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qando.net - 10/3/2008
The road to financial ruin finds its roots in government policy
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I ’ve been beating the drum about examining one the root causes of this financial mess and laying it at the proper doorstep. Russell Roberts does a very good job of that in today’s WSJ. First he lays out the conventional wisdom: Many believe that wild greed and market failure led ...

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Coyote Blog:  It Took Two Ingredients to Make this Financial Crisis

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It Took Two Ingredients to Make this Financial Crisis
Coyote Blog — ... can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans. ''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has The results were astonishing: Beginning in 1992, Congress pushed Fannie Mae and ...

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