And who is at fault?

[Bronko]

Originally Posted by spence

Blaming this on Clinton demonstrates a lack of understanding of the problem...

Yes, easing lending rules certainly contributed to the issue, but Greenspan's monetary policy, credit default swaps, removing the barriers between lenders/investment houses/insurance, mark to market, greed, probably some illegal activity, etc... all got us to where we are.

-spence

Actually Spence is right. It wasn't all Clinton's fault. Jimmy Carter actually got the ball rolling with the Community Revinestment Act (CRA) which required banks to lend to poor, unqualified candidates in urban areas and "redlined" or prohibited wealthier borrowers fro participating. It wasn't until 1993 when Clinton increased access to mortgage money for poorer and distressed communities relaxing the CRA's standards even more.

Couple that with two decades of that horrendous lending practice with the ineptitude of leaders like Barney Frank who systematically denied any problems with Fannie or Freddie. Sprinkle in the requisite corporate greed, CEO payoffs and politicians taking cash "donations" from these same companies they are now assailing... voila...Mortgage Meltdown.