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Gallop
1 Comment
The Facts Behind the Coming Congressional Mortgage Bailout Bill
The concept of the GSE's is brilliant and led to a wonderful mortgage secondary market of quality loans. FHA, VA and normal FNMA/FHLMC loans are not the problem today. The low to moderate income legislation forced agencies to make bad loans to those people...hence, that is their small portfolio of bad loans. The only real problem is the GSE's were raped by the management.
I wonder if Franklin Raines and James Johnston made large contributions to the Clintons as "repayment"?... That would be a good research project.