Wall Street Watchdog Too Broke to Do Its Job Thanks to GOP Cutbacks

i already did

 

Hey brainlesshead, check the date. In 1999, the NY Times (not exactly a conservative publication) told us all what was going to happen and accurately pinned the blame solely on Clinton and Barney Frank.

Gee, pressuring banks to give mortgages to low income people... nothing could go wrong there..!!

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.