patrick.net

Santayana will be proven right again as politicians and bankers forget why there was a housing crisis

After the housing crash in 2006 and 2007, the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, failed. Full of toxic waste dumped on them by the mortgage lending industry at the behest of the politicians who saw votes in making houses affordable to people who couldn’t afford them, the two quasi-governmental agencies had to be bailed out by the U.S. taxpayer. One would think both the lending institutions and the politicians would have learned some lessons from the resulting real estate crash, the largest housing crisis in history. One would be wrong.

http://www.globaldeflationnews.com/santayana-will-be-proven-right-again-as-politicians-and-bankers-forget-why-there-was-a-housing-crisis/

#housing