Changes

When Citibank sought federal approval for a merger with Travelers Group, it was only OK'd by the Clinton administration after it promised to provide $115 billion for Community Reinvestment Act "anti-redling" loans. Promises made by other financial institutions added up to $600 billion between 1993 and 1998, according to a 2000 Treasury Department report.<ref>[http://news.investors.com/ibd-editorials/090412-624522-obama-launched-subprime-crisis-with-lawsuit.htm?p=2 Subprime Bubble] ''Investors Business Daily'', 09/04/2012. </ref>

When Citibank sought federal approval for a merger with Travelers Group, it was only OK'd by the Clinton administration after it promised to provide $115 billion for Community Reinvestment Act "anti-redling" loans. Promises made by other financial institutions added up to $600 billion between 1993 and 1998, according to a 2000 Treasury Department report.<ref>[http://news.investors.com/ibd-editorials/090412-624522-obama-launched-subprime-crisis-with-lawsuit.htm?p=2 Subprime Bubble] ''Investors Business Daily'', 09/04/2012. </ref>

===Fannie Mae securitization of subprime mortgages===

===Sale of Fannie Mae derivatives and subprime mortgages===

[[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 implementing Clinton's National Homeownership Strategy 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, ''[[ The 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 implementing Clinton's National Homeownership Strategy 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, ''[[ The 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>