The piles of bad loans which spread throughout the whole financial system like a cancer and caused the financial meltdown of the American banks and financial institutions in 2008, destroying the savings of millions of American families, were created by Fannie Mae and Freddie Mac. The two government institutions lied to the regulators, lied to Congress, lied to the American public, misappropriated funds, gave away free money, paid their own executives huge bonuses and benefits, and by their illegal actions destroyed the housing market in this nation. Any private financial institution that did what Fannie Mae and Freddie Mac did, would be long shut down by the regulator and the executives would be in jail.
But the actions of these two were not simply a criminal scheme. They were a political criminal scheme, organized and protected from regulation and prosecution by a specific political party.
Watch this video of 2008 to find out which party was an accomplice – and may be even the organizer – of this political criminal scheme: