Changes

[[Fannie_Mae#Franklin_Raines_era|Franklin Raines]], Vice Chairman of Fannie Mae, was appointed by Clinton as Director of the the [[Office of Management and Budget]] (OMB) in 1996; in 1999, he returned to Fannie Mae as CEO. One of his first acts was to lower Fannie Mae's underwriting guidelines and begin purchasing subprime mortgages under the Community Reinvestment Act.<ref>[http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html Fannie Mae Eases Credit To Aid Mortgage Lending,] Steven A. Holmes, ''New York Times'', September 30, 1999.</ref>  Raines was named (along with Bill Clinton) by ''[[Time magazine]]'' on it's list of ''25 People to Blame for the [[Financial Crisis of 2008]]''.<ref>[http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877335,00.html The good intentions, bad managers and greed : behind the meltdown, Blameworthy : Frank Raines], ''Time magazine''. </ref>

[[Fannie_Mae#Franklin_Raines_era|Franklin Raines]], Vice Chairman of Fannie Mae, was appointed by Clinton as Director of the the [[Office of Management and Budget]] (OMB) in 1996; in 1999, he returned to Fannie Mae as CEO. One of his first acts was to lower Fannie Mae's underwriting guidelines and begin purchasing subprime mortgages under the Community Reinvestment Act.<ref>[http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html Fannie Mae Eases Credit To Aid Mortgage Lending,] Steven A. Holmes, ''New York Times'', September 30, 1999.</ref>  Raines was named (along with Bill Clinton) by ''[[Time magazine]]'' on it's list of ''25 People to Blame for the [[Financial Crisis of 2008]]''.<ref>[http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877335,00.html The good intentions, bad managers and greed : behind the meltdown, Blameworthy : Frank Raines], ''Time magazine''. </ref>

Clinton hired [[Peter Orszag]] as Special Assistant to the President for Economic Policy in 1997; as concern grew over Raines management of Fannie Mae, Raines hired Orszag to reassure investors over the safety of Fannie Mae's securitization of subprime mortgages. Orszag made the fantastic claim Fannie Mae's risk of insolvency was 1 in 500,000. Barack Obama later promoted Orzsag to Director of OMB.

Clinton hired [[Peter Orszag]] as Special Assistant to the President for Economic Policy in 1997; as concern grew over Raines management of Fannie Mae, Raines hired Orszag to reassure investors over the safety of Fannie Mae's securitization of subprime mortgages. Orszag made the fantastic claim Fannie Mae's risk of insolvency was 1 in 500,000, and more likely 1 in 3 million. Barack Obama later promoted Orzsag to Director of OMB.

===Kyoto Protocols and carbon emissions===

===Kyoto Protocols and carbon emissions===