of the Comptroller of the Currency) invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules."

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html

[Beet]

The Washington Compost. Ever hear of Chris Dodd? He is the one who took the most money from Fannie and Freddie. His wife is a lobbyist supporting financial overhaul right now. Obama too out the second most money from Fannie and Freddie in just 4 short years. Oh and Bush called on congress to fix the housing market collapse in 2003 because ANYONE could've seen it coming with as easy as it is to get a housing loan in this country. John McCain had his own bill to solve the problem in 2005 and the democrats stopped it. The meltdown was staged to happen just before the 2008 election as a political tool for the democrats who are in bed with the financial industry and Wall Street. It's time to stop being a democrat and look at the facts.

I didn't know you watched Fox News. fwiw, FNM had a good 70 year life and of those 70 years, a grand total of 10 coincided with a housing bubble. The same ten years when the subprime industry was active [the same subprime industry that made the vast majority of bad loans]. FNM didn't go wrong until it was co-opted into the neoliberal con game.