Raines: Don’t Blame Homeowners, Government for Housing Bust

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Raines: Don’t Blame Homeowners, Government for Housing Bust

Raines: Don’t Blame Homeowners, Government for Housing Bust

As Josh Rosner put it. “Talk about f’ing nerve as we pay his legal bills. He is disgusting and should crawl back into his spider hole.”

WSJ-

The former chief executive of Fannie Mae, in a rare public appearance Friday, argued that government policies weren’t the main cause of the housing bust, and that the government shouldn’t stop pushing to expand home ownership.

Speaking on a panel at a conference in Washington held by the National Community Reinvestment Coalition, a consumer group, former Fannie CEO Franklin Raines argued that an influx of investors into the housing market — rather than government policy — was the main cause of the market’s collapse.

“This has nothing to do with the average American family wanting to own a home,” Mr. Raines said. “This was rank speculation that was being financed out of Wall Street with no questions asked. That is what caused this crisis. Blaming people — ordinary people — who tried to own a home for this crisis is simply wrong.”

[WALL STREET JOURNAL]

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