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Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.

Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis. McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.

Micromanagement of economies and societies has consequences.

IS THIS NOT AN ACT OF TERRORISM???

If they are smart enough to plant the seeds of the destruction of the global capital system by forcing mortgages on those who can't pay (here and in Eastern Europe), are we too dumb to understand this was intentional? Al Quaida should have had such access! They were stuck using planes. All who hate America are involved in this. And... wanna bet that as we are flat on our faces right now, Al Quaida is planning another spectacular to crush our morale? Watch for the double whammy (I don't have any information, just a hunch).

THE FEDERAL GOVERNMENT CAUSED THE MORTGAGE LOAN MELTDOWN. NOW OBAMA AND CONGRESS SAY IT TAKES MORE GOVERNMENT TO FIX THE PROBLEM. THEY MUST THINK ALL VOTERS ARE STUPID .... MAYBE THEY ARE RIGHT.

Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.

Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis. McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.