The American Thinker site has an interesting video that shows the actual proceedings from Congressional hearings a few years ago… Evidently, Congress tried hard to better regulate Fannie Mae but a few high-placed Democrats fought that tooth and nail, even referring to criticism of former Fannie Mae chairman as a “lynching”.
The video is very revealing. It shows Democrats Franklin Raines, Maxine Waters, Gregory Meeks, Artur Davis, Barney Frank, et al, in all their glory ensuring that the Government hands out money to people that cannot repay the loans.
Interestingly, former President Clinton told ABC News that the Democrats are to blame for the Fannie Mae meltdown since they blocked efforts to regulate and investigate the organization.
Hat tip to Bob Morris