Take a Load off Fannie

The history of the Fannie Mae bailout, as narrated by The Band. (Produced by Omid Malekan.)

About Chris Sturr

Chris Sturr is co-editor of Dollars & Sense magazine.

11. September 2008 by Chris Sturr
2 comments

Comments (2)

  1. Jim Simpson says December 15, 2008 at 7:13 pm

    No mention of Barney Frank, Chris Dodd, the Congressional Black Caucus, and how their relentless efforts to provide 100% financing for low income home buyers created the vast majority of the subprime mortgage mess??? This film does NOT tell the story.

  2. Dollars and Sense says December 16, 2008 at 4:04 pm

    Hi Jim,The video certainly doesn’t tell the whole story, but it most certainly doesn’t tell the story you want it to–because that story isn’t true.Check out these posts (< HREF="http://www.dollarsandsense.org/blog/2008/09/community-reinvestment-act-didnt-do-it.html" REL="nofollow">here<> and < HREF="http://www.dollarsandsense.org/blog/2008/10/more-defense-of-cra.html" REL="nofollow">here<> and < HREF="http://www.dollarsandsense.org/blog/2008/12/its-official-dont-blame-community.html" REL="nofollow">here<>, and there are others) where we and others debunk the “blame the CRA” argument.The gist is that government-sponsored efforts to promote homeownership accounted for few of the subprime loans. Fannie and Freddie didn’t hold *any* until late in the game. Mortgage brokers, far from being forced to make subprime loans, were falling over themselves to do so, because they were profitable (for a while, at least). –Dollars & Sense

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