A must-read piece from John Perazzo at Front Page Magazine. It's worth the time to read the whole thing, a portion of which I am posting here:
A full account of the recent financial collapse of Fannie Mae and Freddie Mac must consider the role of the Clinton administration. As early as 1993, Clinton’s first year in office, Housing and Urban Development Secretary Henry Cisneros and Attorney General Janet Reno expressed dismay over reports that the rejection rate of black mortgage applicants nationwide was considerably higher than that of their white counterparts. In response, Reno warned that thenceforth “no bank” would be “immune” to an aggressive Justice Department campaign to punish such “discrimination” in the lending market. For emphasis, then-Assistant Attorney General Deval Patrick pledged to work for the elimination of all racial disparities in mortgage lending rejection rates. A careful look at the facts revealed, however, that those disparities were not actually due to discrimination of any kind. Instead, they reflected the realities of borrowers’ credit-worthiness, as determined by such objective factors as credit history, debt burden, income, net worth, age, and education.
But the political champions of “racial justice” in the Clinton White House were not interested in these facts. So instead of permitting this information to change their outlook on the issue of mortgage lending, they moved ahead with their crusade to inject new energy into the so-called Community Reinvestment Act of 1977, which, according to President Clinton, had failed to live up to its potential as a vehicle for increasing minority homeownership. Thus began the government policy of forcing lenders, under threat of severe sanctions, to make subprime loans to high-risk borrowers who failed to meet traditional loan criteria. It was a policy guaranteed to create a crisis. The only question was when.
Len, thanks for the tip! Everyone should read this for a better understanding of what really happened and who is actually to blame. I only wish our candidate could have made the point more clearly and forcefully -- God knows the media won't!
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