Federal Reserve Board data show that:

More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.

The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets reported Friday.
So Fox News, Rush Limbaugh and other conservatives, your talking points are completely wrong, as proven by our own Federal Government's statistics. Another reason to choose your news sources carefully for accuracy and honesty.

You can read an article by McClatchy to get the full details.

Gillian Parrillo
The Sacramento Executive