Posted in Politics

Private sector triggered crisis

   October 13, 2008

McClatchy News Service is reporting that private sector loans triggered the economy meltdown, not Fannie Mae and Freddie Mac.

Federal Reserve Board data show that:

* More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

* Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

* Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that’s being lambasted by conservative critics.

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