by Dan
I understand how the liberals in power during the Clinton administration pressured mortage companies to make shaky loans to previously unqualified applicants. I also understand how Raines, Obama’s buddy at Fannie May, used his position to further his political agenda by having a quasi-government mortage insurance organization guarantee these loans so the lenders would be more willing. And then Raines personally plundered the agency and walked away with his $20 million bonus — pretty good for a semi-government job poorly done. The part I don’t get is why it is suddenly a national emergency that has to be solved in 3 days or our whole economy will collapse. What happened all of a sudden? Did every one of these adjustable rate mortgages go bad on the same day?