Which of these liberals is most responsible for the subprime mortgage collapse, which in turn is the main cause of today’s lousy economy?

by Jen Posted 2012/07/12 15:04:32

Related Topics: Liberals, Bill Clinton, Jimmy Carter, Obama, Democrat, Mortgage, Barack Obama, Attorney General, Senate, Republican, Banking, Bank, ACORN, Clinton, Racism, Republicans, Democrats

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		Jimmy Carter, who pushed for and signed into law the Community Reinvestment Act, which forced banks to give mortgages to people who didn’t qualify for them.
		Bill Clinton, who doubled-down on Carter’s Community Reinvestment Act and lowered mortgage standards that had already been lowered too much as it was.
		Janet Reno, Clinton’s Attorney General, who intimidated banks with threats of legal action if they did not give out home loans to unqualified borrowers.
		Franklin Raines, a member of the Clinton administration. Raines was put in charge of Fannie Mae, which bought up bad loans to unqualified borrowers; Raines then falsified financial reports in order to collect millions of dollars in personal bonuses.
		Senator Christopher Dodd (D-CT), head of the Senate Finance Committee, who suppressed efforts by Republicans to rein in corruption at Fannie Mae and Freddie Mac, and who got a very favorable loan from a bank associated with those two set-ups.
		Rep. Barney Frank (D-MA), head of the House Banking Committee, who suppressed Republican efforts to investigate corruption at Fannie Mae and Freddie Mac – even accusing Republicans of racism in the process. (Fannie Mae was being run by the incompetent Fr
		President Barack Obama, who while he was an attorney, sued banks on behalf of ACORN to force them to give mortgages to people who couldn’t pay them back. As a U.S. Senator, Obama joined other Democrats in suppressing Republican efforts to investigate corr

Loading Demographics... Click an icon to see demographic results Display unknown and private
	Jimmy Carter, who pushed for and signed into law the Community Reinvestment Act, which forced banks to give mortgages to people who didn’t qualify for them.	8 votes	21%
	Bill Clinton, who doubled-down on Carter’s Community Reinvestment Act and lowered mortgage standards that had already been lowered too much as it was.	10 votes	26%
	Janet Reno, Clinton’s Attorney General, who intimidated banks with threats of legal action if they did not give out home loans to unqualified borrowers.	2 votes	5%
	Franklin Raines, a member of the Clinton administration. Raines was put in charge of Fannie Mae, which bought up bad loans to unqualified borrowers; Raines then falsified financial reports in order to collect millions of dollars in personal bonuses.	1 vote	3%
	Senator Christopher Dodd (D-CT), head of the Senate Finance Committee, who suppressed efforts by Republicans to rein in corruption at Fannie Mae and Freddie Mac, and who got a very favorable loan from a bank associated with those two set-ups.	3 votes	8%
	Rep. Barney Frank (D-MA), head of the House Banking Committee, who suppressed Republican efforts to investigate corruption at Fannie Mae and Freddie Mac – even accusing Republicans of racism in the process. (Fannie Mae was being run by the incompetent Fr	3 votes	8%
	President Barack Obama, who while he was an attorney, sued banks on behalf of ACORN to force them to give mortgages to people who couldn’t pay them back. As a U.S. Senator, Obama joined other Democrats in suppressing Republican efforts to investigate corr	12 votes	31%

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Marlow ~ Let There Be Light 2012/07/12 15:10:59 (edited)

Senator Christopher Dodd (D-CT), head of the Senate Finance Committee, who su...

+5
Hard to say exactly who, but Congress was involved over the decades and Dodd was supposed to be on top of the situation. All of the above if you ask me.

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More polls by Jen

Waldorf 2012/07/12 17:14:16 (edited)

Bill Clinton, who doubled-down on Carter’s Community Reinvestment Act and low...

+1
I recall the Clinton years as when the credit card offerings and debt levels exploded. It's credit in general, not just mortgages. The crazy interest rates that credit card companies charge have a lot to do with creating margins to cover bad debts.

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whitewulf--the unruly mobster 2012/07/12 16:12:40
mwg0735 2012/07/12 15:30:20
wolf sloan 2012/07/12 15:24:35

Jimmy Carter, who pushed for and signed into law the Community Reinvestment A...

+3
Got to back to when the seeds were planted. The crisis did not grow overnight

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Striker 2012/07/12 15:22:05

Rep. Barney Frank (D-MA), head of the House Banking Committee, who suppresse...

+3
Both Dodd and Frank as the originators of the CRA, and ALL who voted that in and participated in the devastation which followed.

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Mr. T to Striker 2012/07/12 15:26:31

+3
Agree. Frank & Dodd.

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Striker to Mr. T 2012/07/12 15:39:21

+3
Worse yet, so far as I know, that CRA has never been repealed. Sometimes Congress tinkers with parts of it. Small wonder nothing is ever returned to sanity in America.

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Ron the Realist 2012/07/12 15:17:27

President Barack Obama, who while he was an attorney, sued banks on behalf of...

+3
Barry help break the dam of sound mortgages. It was directly as a result of Andrew Cuomo's insistence on lowering the standards for Fannie and Freddie

Also, longer information is available at The Village Voice

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Jen to Ron the... 2012/07/12 15:19:23

+2
Yeah, I probably should have included Cuomo in my answer choices.

Maybe Maxine Waters too, since she really took up for Raines on the floor of Congress a few years ago, although her role in the subprime mess isn't as direct as the others in my list.

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Jen 2012/07/12 15:14:17

Bill Clinton, who doubled-down on Carter’s Community Reinvestment Act and low...

+4
At the end of the day, the current economic troubles are the result of liberal policies.

Some of those policies, regrettably, were even continued by the usually conservative George W. Bush, like his continuation of the Community Reinvestment Act.

But that act was a liberal baby through and through. The subprime mortgage mess is at the very root of the currently bad economy, and that mess was primarily caused by Democrat policies.

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Striker to Jen 2012/07/12 15:41:20

+2
And probably the worst part of that huge mess is that it has ended up added to the national debt which THEY claim WE are to pay.

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Marlow ~ Let There Be Light 2012/07/12 15:10:59 (edited)

Senator Christopher Dodd (D-CT), head of the Senate Finance Committee, who su...

+5
Hard to say exactly who, but Congress was involved over the decades and Dodd was supposed to be on top of the situation. All of the above if you ask me.

reply
Mr. T 2012/07/12 15:08:47 (edited)

Rep. Barney Frank (D-MA), head of the House Banking Committee, who suppresse...

+3
Bawney Fwank and Dodd. Imagine that...both Democrats.

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mk, Smartass Oracle 2012/07/12 15:06:55

Franklin Raines, a member of the Clinton administration. Raines was put in ch...

+2
All were involved to some degree, but Rains ran Fannie Mae into the ground

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Jen to mk, Sma... 2012/07/12 15:11:48

+3
Fair enough. My vote goes to Clinton here. Raines was his appointee, and while it was Carter who signed the CRA into law, it was Clinton's administration that really ramped it up. We wouldn't be in the hole we're in right now, if not for Clinton's love affair with that horrible program.

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mk, Sma... to Jen 2012/07/12 15:14:22

+2
Well as I said all you listed had some involvement but Raines did run Fannie Mae. I'm wondering now where Raines is.

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