The public policy blog of the American Enterprise Institute

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Discussion: (2 comments)

  1. Todd Mason

    It was Col Mustard in the library with a candlestick.

  2. Thomas Sullivan

    The Great Recession was caused by the housing bubble collapse; the bubble was fueled by less-than-prime mortgages, very nearly half of all mortgages at the time of the collapse. All those crappy mortgages were mandated by HUD quotas requiring that, at the time of the collapse in 2008, 56% of all new mortgages had to be to low-to-moderate income buyers. Fannie Mae, Freddie Mac and government agencies filled those quotas and by the collapse in 2008 had underwritten 64% of all less-than-prime mortgages. In addition, all the big banks which wanted to expand had to meet the quotas as a condition of mergers and acquisition.

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