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Politics : American Presidential Politics and foreign affairs
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To: RMF who wrote (30645)12/23/2008 8:40:55 AM
From: Peter Dierks  Read Replies (1) of 71588
 
The Carter era Community Reinvestment Act was beefed up at the insistence of Chuck Rangle and other democrats in 1999 as the price of passing another piece of legislation. The 1999 legislation authorized NINJA aka LIAR loans. Competing in the mortgage market required competing with others who actively pursued NINJA loans.

Multiple Republicans tried to get the worst offenders regulated. Democrats who were the primary beneficiaries of Fannie and Freddie largess resisted and blocked reform.
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