What President Bush Did to Avert the Loan Crisis


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Essay #: 062992
Total text length is 5,938 characters (approximately 4.1 pages).

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The beginning:
What President Bush did to Avert the Loan Crisis
Contrary to the charges made by the Obama Administration, President Bush made what his press secretary has called “Six years of unheeded warnings for GSE reform” (Press Secretary, 2008).
A GSE or “government sponsored enterprise” is the term given to two privately owned, but government sponsored companies that were first founded with the goal of helping middle income Americans afford homes. The two are the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddy Mac]. They help free up capital for lending by buying mortgages from banks allowing the banks to reinvest and lend more money (MClean, 2005).
According to the Bush White House, “over...
The end:
.....and Fannie Mae. The New York Times. Retrieved from http://query.nytimes. com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&scp=1&sq=
, C. (2008, October 10). How HUD mortgage policy fed the crisis. The Washington Post. Retrieved from http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902626.html
Mclean, B. (2005, January 24). The fall of Fannie Mae. CNNMoney. Retrieved from http://money.cnn. com/magazines/fortune/fortune_archive/2005/01/24/8234040/index.htm
Office of the Press Secretary. (2008, October 9). Setting the record straight: Six years of unheeded warnings on GSE reform. The White House. Retrieved from http://georgewbush-whitehouse.archives.gov/news/ releases/2008/10/20081009-10.html