Sunday, December 21, 2008

White House philosophy stoked mortgage bonfire - International Herald Tribune

Lawrence Lindsay, Bush's first chief economics adviser, said there was little impetus to raise alarms about the proliferation of easy credit that was helping Bush meet housing goals."No one wanted to stop that bubble," Lindsay said. "It would have conflicted with the president's own policies."Today, millions of Americans are facing foreclosure, homeownership rates are virtually no higher than when Bush took office, Fannie and Freddie are in a government conservatorship, and the bailout cost to taxpayers could run in the trillions.
White House philosophy stoked mortgage bonfire - International Herald Tribune
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