Leading Republican presidential candidate and former Massachusetts Gov. Mitt Romney laid out his prescription for America’s housing crisis while campaigning in Nevada last month, saying policy makers shouldn’t “try and stop the foreclosure process.” “Let it run its course and hit the bottom,” he said. In the state with the highest foreclosure rate in the nation, that earned Romney a strong rebuke from Gov. Brian Sandoval (R).
Private Wall Street Companies Caused The Financial Crisis — Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act
October 14, 2011 7:28 am ET
In the four years since the housing bubble burst, triggering a collapse in global financial markets whose value had been propped up through the repackaging and trading of home loans via complex financial instruments, there's been plenty of blame to go around. The Occupy Wall Street protests have called new attention to the root causes of the crisis, and led Republicans to reiterate their claim that government-backed lenders Fannie Mae and Freddie Mac were the primary villains. The facts about the subprime mortgage market prove that claim false: Private firms dominated the subprime market boom of 2004-06, and were not even subject to the 1977 Community Reinvestment Act some Republicans vilify.
Thanks to decades of financial deregulation, capped by President Bush's decision to appoint Wall Street regulators who believed their job was to help banks rather than curb banking abuses, financial giants were able to turn the mortgage market into a high-stakes casino. As investigative reporters and Congress' Financial Crisis Inquiry Commission have all shown, it was deregulation mixed with irresponsible and potentially illegal practices by private firms on Wall Street that caused both the bubble and the collapse.
another mis-informed radical who cannot think for themself. do thier own research and face the truth.