Romney calls Obama’s handling of the economy ‘a moral failure of tragic proportions’

Why did Bush ask/order fannie mae to make 440 BILLION in home loans to minorities in 2002?
I keep seeing the same lies being posted by republicans.
The govt can not force a bank to make a risky loan.
Republicans controlled congress 12 years from Jan 1995 to Jan 2007. They write or change the laws that banks have to follow.
Republicans controlled the entire government 6 years from Jan 2001 to Jan 2007 when all the sub-prime loans were made. Dems had nothing to do with it...even bush's own banking experts have said this.
Bush appoints the management of freddie mac and fannie mae and "asked" his appointees to make 440 BILLION in loans to poor minorities. He also asked for 2.4 billion in tax credits (corporate welfare) for homebuilders who build low income housing. And he asked for 200 million per year to pay the mortgage closing costs. (If the president appoints you to your job and asks you to do something, that is pretty much an order if you want to keep your job)

http://georgewbush-whitehouse.archiv.../20020617.html

This is what Bush's official press release states on June 17, 2002:
"Today, President Bush announced a new goal to help increase the number of minority homeowners by at least 5.5 million before the end of the decade. The President's aggressive housing agenda will help dismantle the barriers to homeownership by providing down payment assistance, increasing the supply of affordable homes, increasing support for self-help homeownership programs, and simplifying the home buying process & increasing education.

The President is issuing "America's Homeownership Challenge" to the real estate and mortgage finance industries to join in his effort to increase the number of minority homeowners by 5.5 million families by the end of the decade. Many organizations have already responded to the President's challenge by committing to:
"Substantially increase by at least $440 billion, the financial commitment made by the government sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market"...
"The President wants to dramatically increase the supply of homes available to low and moderate income families. The President has proposed the Single-Family Affordable Housing Tax Credit, which will provide approximately $2.4 billion to encourage the production of 200,000 affordable homes for sale to low and moderate income families."

Did you know that bush's top donors were subprime mortgage lenders, real estate developers, and his campagin finance chairman is one of the biggest homebuilders in america...his name is dwight scharr and he lives in a 70 million mansion in palm beach.
Did you know that Bush's cousin, Herbert Walker, was vice president of the Goldman Sachs department that placed TRILLIONS in bets that these people would not repay their loans.

In 2003 the fbi warned of widespread mortgage fraud...ny attorney general spitzer started to sue predatory lenders but was stopped by the bush administration's Office of Comptroller of Currency who said banking regulation was soley a job of the federal government. All 50 state attorney generals, including many republicans, filed a lawsuit against the bush administration and they lost!

Bush used the fed govt to stop ALL 50 states from investigating and prosecuting illegal mortgage fraud.