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Politics : View from the Center and Left
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To: bentway who wrote (229001)8/8/2013 9:15:22 PM
From: Bread Upon The Water  Read Replies (1) of 543047
 

This isn't what actually happened. Mortgage lenders made these loans, sometimes only demanding a pulse for collateral, if even that. Then, sometimes within hours or days, they turned around and sold the bad loan to FNM or FRM, who we legally OBLIGATED to buy it.


Yes, they were legally obligated to buy, but the requirement to guarantee loans to normally unqualified people and to people in unsafe areas was imposed on Freddie and Fannie by congress--or at least I maintain that until Sam proves me wrong.
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