No. of Recommendations: 14

The 545-page Financial Crisis Inquiry Commission report outlines the causes of the financial crisis. Everyone who testified before the Commission said that the financial crisis was initiated by the mortgage meltdown which began when the housing bubble deflated in 2007.

Although there were many contributing factors, the housing bubble of 1997-2007, it would not have been as horrific or lasted as long nor would there have been a financial crisis of 2008 but for the role played by the housing policies of the United States government over the course of two administrations [Bush and Clinton - in fairness Bush warned against the practices of Fannie and Freddie but the congress insisted Fannie and Freddie were solvent].

These policies resulted in about 27 million subprime and Alt-A mortgages in the US financial system with half of the mortgages outstanding. The losses resulting from the delinquency and default of these mortgages are responsible for the financial crisis.

All of the above information comes from the report which you can check for yourself. The Dodd-Frank Act does not deal with Fannie and Freddie.

Worse yet, the practice continues and we are faced with the same situation happening again.

The study recommended that the FHA stop these irresponsible lending practices and return to its traditional mission of helping the truly needy and not guaranteeing across-the-board high-risk loans which allows for cross-subsidization of the loans with excessive risk.

There is no effort on the part of the president or congress to do so.
Well that ends that one. What else you guys wanna talk about? Blackhawks a 5-0, not bad huh?
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