The Dems were obsessed with low income/bad risk loans being made by Fannie Mae:
Here is the press release from NLIHC including Obama’s praise for treating Fannie Mae like a Charity instead of a Business:
http://www.nlihc.org/detail/article.cfm?article_id=5158
“..The manager’s amendment to the bill, offered by Senator Dodd, included a provision championed by Senator Jack Reed (D-RI) that would create a Housing Trust Fund. The bill provides that funds from Fannie Mae and Freddie Mac will go into the Housing Trust Fund and that other funding sources that Congress designates may also go into the fund in the future. Furthermore, the amendment would require that 75% of funds go to extremely low income families and that the balance of Housing Trust Fund resources benefit very low income families, with income up to 50% of area median. At least 90% of the funds are for rental housing.
“I am pleased we were able to reach a bipartisan agreement to create more affordable housing, help people keep their homes, and strengthen the regulation of Fannie Mae and Freddie Mac,” Senator Reed said in a press release. “I have been working on creating an affordable housing fund for years. It is important for families to have access to affordable housing, and that’s why I’m pleased that today’s compromise will set aside new money to build affordable housing in all 50 states.”...”
Here is the Obamao:
“..Senator Barack Obama (D-IL), a cosponsor of the National Affordable Housing Trust Fund Act (S. 2523), also lauded the Committee’s work. “The Committee adopted new reforms of Fannie Mae and Freddie Mac, and created a permanent trust fund to help provide affordable housing for the low income families who need it most,” Senator Obama said.
In addition to the provision that creates a permanent Housing Trust Fund, the GSE bill establishes a regulator to ensure that the GSEs continue to maintain their affordable housing mission with safe and sound requirements.”
Look Obama said that they now had “safe and sound requirements”...