Defenders of Johnson Crapo have argued that objections from the far right and far left mean the bill struck just the right balance. But housing reform is just as controversial as healthcare and far less urgent. Our current mortgage market, which relies almost exclusively on government backing, at the very least isn't putting sand in the gears of the economy.
So what was Obama thinking? The only explanation I can think of is that Obama is a centrist to his core and did not want to be seen as blowing off the issue. So he put something out there that he believed in, or at least one his financial team believes in: another gift to the banks. Congressional Democrats, to their credit, aren't having any of it.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts