FFS: “We are here in Washington, D.C. to address problems,” said President Bush in July 2002. [Regardless of constitutional limits on the federal role, we might add.] It is essential we make it easier for people to buy a home, not harder.” (See above link to full text).
Building on the socialist mortgage programs and lending institutions created under previous administrations, President Bush launched massive new unconstitutional federal loan subsidies. He also encouraged the easy credit policies of Fannie Mae and Freddie Mac, who tied their fortunes to uncontrolled immigration. Supported by Fed easy-money policies, the stage was set for the housing bubble, whose collapse helped bring on today’s “Great Recession.”