OFFICE OF THE MAJORITY LEADER

Economic Facts vs. Republican Fiction

In recent weeks, Republicans in Congress have attempted to deflect responsibility for the current financial crisis and blame the Community Reinvestment Act, and Fannie Mae and Freddie Mac, among other things.  Below is a collection of resources detailing how these charges are either greatly exaggerated or false.

House Leadership Fact Sheets:

Setting the Record Straight: Republicans’ True Record of Failure to Reform Fannie Mae and Freddie Mac 

On Housing and Finance, Republicans Failed to Protect American Consumers and the Economy 

Financial Services Committee Fact Sheets:

Setting the Record Straight – The Housing Crisis 

The Truth about the Community Reinvestment Act 

On Housing Finance, the Difference between Democrats and Republicans Has Been Night and Day 

The Truth versus the Republicans on the Regulation of Subprime Mortgages and Fannie Mae and Freddie Mac 

Additional Research:

Myths and falsehoods about the purported link between affordable housing initiatives and the financial crisis (Media Matters for America, 10/13/08)

How Did This Happen? Facts on the Core Causes of the Economic Meldown (Media Matters Action Network and the Center for American Progress Action Fund)

In the News:

Experts Fault Bush’s Mortgage Strategy (Roll Call, 10/23/08)

Private sector loans, not Fannie or Freddie, triggered crisis (McClatchy Newspapers, 10/12/08)

Misplaced Blame (New York Times, 10/15/08)

Blame Game Gets Nasty When It Targets the Poor (Washington Post, 10/12/08)

A lame rap aimed at poor folks (Chicago Tribune, 10/8/08)

Crisis has nothing to do with Reinvestment Act (Houston Chronicle, 10/11/08)

Blame game (Houston Chronicle, 10/15/08)

Subprime scapegoats (Boston Globe, 10/11/08)

Subprime Suspects (Slate, 10/7/08)

Don't blame minorities for economic meltdown (Kansas City Star, 10/13/08)

Foreclosure Prevention Resources:

Foreclosure Prevention Guide (10/15/08)

Resources for Questions Regarding the Emergency Economic Stabilization Act (10/15/08)