There has been some finger pointing on this Fannie & Freddie, sub-prime mortgage debacle - but not nearly as much as - oh - the baseball steroid scandal.  Why?  Well a lot of the congressmen to blame are still around and an election is coming up…. So here’s a look at the long road to colapse as well as some of the warnings that could have prevented it.

1977 - Community Reinvestment Act - President Carter & Democratic Congress

The CRA was a result of national pressure for affordable housing, and despite considerable opposition from the mainstream banking community. The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community. That record is taken into account when the federal government considers an institution’s application for deposit facilities. The Act charged the Federal Reserve System to implement the CRA through ensuring banks and savings and loans met their CRA obligations. The CRA is also enforced by the “FDIC”, CRA Statute.  - wikipedia.org

1989 - Financial Institutions Reform Recovery and Enforcement Act - President Bush Sr. & Democratic Congress

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I know that some of you will be glad to know that I’m putting my education to good use.  :)

Actual facebook ad:

And here all my teachers scared me onto the college track with their “do you want fries with that” job alternatives.

Mr. T. Rocks. 

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