Why didn't President Bush do much to stop the mess with Fannie Mae and Freddie Mac?

It apparently started in 1977 with President Carter passing the Community Redevelopment Act. Then it continued in the 1990's under President Clinton. According to the New York Times, in September 1999, "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 stockholders to maintain its phenomenal growth in profits." Bush tried to do something major in September 1993 to control the problems with Fannie and Freddie, but Republican Congress stopped it. Thereafter, during his administration, he did not do much after to get this mess under control. He did not as a leader, "pull the bulls by the horns." To add insult to injury, politicans like Barney Frank claimed there were no problems with Fannie and Freddie. Shouldn't Bush played a bigger role to stop this mess? What do you think? I am trying to better understand this problem.

Asked By: MMC - 3/4/2009
Best Answer - Chosen by Asker
The President doesn't have the authority to stop it that lies with the Congress' oversight duties. Oversight by a committee headed by Democrat Chris Dodd. The President cannot just step in and take over jobs that are the responsibility of the Congress. Republican majority leader/speaker of the house should have done... More
Answered By: MEL T - 3/4/2009
Additional Answers (1)
the short answer is he was shot down. the real question is why did clinton implement the reinvestment act causing the conflict of interest that created the bubble? why did no president stop it after him? bush was on the tail end of it..much like people are saying obama is on the tail end. there is no research... More
Answered By: nomadd - 3/4/2009
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