WE TOLD CONGRESS SO but GREED by DEMOCRATS Won Over Knowledge

Dire warnings go back nine years ago saying that the Community Reinvestment Act would eventually cause a major financial and banking crisis in this country.


Wall Street Journal raised concerns about Fannie's and Freddie's capital requirements. Senator Phil Gramm (R, TX) raised issues about community pressure groups, such as Barack Obama's ACORN, extorting money from banks by holding their feet to the CRA fire, and threatening to militate against mergers and acquisitions unless the banks entered into preferential agreements with community groups.


Fannie and Freddie became big contributors to the Democratic Party.


The Bush administration in 2003 tried to change the system, to no avail. Congressman Barney Frank, (D, MA ) was in the forefront of stopping the Bush proposal to take control out of Fannie and Freddie and put it into a third overseeing organization.


Dodd, like Obama, has been a big recipient of campaign funds from Fannie and Freddie, organizations that Dodd oversees. Dodd has apparently been more consumed with campaign contributions from the mortgage giants than the responsibilities of oversight.

It's the DEMOCRATS, the greedy DEMOCRATS, especially Sen Dodd, Obama, Reid, and Cong. Rangel and Speaker Pelosi, as well as ACORN! Don't be stuck on STUPID.