THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING

Blame Democrats, not Bush

September 19, 2008
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RE "SHOCKED, shocked by greed" (Editorial, Sept. 18): Shocked by one-sided arguments too.

You write, "During the real estate boom of the first half of this decade, people with bad credit took out unsustainable mortgages." OK, how was it that people with bad credit were able to get mortgages? Answer: The government put laws in place that forced banks to lend to people they would not have otherwise lent to. It goes back to the Community Reinvestment Act put in place by Jimmy Carter and pushed over the top by the Clinton administration. This is not the work of George Bush, who attempted a reform of Fannie Mae and Freddie Mac years ago, but was blocked by Congress.

The Globe could do a whole series on the nightmare that's unfolding right now. Why not dig into Fannie and Freddie, and the lending regulations that were put in place? Afraid of what you might find?

ROBERT MAHER
Shrewsbury

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