Derf's Grotto

[SoxFan]

That is pure bullcrap. Freddie and Fanny were very late to the game. It was the private Mortgage companies that brought on the housing crisis. They were able to securitize their loans and bundled them with other loans. They were doing no doc loans and short term in effect housing loans with ridiculous low rates and after three years would renew at ridiculous high rates. People would then get longer term loans. After mid-2006 there were trends that people couldn't get those longer term loans and were forced to renew at higher rates that they couldn't afford. The crap hit the fan in 2007 and continued until early 2010.

Oh and Obama's first budget was 2010 as he came in in Jan 2009 when the fiscal 2009 budget was 4 months gone and that led to a debt of close to 12 trillion.