B. Hussein Obama was in the back pocket Fannie Mae and Freddie Mac.  Taking bribes to keep quiet and let FNM and FRE continue with their fraud.  Obama was #2 on the Fannie/Freddie “friends” list.  Thank you B. Hussein Obama for causing this mess.

Here is a short timeline:

• 1995: U.S. President Bill Clinton strengthens Community Reinvestment Act regulations to require banks to loan to, and Freddie Mac and Fannie Mae to buy mortgages of, even less qualified borrowers
• 2003: President G.W. Bush administration recommended what the NY Times called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” This change was to move governmental supervision of Fannie Mae and Freddie Mac under a new agency created within the Department of the Treasury. The changes were opposed by the congressional minority Democratic Party and failed.^[4]
• June 2003: Federal Reserve Chair Alan Greenspan lowers federal reserve’s key interest rate to 1%, the lowest in 45 years.^[5]
• 2004-2005: Arizona, California, Florida, Hawaii, and Nevada record price increases in excess of 25% per year.

A big thank you to Democrats for expanding the ability for FNM and FRE to overextend to people who normally would not qualify.  It is a shame Republicans were powerless to stop this.  We need REAL CHANGE, we need Ron Paul.

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