Mavdog, I don't bold stuff so that you can skip the rest of the content I give you. You obviously did not read the material I gave you. Rham Emanuel worked for Freddie Mac.
Again, I'll post the article and link and this time I'll bold it so you will read it:
Quote:
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Emanuel was named to the Board of Directors for the Federal Home Loan Mortgage Corporation ("Freddie Mac") by then President Bill Clinton in 2000. His position paid him $31,060 in 2000 and $231,655 in 2001.[29] During the time Emanuel spent on the board, Freddie Mac was plagued with scandals involving campaign contributions and accounting irregularities.[30] The Office of Federal Housing Enterprise Oversight (OFHEO) later accused the board of having "failed in its duty to follow up on matters brought to its attention." Emanuel resigned from the board in 2001 when he ran for congress.
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I have shown you how Freddie and Fannie were used to incentivize and protect investors who would offer loans to those who traditionally could not get a home mortgage.
Did Freddie/Fannie force the issue? No. If that is your whole arguement, then fine.
But, they set it up to make the loans happen to put people who could not afford a certain home into that home.
It was done to offer poor people a home mortgage. Emotionally that is great. That sounds wonderful.
But, they meddled with the free market. The changes made it possible for a person who could get a loan able to get a loan for more house than he could previously.
In other words, the changes put in place for the little man made it possible for the middle class to buy upper eschelon homes they could not really afford.
Rahm Emmanuel was in Freddie Mac.
So, I showed that Obama's cabinet included a Freddie Mac crook. I showed how Freddie and Fannie incentivized and protected/backed the risk issue.
And, if you read my body of material (which you obviously never do as we have had this problem repeatedly in the past on other threads), you can see a lot of hints that the Freddie/Fannie changes occurred in the Clinton administration. Rahm Emanuel served in Freddie Mac under Clinton. So did Raines.
Your post illustrates your failure to read what I already gave you.