Thread: How did the republican party vote on the deregulation of mortgage requirements?

During the Clinton administration mortgage standards were lowered. How did the republicans vote on the bill to pass this?

They didn't and every Democrat is trying to blame Pres. Bush -- my answer curtsey's of WikiAnswers...

1977 - Democratic President Jimmy Carter Passes "Community Reinvestment Act," or CRA, designed to encourage banks to reach out to low income communities by offering loans to minorities and the poor.
1995 - Democratic President Bill Clinton revises CRA by making banks meet a quota for a certain number of low income loans. He also increases punishment for banks that dont loan enough money to low income borrowers. This forces banks to write lots of loans that they would not otherwise have written, because the government is forcing them to.
1999 - Democratic President Bill Clinton signs and endorses the "Gramm-Leach-Bliley Act," or GLBA, designed to make banks profitable in good economic times, as well as poor economic times. The bill allows consumer banks (think checking accounts, savings accounts, etc..) to merge with insurance companies and investment companies, so they all can make money. BUT for a bank to qualify to be a part of the program, you had to have a high CRA score, meaning that you had to have a lot of loans written to low income people. The government was effectively telling banks that if they wanted to be allowed to make money off of the investments of the rich, that they had to also be lending money to the poor. Nice in theory, but look where it has gotten us. Now we are a nation with a bunch of people losing homes they never could afford, and a bunch of banks collapsing bc nobody can pay them back! Thanks Democrats!

the Republican Party has always held an insignificant number of seats in both houses of the legislature and has never held the white house, therefore they bare no responsibility for any votes they may, or may not have cast.

Besides everyone knows that their Economic policy is doubleplusgood!

Democrat Proxmire introduced a Community Reinvestment bill in 1977.
Democrat Carter signed the Community Reinvestment Act into law.
ACORN used the CRA in the 1990's to forced banks to write loans to people in poor neighborhoods who couldn't afford them.
Democrat Clinton ordered banks to write loans to high credit risk individuals.
Democrats Dodd, Obama, and Raines received the most campaign contributions from Fannie and Freddie.

Republican Leach warned in 1992 that Fannie and Freddie were not regulated enough. Democrat Frank countered the companies were involved in the business of lowering the price of mortgage loans.

Democrats Clinton, Frank, Kennedy, and Waters instructed the HUD secretary to put GSE's, including Fannie and Freddie, into the sub-prime market.

Treasury secretary Summers in 1999 warned that GSE's were taking on too much risk.
Bill Clinton pressured Fannie Mae to ease credit requirements, allowing more people with poor credit to get a loan.

Republican Baker in 2000 asked for reform of Fannie and Freddie. Democrat Raines said concerns were overblown.
President Bush asked for more transparency in Fannie and Freddie's books in 2002.
Republicans Rangel, Dole, and Sununu asked for more regulation of Fannie and Freddie in 2003. Raines countered they are not facing any financial crises.
Bush sought more regulation in 2004. Democrat Waters said Bush was trying to fix something that wasn't broke.
Republicans Hagel, Sununu, Dole, and McCain again tried to introduce reglation legislation in 2006. Greenspan warned there would be trouble if regulation was not passed. They were unable to get the Senate to vote on the matter.

There is a September 30, 1999 New York Times article which reports the plan to have Fannie Mae to increase home ownership among minorities and low income and moderate income groups. The plan was to start then in a pilot program with 24 banks in 15 markets. The grand plan was to have sub-prime loans program nationwide by "next spring." Spring of 2000. A key quote "Fannie Mae has expanded home ownership for millions of families in 1990s by reducing down payment requirements." The remark was made Franklin D. Raines who left the Clinton Administration and was given a golden parachute by Fannie. I think most people with some common sense would see that granting special conditions to purchase a home would lead to the mortgage paper's meltdown. I do not have access to the congressional vote on a bill. It appears to have been an administrative order to put people in home in advance of the 2000 elections.