Archive for the ‘Carter’ tag
Democrats solely responsible for the housing crises
Then President Carter signs into law the Community Reinvestment Act (CRA) passed in 1977, title VIII, 91 stat 1147, 12 U.S.C. 2901. Congressional findings and statement of purpose) increased over sight on banks to ensure they made loans to low income minorities.
Andre Cuomo on 04/06/1998 as the Housing and Urban development security forced banks to pay 2.1 billion to help fund low income people to buy homes. Mr. Cuomo admits these are high risk mortgages.
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 or FHEFSSA is Title XIII to the Housing and Community Development Act of 1992. It establishes the Office of Federal Housing Enterprise Oversight (OFHEO) within the United States Department of Housing and Urban Development (HUD). The act also mandates that HUD set specific goals for the government-sponsored enterprises Fannie Mae and Freddie Mac, with regard to low income and underserved housing areas. http://www.fanniemae.com/aboutfm/charter.jhtml http://uscode.house.gov/download/pls/12C46.txt
ACORN sues (attorney Obama) Citi bank to start issuing high risk mortgages to people that could not afford them. Fannie Mae resisted at first but was ordered by then President Clinton to accept the high risk mortgages. ACORN received over $760 million in fees.
Daniel Mudd (interim CEO 2005) Fannie Mae admits they have accepted more mortgages from minority and high risk people then any other group. “You are the conscience of Fannie Mae” Mr. Mudd talking to the Congressional Black Caucus.
Franklin Rains – CEO Fannie Mae received $50 million – Clinton Budget Director
Jamie Gorelick – received 26 million Fannie Mae – Clinton Justice Department
Jim Johnson – (interim CEO) receives millions form Fannie Mae – Obama Search Committee
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 sponsored by
Sen. Charles Hagel [R-NE]
Co-sponsored by:
Sen. Elizabeth Dole [R-NC]
Sen. John McCain [R-AZ]
Sen. John Sununu [R-NH]
Last Action: Jul 28, 2005: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
This is the bill Senator McCain speaks of trying to real in Fannie Mai and Freddie Mac. The Democrats prevented a vote. http://www.govtrack.us/congress/billtext.xpd?bill=s109-190 Now for all you cool aid drinkers, everyone knows this was a Republican Controlled Senate at the time. However, without the 60 vote majority the minority party can fillilbuster and prevent a bill from coming to a full vote.
How the Democrats Created the Financial Crisis: Kevin Hassett
Stand by for Barny Frank and Dodd:
