Democrats in their own words Covering up Fannie Mae, Freddie Mac scandal

For some reason, this vid (“Shocking Video Unearthed Democrats in their own words.”) is being scrubbed from Youtube. Many bloggers have embedded this vid onl…

What is the Federal Home Loan Mortgage Corporation, more commonly known as Freddie Mac? Watch this About.com video to learn all about it and what went wrong.

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25 Responses to “Democrats in their own words Covering up Fannie Mae, Freddie Mac scandal” Subscribe

  1. cmluongo May 16, 2013 at 2:45 pm #

    The time it takes to build 10+ million new homes explains the lag time between the 1994 CRA initiative and the burst. When supply finally equaled demand and prices stopped rising the mortgage backed securities were downgraded and the bubble burst. As usual, the government policy to increase home ownership among poor minorities had unintended consequences that disproportionately harmed the people it was intended to help.

  2. cmluongo May 16, 2013 at 3:25 pm #

    What ensued was basic economics; home ownership rates jumped from a 50 year average around 60% to 72-76%. Sudden increase in demand resulted in a sudden increase in prices. Initially the default rates among subprime borrowers was low. This is because of the skyrocketing home values caused by the shortage in supply. In the event a subprime borrower got behind on the mortgage they could always sell the house for more than the value of the note.

  3. cmluongo May 16, 2013 at 3:54 pm #

    Its so much more complex than just subprime lending. Clinton used the DOJ to block mergers under the auspice of the CRA. In order to be CRA compliant banks had to originate loans to low income individuals. At the same time the Mac’s were told to buy up the securitized subprime notes. The goal of the Mac’s was to hold 50% subprime debt, if they reached this goal the executives got a bonus.

  4. AllBobsAllTheTime May 16, 2013 at 4:31 pm #

    Is this clown Meeks a total ass-wipe or what?!?!?

  5. Whitese7en May 16, 2013 at 4:42 pm #

    What I will never understand, is how the Repubs who at the time controlled both Houses, allowed the Dems to win the Freddie/Fannie battle.

    I’m guessing the fact that it was an election year had something to do with it.

  6. Whitese7en May 16, 2013 at 5:34 pm #

    In 1999 Clinton repealed Glass-Steagall which doing so allowed banks to regulate themselves. When nobody was watching them they engaged in practices which destabilized our banking and financial sectors. In this video the Repubs are attempting to reign in F&F in hopes of stabilizing the shaky financial system but the Dems blocked them. Because the Repubs allowed the Dems to win the pissing contest in this video, our economy collapsed. I hope that explains it.

  7. hammondtree May 16, 2013 at 6:12 pm #

    For those who like to listen to the rest:
    Both hearings were conducted by the House Committee on Financial Services. The first was on Sep. 25, 2003 c-spanvideo(.)org/program/178357-1 and the second one was on Oct. 6, 2004 c-spanvideo(.)org/program/183818-1 .

  8. Mike Buffa May 16, 2013 at 6:15 pm #

    This video was much more effective and informative before it got edited.It used to be about eleven plus minutes long.I wish it were in its original length.

  9. bealsins May 16, 2013 at 6:19 pm #

    I agree. Disgusting that they have are trying to scrub this from the internet. The dirty left.

  10. ijnhibnhbih May 16, 2013 at 6:21 pm #

    but their dream of owning a home is not unreasonable, but maybe you shouldnt have bought that huge home in the expensive town, its tough but not everyone can have the nicest of things.

  11. 12tones May 16, 2013 at 7:13 pm #

    The housing market collapsed because it was too easy to get loans and people could not pay for them. The republicans wanted to make it harder to get loans the democrats wanted anyone to be able to get a loan. Basically the Democrats wanted to keep selling dreams and didnt want new regulations. The american dream is to own a home…..

  12. nord98 May 16, 2013 at 7:35 pm #

    How many times has YT reloaded this video to kill the “like” count and view count? This video has been watched millions of times. YT is a socialist bastion – hiding the social’s agenda and bugling.

  13. BboyRobbo707 May 16, 2013 at 7:46 pm #

    I don’t get what’s going on I am new to this some please explain thank you

  14. DaeXeaD May 16, 2013 at 8:23 pm #

    then you should check into Obama vs Citibank.

  15. DeathScouter May 16, 2013 at 8:30 pm #

    You know you’ve beaten a liberal in an argument when they cop out with, “well… both sides do it” Nonsense. The evidence is very clear. Republicans saw this coming, Democrats blocked it at every stage. The least you can do is be a man and admit you’ve screwed up, as the video clearly shows.

  16. TomMinderson May 16, 2013 at 8:42 pm #

    BOTH sides ignored plenty of warning signs. This is not a sufficiently wide sampling by far.

  17. TomMinderson May 16, 2013 at 8:53 pm #

    Cherry-picked right-wing spin-job. Gov’t did NOT force banks to skip applicant checks. Canada avoided mortgage meltdown by having sufficient regulations in place for loan requirements.

  18. pwoznic May 16, 2013 at 9:23 pm #

    Put this in every fucking anti-Obama ad and maybe some of his retarded base will stay home on election day.

  19. djmmcee May 16, 2013 at 9:28 pm #

    Dems still keep trying to put this on Newt

  20. Stan Parrish May 16, 2013 at 9:32 pm #

    Obvious proof of democrat responsibility for the Fannie Mae, Freddie Mac crash that drug down all the fincial institutions and put us in this unending recession.
    Of course the liberals will close their eyes and say lalalala. It’s Bush’s fault.

  21. USA4July1776 May 16, 2013 at 10:25 pm #

    Yet the Left pretends that the financial melt-down was the Republican’s fault… cynical weasels.

  22. attguy98 May 16, 2013 at 11:21 pm #

    Informed people already know the answer, but any reasonable, objective and independent citizen/thinker should ask this obvious question for themselves: Why were Dems so vigilant in protecting (covering up) for “non-governmental” GSAs Fannie Mae & Freddie Mac?

  23. mrmoto70 May 17, 2013 at 12:13 am #

    better yet, download a copy so it is preserved and repost it on here at least once a week until the whole world knows that our economy was screwed up by the negligence of these idiots who were more interested in getting votes than serving their country

  24. John Hofer May 17, 2013 at 12:23 am #

    It would be nice if you mothers chose abortion.

  25. oliverchen0 May 17, 2013 at 12:42 am #

    Good information.

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