Reckless Government Policies, Not Private Greed Caused the Housing Bubble and Financial Crisis

CARPE DIEM: Reckless Government Policies, Not Private Greed Caused the Housing Bubble and Financial Crisis
Peter Wallison of the American Enterprise Institute writing in today's WSJ, explains that the Wall Street protesters have been grossly misled because it was "Reckless government policies, and not private greed, that brought about the housing bubble and resulting financial crisis."

Here's an excerpt:
"Beginning in 1992, the government required Fannie Mae and Freddie Mac to direct a substantial portion of their mortgage financing to borrowers who were at or below the median income in their communities.
The original legislative quota was 30%.
But the Department of Housing and Urban Development was given authority to adjust it, and through the Bill Clinton and George W. Bush administrations HUD raised the quota to 50% by 2000 and 55% by 2007.