[the_only_turek_fan]

Was doing a little bit of digging....

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

Clinton Administration Changes of 1995

In 1992 the United States Congress passed a housing law requiring the Federal National Mortgage Association, commonly known as Fannie Mae, and the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, to devote a percentage of their lending to support affordable housing. This in part, contributed to increased Fannie Mae and Freddie Mac pooling and selling of such loans as securities, (i.e. securitization), and expanded the secondary market for those loans.[2]
In early 1993 President Bill Clinton ordered new regulations for the CRA which would increase access to mortgage credit for inner city and distressed rural communities.[6] The new rules went into effect on January 31, 1995 and featured: requiring numerical assessments to get a satisfactory CRA rating; using federal home-loan data broken down by neighborhood, income group, and race; encouraging community groups to complain when banks were not loaning enough to specified neighborhood, income group, and race; allowing community groups that marketed loans to targeted groups to collect a fee from the banks.[3][5]
According to Howard Husock, vice-president of the Manhattan Institute for Policy Research, a right-wing think tank, these new rules greatly increased CRA lending. He writes that the new rules, during a time when many banks were merging and needed to pass the CRA review process to do so, substantially increased the number and aggregate amount of loans to low- and moderate-income borrowers for home loans. Banks set up CRA departments, a CRA consultant industry was created and new financial-services firms helped banks invest in packaged portfolios of CRA loans to ensure compliance. Established and new community groups began marketing such mortgages. The Senate Banking Committee estimated that as of 2000, as a result of CRA, such groups had received $9.5 billion in services and salaries. As of that time such groups also had received tens of billions of dollars in multi-year commitments from banks, including ACORN Housing $760 million; Boston-based Neighborhood Assistance Corporation of America $3 billion; a New Jersey Citizen Action-led coalition $13 billion; the Massachusetts Affordable Housing Alliance $220 million.[3]
The number of CRA mortgage loans increased by 39 percent between 1993 and 1998. Other loans increased by only 17 percent.[7][8]

Do the provisions that the Clinton administration made in 1995 have anything to do with what his happening.....not trying to pin the whole thing on Bill Clinton, but just wondering if this was a contributer to the current predicament.