Obama was in Fannie’s Back Pocket
September 30, 2008
B. Hussein Obama was in the back pocket Fannie Mae and Freddie Mac. Taking bribes to keep quiet and let FNM and FRE continue with their fraud. Obama was #2 on the Fannie/Freddie “friends” list. Thank you B. Hussein Obama for causing this mess.
Here is a short timeline:
- 1995: U.S. President Bill Clinton strengthens Community Reinvestment Act regulations to require banks to loan to, and Freddie Mac and Fannie Mae to buy mortgages of, even less qualified borrowers
- 2003: President G.W. Bush administration recommended what the NY Times called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” This change was to move governmental supervision of Fannie Mae and Freddie Mac under a new agency created within the Department of the Treasury. The changes were opposed by the congressional minority Democratic Party and failed.[4]
- June 2003: Federal Reserve Chair Alan Greenspan lowers federal reserve’s key interest rate to 1%, the lowest in 45 years.[5]
- 2004-2005: Arizona, California, Florida, Hawaii, and Nevada record price increases in excess of 25% per year.
A big thank you to Democrats for expanding the ability for FNM and FRE to overextend to people who normally would not qualify. It is a shame Republicans were powerless to stop this. We need REAL CHANGE, we need Ron Paul.
Obama was in Fannie’s Back Pocket
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