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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (49344)9/29/2008 1:06:57 PM
From: TimF2 Recommendations  Read Replies (1) | Respond to of 224749
 
Not just Fannie Mae, it and Freddie Mac.

Even so, perhaps "primary" is a bit strong, but they each played major roles.



To: Kenneth E. Phillipps who wrote (49344)9/29/2008 7:37:25 PM
From: Ann Corrigan1 Recommendation  Respond to of 224749
 
Yes!The US congress - primarily pressure from those representing minorities - forced banks to grant mortgages to low income citizens who could not afford their mortgage payments. Fannie Mae bought these sub-prime loans and built a house of cards that finally collapsed and caused the mortgage meltdown.


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