{"id":133,"date":"2013-03-25T22:16:44","date_gmt":"2013-03-26T02:16:44","guid":{"rendered":"http:\/\/blogs.nd.edu\/entrepreneurlaw\/?p=133"},"modified":"2013-03-25T22:16:44","modified_gmt":"2013-03-26T02:16:44","slug":"believe-it-or-not-we-were-warned-about-the-financial-crisis","status":"publish","type":"post","link":"https:\/\/sites.nd.edu\/entrepreneurlaw\/2013\/03\/25\/believe-it-or-not-we-were-warned-about-the-financial-crisis\/","title":{"rendered":"Believe it or not, we were warned about the financial crisis &#8230;"},"content":{"rendered":"<p>&#8230; years before it happened. \u00a0Here is a <a href=\"http:\/\/www.youtube.com\/watch?v=LPSDnGMzIdo\">news spot<\/a> from 2008 showing clips from Congressional hearings<strong><em> in 2004 &#8212;<\/em><\/strong><em>\u00a0<\/em>fully four years before the housing bubble burst and the financial meltdown took place &#8212;\u00a0in which lawmakers were warned that there were serious problems with Fannie Mae and Freddie Mac.<\/p>\n<p>These hearings were prompted by a report from OFHEO (Office of Federal Housing Enterprise Oversight). \u00a0Armando Falcon, Jr. was the Director of OFHEO at the time, and he was eviscerated by a number of congressmen and women, who claimed that Fannie Mae and Freddie Mac were &#8220;sound,&#8221; and that Mr. Falcon was out to undermine affordable housing. \u00a0This was untrue, as <a href=\"http:\/\/www.thenation.com\/article\/whistleblower-they-ignored#\" target=\"_blank\">this article<\/a> from\u00a0<em>The Nation<\/em> magazine points out.<\/p>\n<p>Those attempting to push for stronger oversight of the GSE were ignored. \u00a0Mr. Falcon was asked to resign. \u00a0But his concerns were vindicated by the events four years later.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8230; years before it happened. \u00a0Here is a news spot from 2008 showing clips from Congressional hearings in 2004 &#8212;\u00a0fully four years before the housing bubble burst and the financial meltdown took place &#8212;\u00a0in which lawmakers were warned that there &hellip; <a href=\"https:\/\/sites.nd.edu\/entrepreneurlaw\/2013\/03\/25\/believe-it-or-not-we-were-warned-about-the-financial-crisis\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1164,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-133","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/sites.nd.edu\/entrepreneurlaw\/wp-json\/wp\/v2\/posts\/133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sites.nd.edu\/entrepreneurlaw\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sites.nd.edu\/entrepreneurlaw\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sites.nd.edu\/entrepreneurlaw\/wp-json\/wp\/v2\/users\/1164"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.nd.edu\/entrepreneurlaw\/wp-json\/wp\/v2\/comments?post=133"}],"version-history":[{"count":1,"href":"https:\/\/sites.nd.edu\/entrepreneurlaw\/wp-json\/wp\/v2\/posts\/133\/revisions"}],"predecessor-version":[{"id":134,"href":"https:\/\/sites.nd.edu\/entrepreneurlaw\/wp-json\/wp\/v2\/posts\/133\/revisions\/134"}],"wp:attachment":[{"href":"https:\/\/sites.nd.edu\/entrepreneurlaw\/wp-json\/wp\/v2\/media?parent=133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sites.nd.edu\/entrepreneurlaw\/wp-json\/wp\/v2\/categories?post=133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sites.nd.edu\/entrepreneurlaw\/wp-json\/wp\/v2\/tags?post=133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}