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View Diary: Ending the Flood of Foreclosures:  Reform Financial Regulation (132 comments)

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    And the Congress in charge during the boom years that built the system?  It wasn’t Democrats.

    A carefully crafted statement that dances around the fact that it was a coalition of mostly Democrats and some moderate Republicans that blocked reform of Fannie and Freddie during the boom years.

    It was Democrats who defended Fannie and Freddie's ever-expanding hedge-fund like portfolios, while Republicans like Chuck Hagel were demanding reform.

    It was mostly Democrats and some Republicans who endorsed zero down payments, seller-financed down payments, and lax underwriting standards that did not adequately require real demonstrated ability to make a mortgage payment.  

    But Democrats are not owning their role in creating the housing mess.  Quite the opposite.

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