December 9, 2014

Warren Forgets Who Created Subprime Mortgages

Darling of the Left, Sen. Elizabeth Warren (D-MA), told a group of Democrat donors in Boston that the subprime mortgage crisis unfairly “targeted” minority families looking to buy a home. She also lambasted what she saw as an unholy alliance between Wall Street and government, with people moving from – in leftist eyes – the evil corporate banks into government work, tainting the vaulted work of orchestrating plebeians’ lives. Warren neglected to mention those subprime mortgages were created by Democrats – and then the government forced banks to adopt risky lending practices as a way to encourage minority homeownership. Recall if you will that in October of 2008, in the depths of the financial crisis, Bill Clinton admitted, “I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress … to put some standards and tighten up a little on Fannie Mae and Freddie Mac.” In fact, it was Clinton’s treasury secretary, Robert Rubin, who rewrote leaning practice legislation to greatly loosen standards back in 1995. And that was the seed of the financial meltdown.

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