Chuck Schumer(Democrat-Fannie Mae) Promoted No Money Down Mortgages

We should never forgot the politicians like New York Senator Chuck Schumer who promoted Fannie Mae's risky behavior.Here's a trip down memory lane from The New York Sun dated September 30, 2002:

Senator Schumer is announcing today the extension of a Fannie Mae housing subsidy in Nassau and Suffolk county. This initiative allows income-eligible families to make extremely low down payments — ranging from nothing to 3% — on the purchase of a home.

The extension is of the maximum income to qualify for this program, from 100% of the region's area median income to 165%. Mr. Schumer's press release on the matter states that "Raising the eligible income level slightly means a substantial number of struggling, hard-working families previously ineligible but no less deserving, will be able to get help in buying homes."

Chuck Schumer(Democrat-Fannie Mae),turning those who don't have down payments into highly leveraged hedge funds.Where would Fannie Mae's massive portfolio of mortgages be without those campaign contributions to people like Chuck Schumer?