How the U.S. Mortgage Industry Collapsed: Response to mccainisthrough

This is a response to the poor video at http://www.youtube.com/watch?v=2PlzAIURH6o

UPDATE: This user pulled the video due to lack of facts and has reloaded it at http://www.youtube.com/watch?v=maWr_ZEaR5g

In short (the rest of the detailed information is at the link on the bottom), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) were the main causes of the housing market collapse and subsequent economic downturn.

They engaged in massive amounts of subprime lending (Alt-A mortages, "stated income, stated asset" loans, no down payments, etc) to the tune of over $1.6 trillion and sold these back on the market as mortgage-backed securities.

Clinton's HUD ratcheted up the subprime (lending to "underserved", low-income and very low-income areas) lending quotas of the Community Reinvestment Act and here we are now.

It's no surprise that AIG, Countrywide, IndyMac and Washington Mutual were heavily invested in these mortgage-backed securities. Call your Senators and Congressman. Demand that Freddie Mac and Fannie Mae be elimintated.

http://www.freewebs.com/professor_enigma/fanniemaefreddiemac.htm

Part II of our video response is at http://www.youtube.com/watch?v=rkGE9P2aYZY

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[bcha1354]

Full of shit! Yea you.

[UTubekookdetector]

That was a powerful critique. Care to divulge some details or are you a one-trick ad homimen pony?

[chopngratty]

Glad you're presenting this, seems so many forget from whense this problem came. Now we here Obama has ACORN knee deep in his administration. Odd that those responsible for the crisis are given total reign to do more damage ..

[UTubekookdetector]

In fact my friend, Obama was sharing his list of maxed out donors with ACORN, which is technically illegal. They were working very closely long before the election.

humanevents..com/article..php?­id=31172

breitbart..com/article..php?id­=prnw.20081029.DC42626

[chopngratty]

And Acorn is knee deep in Obama administration. Odd how those who are culpable inthe crisis are now given free reign !