By Alan Caruba

CFP - There is something genuinely sickening about seeing Rep. Barney Frank (D-MA), House Speaker Nancy Pelosi (D-CA), and others trying to stick President Bush and the Republicans with the blame for the financial meltdown that has put the American taxpayer in hock for the problem they created.

One need only read The New York Times, September 30, 1999 article by Steven A. Holmes, headlined “Fannie Mae Eases Credit to Aid Mortgage Lending.” Only it didn’t aid anything. Instead, it abandoned rational, prudent, established guidelines for lending; not the least of which is that you don’t make loans to people who are unlikely to repay them.

“In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.”

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