Re: The FCIC falls apart

On Dec 16, 2010, at 5:29 PM, Bruce Geerdes wrote:

> On Thu, Dec 16, 2010 at 4:23 PM, Lance McLain <lance-X3DuywwxauBWk0Htik3J/[email protected]>  
> wrote:
>> Best politicians bankers can buy!
>
> Way to go Republicans!
>
> (Karl, no need to reply that Dems are just as bad, I don't vote for
> them either.)

The thing that bothers me about the Republicans report is that it is  
untrue.  The vast majority of subprime lending was done through  
private lenders and not those associated with Fannie and Freddie and  
the CRA, especially at first.  It wasn't until the bubble was already  
inflated that the GSE's began to get into the act and lowered their  
lending standards.  Of course, the GSE's were used later as a  
mechanism to unload these toxic mortgages off of the banks and onto  
the taxpayers, but that was in an attempt to fix the crisis, not the  
cause of it.

regards,
-Lance

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