And both administrations paid insufficient attention to the persistent problem of mortgages.
It is unfortunate that the problems of mortgage traders can create such havoc.
Two weeks ago, when asked about the problems of mortgage holders, Mr. Bush said that many Americans struggling with their mortgages had failed to read the fine print on the loans.
Peter Slatin and Steve Forbes discuss the problems of mortgage securitization and why that market's not going to recover soon.
"It is now clear that we will not be able to avert a more serious and prolonged economic slowdown if we don't address the problem of increasing mortgage foreclosures," Representative Barney Frank, chairman of the House Financial Services Committtee, said on Tuesday.
"While the holiday season appears to have had some impact on the market, the continual problem of inaccessible mortgage finance is still preventing first-time buyers from accessing the market".
Consider, in closing, this Chicago Tribune article from 2005, when David Jackson of the Chicago Tribune reported on the growing problem of home mortgage fraud in Chicago's poorest communities.
But 16percentt were created to protect holders of collateralized debt obligations, complex pools of bonds that have recently experienced problems because of mortgage holdings.
Briskly, she unravels the problem of subprime mortgages, and adds, "Got it?
