Again your facts are not correct, the mortage crisis began under Clintons watch. That is when the banks were flat out told start making loans to lower income, shakier bowwers or face re regulation and a law to mandate it and how you will do it. Mr Frank was a big pusher of it. This has been almost 20 years in the making. Just like the dot com bubble which also came to be under Clintons watch. Rember that, another plan that allowed business with NO assets to be selling stock for billions of dollars.
And sorry for your son, but why would anyone take a mortgage for a home with those crazy programs. No money down, no interest for 3 or 5 years and then a gigantic rate increase. Everyone ran around with eyes bigger than their wallets. Do people not read the loan documents before they sign them? And Again, congress was involved in making those loans available and now we should trust them to fix them. Why would anyone trust them to fix anything? What has any administration in the last 50 years "fixed"?
This is from Rep Franks Wiki page:
In 2003, while the ranking Democrat on the Financial Services Committee, Frank opposed a Bush administration proposal for transferring oversight of Fannie Mae and Freddie Mac from Congress and the Department of Housing and Urban Development to a new agency that would be created within the Treasury Department. The proposal reflected the administration's belief that Congress "neither has the tools, nor the stature" for adequate oversight. Frank stated, "These two entities...are not facing any kind of financial crisis.... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."[41] The two companies, which together own or back more than half the home mortgages in the US became "hobbled" by loan defaults.[42] Frank clarified in 2009 that Fannie and Freddie were not in crisis at the time and many financial institutions, like Lehman Brothers, also fell into crisis from 2003 to 2008.[43]
Not my words, wikipedia's. But we should trust congress to fix the mortgage crisis that they created. And the financial companies that fell into trouble were playing games in the mortgage market thats the Comittee Frank sits on regulated. Fox in the hen house in my opinion.
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