12-01-2008, 11:44 PM
It started with Carter in 1977, community reform act. And reinacted in the Clinton erra in 1994, and inforced by congress there after. This forced the banks to loan money to people that could never pay it back, all for political gain "EVERY ONE CAN NOW OWN A HOME" Fannie and Freddy are goverment owned, they bought all the bad debt, loaned by these banks. Here's your massive debt increase. Congress passed leg. that allowed "funny" accounting by lenders, which gave incentive for ceo's to bundel these bad loans for Fanny and Freddy to buy, and they got very wealthy form this ( Obama advisors- Jim Johnson, Franklin Raines.
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