Republicans Falsely Blame Minority Lending for Crisis

From McClatchy:

As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.

Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.

Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis. [Emphasis added]

Once again the Republicans seek to blame the victim and distract from the real perpetrators of the crime.  You really can't believe anything they say.  It's clear that predatory lending practices and toothless government regulation are the real culprits.