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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: Kenneth E. Phillipps who wrote (49527)9/30/2008 2:11:43 PM
From: Ann Corrigan1 Recommendation   of 224750
 
Now you acknowledge the Democrats mismanagement and corruption fouled up Fannie/Freddie. That's a start. Fannie/Fred lobbied congress to create regs promoting home ownership. On the surface, that sounds good--problem was Fannie & Freddie liberalized and compromised mortgage underwriting standards by abandoning normal debt service criteria. The financial institutions should've known better but they thought they had Fannie/Fred's guarantee behind the mortgage paper. Many other firms, such as Lehman/Bear Stearns, bought the securitized mortgages which went bad when the homeowners could no longer pay - due to the fact they were recklessly given burdensome loans. Then everything unravelled--the financial instruments collateralized by the sub-standard mortgages became virtually worthless. The downward slide gained momentum--point is the entire process began with Fred/Fannie which as you've now acknowledged was controlled by the Democrats.
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