Once again, we can see where fault lies with this entire bailout. The seeds were planted a long time ago, but even then, there were people very clearly predicting exactly what would happen — and WHY and HOW it would happen.
Ironic that it would appear in the New York Times.
The whole thing was caused by giving people loans who couldn't afford to pay. Who do you think was pushing that kind of thing?
Here is a single salient page from a New York Times article dated September 30, 1999. It's very brief, and well-worth a look.
Fannie Mae Eases Credit To Aid Mortgage Lending
New York Times, September 30, 1999