The roots of the problem can be traced back to Bill Clinton, argues columnist Terry Jones, writing in Investor's Business Daily.
From his column:
One of the most frequently asked questions about the subprime market meltdown and housing crisis is: How did the government get so deeply involved in the housing market? The answer is: President Clinton wanted it that way."Fannie and Freddie, with their massive loan portfolios stuffed with securitized mortgage-backed paper created from subprime loans, are a failed legacy of the Clinton era," Jones concludes.
Read the full column, "How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable," at the newspaper's Web site.