The next time you hear an Obama supporter tell you that McCain, Bush, or the republicans are responsible for the housing and mortgage crisis, send them over to look at this.
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
Sounds like a plan, but democrats seemed to see it differently.
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Democrats eventually killed the proposal. It seems once again democrats went out of their way to supposedly “help” the poor with housing, and now ended up screwing everyone else. Great job democrats!
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