When the democrats bring up the false hood that republicans we the cause of t he mortgage crises please inform them of the following:
Barney Frank and Chris Dodd demanded threatened and forced lending institutions to make loans to people who cannot afford houses. Lending institutions were threatened with audit and would be put out of business if they did not make these loans. If the lending institutions did not make those loans to people who wanted to buy a house but could not afford it they would be forced into audit and put out of business. The governmentt bought these toxic loans and packaged them as derivatives that become collateralized debt obligations and sold around the world as AAA Investments to the tune of more than 600,000,000,000,000 (trillion) dollars. Those toxic loans stared going bad the 1st month because the people could not afford even their first payment. The Federal Reserve has artificially kept the cost of borrowing money too cheap which has to a large extent created this real estate bubble/collapse and historic number of foreclosures. There were and are plenty of regulations in place but the Government did not have the people who thoroughly understood what financial catastrophe this would cause and how to enforce these regulations. Furthermore, the politicians we in favor of making these loans and did not want these regulation enforced because their ideology wanted everyone to own a house. These are easily verified facts.

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