The NY Times from Sept 11, 2003 clearly shows that President Bush attempted to reform Fannie Mae and Freddie Mac due to their overblown lending/spending. Guess who blocked it…. House Democrats and the Home Builder’s Association.
Here is a precious quote from our favorite Congressperson, Barney Frank (D):
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
So contrary to Obama and the Democrats blame Bush, here is the proof that it was the other way around.