Democrat Barney Frank is the root cause of the sub-prime. Forbe's: "Barney Frank has been a major supporter of every policy that got us into this mess, from the Community Reinvestment Act to President Clinton’s mandate for banks to extend a minimum number of “affordable loans." "For those who are unfamiliar, the underlying cause of the current credit crisis was a housing bubble. Because these policies incentivized and even mandated banks to extend subprime loans, a shocking 40% of U.S. mortgages were categorized as subprime or Alt-A. These loans were made with virtually no down payment (sometimes no down payment!) to people with less than spectacular credit. The result? A collapse of the housing bubble that has led to a worldwide recession. The same housing bubble that Barney Frank’s pet policies led to."
Better Known as the "Dodd- Frank Act" of 2010 after the 2008 financial collapse.
"The act was criticized for failing to address the role of government policies in causing the financial crisis. It was largely political pressure on banks that led to an abundance of risky subprime mortgages – which led to the creation of credit default swaps as a means of handling the massive amount of high-risk mortgages."
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