looting of America and Americans more explanation and clarification

Jimmy Carter is the father of the mortgage crisis with his 1978 Community Reinvestment Act forcing banks to issue mortgages into previously “red lined” neighborhoods.     Bill Clinton then revised the CRA in 1995 stating the lax requirements were still too burdensome and created “Ninja loans” (no income, no job, and no assets) to satisfy ACORN and the NAACP.    Then to transfer the loans that no bank wanted on their balance sheets, the revised Act for the first time allowed these worthless loans to be securitized. Wall Street jumped in with both feet, bundled them together into collateralized mortgage obligations (CMO’s), and sold this crap all over the world. At the same time, Democrat appointed heads of Fanny Mae and Freddy Mac, Franklin Raines and Jamie Garellic, purchased billions of dollars of sub-prime loans from any and all of the newly formed mortgage companies that incorporated to take advantage of the sub-prime mortgage market.    It all tumbled down in the fall of 2008 as burgeoning loan defaults sent bank and brokerage balance sheets into the red, devastating the bond and equity markets. The economy tanked, job losses mounted, the Democrats blamed George Bush, and Barrack Obama, a community organizer and avowed socialist, was elected president.    And now we have a lady attorney from California attempting to bring this into focus, and most of the country is asleep.