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You mean just repeating what the Bush admin told them?
Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again
Testimony from W's Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation of the GSE's 2004
Mr.BARNEY Frank: ...Are we in a crisis now with these entities?
Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.
October 26, 2005
STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.
George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers"
THAT WAS THE ONLY BILL TO MAKE IT OUT OF EITHER HOUSE OF CONGRESS 2001-2007 ON F/F REFORM, YOU KNOW WHERE BARNEY FRANK THE MINORITY MEMBER HAD ZERO POWER TO STOP A SINGLE BILL?
June 17, 2004
(CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
Home builders fight Bush's low-income housing - Jun. 17, 2004
BUT NO, THOUGH BUSH CRUSHED F/F (AS REGULATOR), THE GSE'S DIDN'T CAUSE THE BUSH SUBPRIME CRISIS
Private sector loans, not Fannie or Freddie, triggered crisis
The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets
Private sector loans, not Fannie or Freddie, triggered crisis
GSE Critics Ignore Loan Performance
There is no data anywhere to cast doubt on the vastly superior loan performance of the GSEs. Year after year, decade after decade, before, during and after the housing crash, GSE loan performance has consistently been two-to-six times better than that of any other segment of the market. The numbers are irrefutable, and they show that the entire case against GSE underwriting standards, and their role in the financial crisis, is based on social stereotyping, smoke and mirrors, and little else.
GSE Critics Ignore Loan Performance
Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
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Oh I get Buba, you are one of those brain down CONservatives who are swayed by out of context BS excuses and ignore reality as long as it fits into your world view *shaking head*
Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again
Again, it's too bad that the GOP Congress would work with Dubya with 2 UNFUNDED tax cuts, 2 UNFUNDED wars, UNFUNDED Medicare expansion that CBO says cost as much as Obamacares 2013-2020, a law to get between a man and his wife (Schiavo), but wouldn't pass a GSE reform. Good thing the Dems got into power and got one passed right snowflake?
You seem to have a link for everything except bush actually stopping reform and the reasons why. Why is that?
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HMM
"Strong opposition by the Bush administration forced a top Republican congressman to delay a vote on a bill that would create a new regulator for mortgage giants Fannie Mae and Freddie Mac."
Oxley pulls Fannie, Freddie bill under heat from Bush - MarketWatch
Despite what appeared to be a broad consensus on GSE regulatory reform, efforts quickly stalled. A legislative markup scheduled for October 8, 2003, in the House of Representatives was halted because the Bush administration withdrew its support for the bill,
Oxley pulls bill under fire from Bush
(fyi, broad consensus means it would have probably passed. what happened to it again? oh yea bush stopped it)
He killed the *only* bill ever passed by the Republican controlled Congress. Gave it the one fingered salute, according the the Republican House Finance Chair:
He fumes about the criticism of his House colleagues. “All the handwringing and bedwetting is going on without remembering how the House stepped up on this,” he says. “What did we get from the White House? We got a one-finger salute.”
June 17, 2004
(CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
Home builders fight Bush's low-income housing - Jun. 17, 2004
HOLY COW! Bush forced them to lower their standards. If only somebody had warned us that Bush's policies would hurt Freddie and Fannie. Wait, somebody did.
Fannie, Freddie to Suffer Under New Rule, BARNEY Frank Says
Fannie Mae and Freddie Mac would suffer financially under a Bush administration requirement that they channel more mortgage financing to people with low incomes, said the senior Democrat on a congressional panel that sets regulations for the companies.
https://democrats-financialservices...s/112/06-17-04-new-fannie-goals-bloomberg.pdf
So if your narrative is "GSEs are to blame" then you have to blame bush
WITHOUT HOMEOWNERS USING THEIR HOMES AS ATM'S THE BUSH REGIME HAD LESS THAN 1% GROWTH EACH YEAR
The Economic Blue Screen of Death
Bush lifted the restrictions Clinton placed on the GSEs (2000) to limit their purchase of abusive subprime loans. Later in 2004, Bush would increase the GSE housing goals forcing them to buy more low income home loans and get them to buy $440 billion more MBS'S in the secondary market.
FACTS on Dubya's great recession
YOU KNOW WHY DUBYA NEEDED A HOUSING BUBBLE?
BUT DUBYA CLAIMED THOSE DARN DEMS STOPPED HIM FROM "REFORMING" F/F? LOL
I asked for one link, not a freaking book. I guess you philosophy is if you can dazzle them with brilliance you try to baffle them with bullshit. From your link:
Oxley's plan to reform oversight of the nation's biggest home lenders "falls short of real reform," a senior Treasury Department official said Tuesday in Washington.
<<snip>>
Assistant Treasury Secretary Wayne Abernathy, speaking before the Institute of International Bankers in New York, said the Treasury Department would not have enough power under Oxley's proposal.
<<snip>>
Treasury Secretary John Snow suggested on Sept. 10 that HUD be given the power to set and enforce affordable housing goals for the two government-sponsored companies and the Treasury would have new authority to review and approve new products and activities.
So the administration had reasonable objections that this particular bill wouldn't do what was needed, so it was never voted our of committee. Funny how you neglected to say anything about that. Run along hack and get back on topic.
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