Dems Blocked Mortgage Cleanup

Five years ago, the Bush administration tried to improve the regulation of two Democrat supporters (They gave MILLIONS to Democrats and a "little trickle" to Republicans. But the Democrats immediately objected. Rep. Barney Frank (ranking Democrat on the Financial Services Committee), whose boyfriend started a brothel in his apartment said, ”These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis." Democrat Melvin Watt said, "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing. I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing.” They probably wish they had not said those things now, and hope we will forget it. "The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended [They always mean well. -RT] Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but 'predatory.' It was the Bush administration that wanted to rein in the madness in the credit markets, and the Democrats who wanted to extend the Clinton policies that created the crisis we have now. After the fit hit the shan, as Michelle {Malkin] says, these same Democrats want to shift blame back to the administration that wanted to increase oversight and curtail risk in lending practices while reducing patronage at the giant GSEs." So now it's Bush's fault because "he didn't get his plan through." John Lott (Author of "More Guns, Less Crime")predicted this "crisis" six months before it happened. But was anybody listening? (Hot Air/Ed Morrissey)