Barney Frank, Chuck Shumer and Chris Dodd cooked it all up. they manipulated Fannie and Freddie and played with mortgages. If anybody is to get the blame for what happened in 2008, I’d start there.
Agreed. But this goes way back...to LBJ and then Carter's CRA (community reinvestment act). And in 1996 it got put on steroids and '08 was the culmination of some pretty bad decisions and more than likely, some corrupt decisions.
And how is it that mortgage debt eventually got into the hnads of Wall Street? To me, this is problematic.