......continued…and guaranteed banking services to inner cities....”

With an effective starting date of 1995, the newly liberalized CRA guidelines encouraged now notorious “subprime mortgages.” Subprime lending — also called “second chance lending” — is another euphemism for “lending at high risk” to people and/or businesses that wouldn’t — in a world bereft of politicians — qualify for loans.
Overnight, agencies like Countrywide Financial sprouted like mushrooms on a rotten log.

The Clinton administration’s calculus weighed the risk to the nation’s banking system against the political rewards accruing to the president and his Democrat Congress, then passed out signing pens to smiling legi...

......continued…and guaranteed banking services to inner cities....”

With an effective starting date of 1995, the newly liberalized CRA guidelines encouraged now notorious “subprime mortgages.” Subprime lending — also called “second chance lending” — is another euphemism for “lending at high risk” to people and/or businesses that wouldn’t — in a world bereft of politicians — qualify for loans.
Overnight, agencies like Countrywide Financial sprouted like mushrooms on a rotten log.

The Clinton administration’s calculus weighed the risk to the nation’s banking system against the political rewards accruing to the president and his Democrat Congress, then passed out signing pens to smiling legislators.

In 2003, the Bush administration attempted to increase oversight and add a new regulatory arm under the auspices of the Department of the Treasury, with particular emphasis on the monitoring of Fannie Mae and Freddie Mac, the largest holders of CRA subprime paper.

These regulatory changes were opposed by Democrats, with Barney Frank declaring, “These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

When Speaker Pelosi was given control of a Democrat Congress two years ago, she promised to “drain the swamp” of corruption, eliminate earmarks, end partisan bickering, and restore public faith in the legislative process.

Instead, Pelosi’s Democrats have produced the second highest earmark expenditures in history, the lowest congressional approval ratings in history, and a Chairman of the House Ways and Means Committee, Charlie Rangel, who’s being investigated for tax evasion, while refusing — with the Speaker’s full support — to step down.

Asked whether Rangel was, in part, responsible for his troubles, the Speaker responded, “No!”

Nancy said “no” a lot last week.

“No! No! No!”