Search SEARCH

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 did..it 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
 
Sponsored results
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Jobs.Quick-com
Earn $95/hr Bookkeeping Right From Home. Free Video Explains All!
Accounting-and-Bookkeeping-Tips.com
Click. Search. Apply. Free!
www.JobDiagnosis.com
No Fees! Apply To Become A Mystery Shopper! No Contracts, No Hassle
www.retailingsolution.com

Other Career Questions

What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
3 answers - Asked By: drop pants not bombs!.♥ - 3/2/2010
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
4 answers - Asked By: bayebd24【ツ】 - 11/21/2007
Hi ok im 19 and about to start college to do an acess course into a university. Ive been browsing through all the courses and im tottaly stuck! I thought politics but im scared ill end up with some r...
1 answers - Asked By: roseparkerly - 1/26/2009

Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.

Popular Articles

Best-Paying Work-from-Home Jobs Article Rating
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook Article Rating
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Center | Help | Security | Contact Us | Sitemap | Mobile
©2014 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2014.1.40.24-305
eTrustLogo