1999 article from NY Times, Fannie Mae to buy subprime loans -- swell idea!

[chriD]

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Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

This is where the first domino fell and started the path to the present mess.

[Al Bundy's Friend Griff]

Lies. It was all Bush's fault. Clinton was to busy getting a blow job to screw up the nation. Moveon.org FTW.

[carfreak67]

You obviously didn't pay attention during this last election, did you?
The MSM and the Dems said that the whole housing mess is directly related to the Bush Administration and his policies.

[PsyKoH]

^ His tax cuts caused it. Obama and Biden said so themselves.