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Political Discussion
Reply to "The worst presidents in the post WWII era"
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[quote=Anonymous]You are incorrectly focusing on the CRA. That is not a big issue, nor are the default rates amongst different loan categories. The problem is that Fannie and Freddie were a huge part of the subprime market. They provided a much larger marktplace for this loan product, thus helping to fuel the bubble. You are focusing on those that blame the CRA and affordable housing targets. I do not. I blame the greed of Fannie/Freddie and their shortsited analysis. When prices began to fall, because of the way they packaged their debt on the secondary market, the panicked investors lowered the value of these packaged securities thus putting a few Wall St houses out of business. That was a big part of the panic in the fall of 2008. If I had to rank the blame, I'd put Fannie/Freddie behind the Fed. The real problem was the low interest rates and the cheap money, but Fannie and Freddie are second. and what are you referring to as "lower case poster"? [/quote]
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