So there was a threat...by whom? The bill never came to the floor for a vote, so the fact is that you can say there was a threat all you like, but republicans had the majority, controlled the committees and never brought a bill to be voted on. 53 republicans only needed 7 democrats or independents to break a filibuster.
Fool, there are very few actual filibusters anymore. It's the THREAT of filibuster that prevents most bills from ever reaching the floor for vote. And there were not 53 Republicans in the Senate in 2003 when this bill was proposed by the Bush administration to Congress so why continue to lie? There were 51 Republicans, 48 Democrats, and one independent who caucused with the Dems so a 51-49 majority. It was the absolute slimmest of majorities. Any partisan bill that was threatened with filibuster never reached the floor. Why waster hundreds of hours on a bill that would die? Wake up, dummy.
These are the facts: The Bush administration proposed a bill in 2003 to Congress that would overhaul the GSE's and reduce their exposure to subprime loans and thus reduce the risk to the economy. Democrats screamed like stuck pigs about it claiming it was racist because it reduced available funding to their trash electorate. The bill would never pass filibuster in the Senate and thus it died.
Representatives Frank and Watt did not have the power to stop anything...they were not in the senate...and they had no power in the House, since they were in the minority.
So the fact Dems were screaming about how racist it was and vehemently opposed an act that's failure destroyed the economy while virtually every Republican supported it is not their fault? Their screaming like stuck pigs was an attempt to sway the electorate with emotion, not facts. And once again Republicans were proven to be right.
Edited
Freddie and Fannie did not originate loans. Companies like CountryWide did.
We've already been over this.
Edited Countrywide and other lenders on the primary market sold their subprime mortgages to Fannie and Freddie because Fannie and Freddie were eating them up due to lack of regulation. Had Countrywide had to keep the loans on their OWN books they would have never given them out.
Edited
They reacted to the republican legislation like the Gramm-Leach-Bliley act that did away with any federal oversight over the derivatives market
Maybe you should go research the Gramm-Leach-Bliley Act. It played no role in the proliferation of bad loans given to the left wing electorate. Democrats passed it in the Senate 138-69 and Bill Clinton signed into law.
Edited
Congress did not originate no doc loans...mortgage originators did.
Congress deregulated the GSEs and gave the GSEs implied government backing because of Democrat policies. This is encouraged the GSEs to engage in risky behavior. Primary lenders began to give out bad loans for easy money because the GSEs bought them off their books. This entire setup was caused by Democrat policies and any remedy proposed by President Bush or Republicans to stop this downward spiral was met with spite, hatred, and accusations of racism.
You can like, spit, and stammer all day. It wad Democrats who didn't want the GSEs regulated, it was Democrats who screamed racism at such efforts, it was Democrats who once again tried to make it an emotional issue instead of a factual one, and its Democrats who caused it. Period. President's Bush's efforts in September 2003 in the NY Times article I linked were impressive. Unfortunately the evil of your electorate and leaders took over common sense.