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If the Democrats have such great plans, why did the housing market collapse?

In September 2003, Frank, then the ranking Democrat on the Republican-led Financial Services Committee, opposed Bush administration proposals for transferring oversight of Fannie Mae and Freddie Mac by creating an independent agency to supervise. The proposal would have moved oversight from Congress and the Department of Housing and Urban Development to the new agency. Frank stated in 2003, "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."[30] Frank stated that the bill would potentially "[weaken] the bargaining power of poorer families and their ability to get affordable housing".[30] So Barney is still in place and the housing market is still collapsing and the democrats still don't get it.

Public Comments

1. Frank also stated in July of 2008 that Fannie Mae was secure going forward... two months later the whole thing collapsed.
2. Okay lets start with JOBS!!!! Lets all be real ---JOBS is the problem--when these mortgages were given--people had good jobs--no recession---no bad economy---people were happy and working--then Bush came along and in his 8 years the jobs were lost--we went to war with a country that had nothing to do with 9/11--no help to the Katrina victims--no help to the american people as jobs went over seas----China and India kept prospering and so did Iraq-----while we in America kept loosing jobs to overseas----People not working--means people not paying bills --SO LETS GET REAL ----JOBS JOBS JOBS !!!!!!!!!!!!!!!!!!!!!!
3. I don't understand why this is a surprise. The Dems blame Bush now and will continue to blame him anytime O messes up. And Jobs have nothing to do with it. The banks were forced, by Congress, to relax their requirements and standards for lending money to lower income families. Therefore, people would go in and claim they made 50k a year working at McDonald's and no one would bother to check that they really only made 20k. THAT's where the problem started. You want to point the finger, do it at your bleeding heart, Democratically controlled Congress
4. Dan the Man Bill Clinton is the one that signed NAFTA into law not Bush.
5. The housing market is too complicated for 90% of the population to understand. So instead of being intelligent, they cling to talking points and party loyalty. An unpopular Republican party drove a majority of this country's citizens to rally behind the Democrats. They are entrenched there and no amount of logic or reasoning will remove them until the Democrats screw up badly. Democracy is mob rule; we'd like to think we have a collective intelligence of quality, but it just isn't the case.
6. Their plans were only great for them and their friends...unfotunately it was at the expense of the American people. NOT so great for us.
7. Those starter homes ARE NOT what has America & the world in a financial crisis. They were not buying 300 million dollars homes and/or 250k. Those are the mortgages and buying up 2 to 3 of those to flip......that with no money to put down on it, IS THE REAL PROBLEM.
8. 2000-2006------------Republicans had control of all senate AND House. Sorry Pinhead. You lost.
9. The housing market collapsed because of deregulation.
10. No, Dan. People lost their homes because they're idiots and victims of idiot bankers that gave out loans irresponsibly, regardless of whether or not they could afford it. Who made this possible? Hmm? Obama sued Citibank, Clinton made credit swaps legal, and the Dems cried "racism" everytime the Republicans wanted to regulate Freddie/Fannie. But keep blaming Bush, it makes you sound more ignorant everytime you do. I need a good laugh anyway.
11. The housing market collapsed because Phil Gramm (McCains top financial advisor) helped deregulate the investments behind the mortgages: Credit default swaps. This was 100% Wall Street/ Republican deregulation. Gramm slipped this into a bill a day or so before Christmas break When AIG and other WS firms, couldnt pay off the bets, we were all F-ed. A very few hedge funds make billions The ones on the losing side, hedge funds, are the next to collapse These unregulated contracts are what brought the system down... just remember... McCAINS TOP FINANCIAL ADVISOR. HE WOULD HAVE BEEN likely IN CHARGE OF THE TREASURY
12. Miscalculations by Alan Greenspan didn't help (he admitted to this). Also, the lack of regulation and oversight in the financial services industry allowed "creative" packaging of toxic loans to be sold as AAA rated securities. Sure, pressure from the previous two administrations to make home ownership possible for all Americans exacerbated the problem. But, a greedy financial sector running out of control is what brought down Wall Street as much as anything.
13. In 2005 a committee was formed to vote on a bill to regulate the housing market every republican voted for the bill (11 total) and every Democrat voted against the bill (9 total) the bill did not get the 12 votes required for it to be passed on to the house so it died right there. Liberal democrats caused the economic crisis they deregulated the housing market with the CRA and they opposed every attempt to re-regulate it. George Sorros predicted an economic recession in 2007 and cited that sub-prime lending and the housing market would be the cause. I hate him but he was right housing caused the economic collapse and it is all thanks to the WORTHLESS LAZY LIBERAL DEMOCRATS who cannot understand simple economics like republicans can.