the problem is that you don't know your subject. yes Bush's team did warn about Fannie Mae - they were worried. They also were worried about Federal activity to encourage more lending in working class areas but,.. it was not FHA and VA loans that caused the collapse. It was loans originated by places like Countrywide with no underwriting standards - their collapse and others led to what was in essence a run on the investment banks.
So yours is a true statement about what Bush did but was irrelevant to the collapse.
In the mid 2000s at a general meeting where I work in NYC, the CEO announced that we don't invest in mortgage bonds - too risky. So the professionals knew.
the problem is that you don't know your subject. yes Bush's team did warn about Fannie Mae - they were worried. They also were worried about Federal activity to encourage more lending in working class areas but,.. it was not FHA and VA loans that caused the collapse. It was loans originated by places like Countrywide with no underwriting standards - their collapse and others led to what was in essence a run on the investment banks.
So yours is a true statement about what Bush did but was irrelevant to the collapse.
In the mid 2000s at a general meeting where I work in NYC, the CEO announced that we don't invest in mortgage bonds - too risky. So the professionals knew.
Yup.