Did you read the link to the NY Fed? This was just quoting from their website. Of course Congress passed the laws and revised them to push their agenda, but our “Central Bank” forced the banks into the risky loans. Giving the Fed this type of power seems strange. If and when they will be able to audit the Fed, it should be interesting. The author has no grievances about the Fed, just about what Congress has pushed them to do.
The new financial reform law is totally out of control see “Financial Reform - Social Justice on Steroids” posted here.
Are you nuts? The proportion of the bad loans was specified, revised annually, and rose to 52% in 2007. The conduit for these bad loans were Fannie and Freddie, not the Fed.
Just as to any leftist, facts don't matter to you, do they?