Is BO the most devisive President ever?

try leaving the personal insults out guy's

 

Then how do you expect your man to be able to communicate?

 

Clinton "regulating" the mortgage industry in the '90's was the first movement that led us down this path. It was his administration that decided home ownership was a basic right and it was under his watch that Fannie & Freddie were pushed to approve loans with little or no down and with a limited verification process. In response to these mortgages, the industry came up with financial products to offer customers when re-financing was in demand. Then, the insurance companies, in a way to give lenders peace of mind came up with the idea of derivatives (which minimized potential losses for the lender). When the money dried up & the economy slowed is when the foreclosures hit catastrophic levels. So, you see, it was a snowball that turned into an avalanche, caused originally by gov't regulation under Clinton when people like Dodd & Barney Frank thought they knew better than the mortgage lenders when it came to making mortgage loans.