Fannie and Freddie

There is a great piece on 7.62 justice. may show on the side bar. It gives a time line of the creation and regulation of Fannie Mae and Freddie Mac. here is an excerpt.

1938 - Roosevelt got Fannie Mae through
a Democrat-controlled congress.
1970 - Freddie Mac was created by Democrats
in congress 57-43 Senate and 234-192 House.
1977 - The Community Reinvestment
Act was passed by the democratic congress (61-39 Senate and 292-143 House) and
signed into law by Jimmy Carter. It encouraged banks and mortgage lenders to
loan money for housing to people who would not otherwise qualify (with Freddie
and Fannie backing same by taking the paper).
1995 - President Clinton signed
the executive order mandating lenders expand their lending for mortgages to
sub-prime borrowers (that means people who would not qualify under any criteria
in a sane world). Failure to do so would result in the lending institution not
having access to federal funds or the quasi governmental Fannie and
Freddie.
1999 - Republican Senator Phil Gramm pushed through congress
deregulation laws (Gramm-Leach-Bliley Act) removing Depression era laws
separating banking, insurance and brokerage activities. The vote in the Senate
was 98-1-1. McCain was the one who did not vote, another Republican was the lone
no vote. Biden and Harry Reid, who are now saying it’s all Bush’s fault, voted
for the bill. Even Obama this week places the blamed on Gramm, but fails to
mention that his running mate voted for it, and Clinton signed it into
law.
2003 - President Bush tried to get congress to amend Fannie Mae and
Freddie Mac rules to disallow loans to people who would not qualify under normal
lending institution rules for making loans.