"Dave" wrote in message
...
On Tue, 07 Oct 2008 21:12:21 -0700, Stephen Trapani
said:

Basically Fannie and Freddie regulations created a false market which
was then not subjected to enough oversight and hence abused.

Fannie, Freddie and CRA were certainly all contributing factors to the
problem. However in the case of Fannie and Freddie the problem arguably
was
as much a problem of too much oversight of the wrong kind, not too little
oversight. Long after the risks had been identified (as far back at least
as
2001) you had Barney Frank and Jim Shumer standing on the sidelines
cheering
both GSEs to buy more and more mortgages so more and more homes could be
sold to people who couldn't afford the mortgages, and loudly proclaiming
that there was nothing wrong with either GSE.

So, what you're saying is that the Republican controlled Congress failed to
act. Thanks for the clarification.

--
"j" ganz @@
www.sailnow.com