The Men Who Built The Bomb: Fannie & Freddie

Ace has compiled the "whodunit" list of Fannie Mae and Freddie Mac fame. Read it all.

The Men Who Built the Bomb: ... are all working as advisers to Obama now.

Penny Pritzker, "the Michael Milken of subprime mortgages," is Obama's Finance Chair.

Jim Johnson, disgraced former CEO of Fannie, was Obama's vice presidential search chairman, at least until he resigned under fire due to his role in providing subsidized sweetheart loans to Democratic Senators during his stint at CountryWide.

Franklin Raines, who participated in the accounting scandals to fix Fannie's books and deliver unwarranted bonuses to its top executives, is a top Obama adviser.

Corrupt "Community Organizer" organization ACORN, an institutional ally of Barack Obama, lobbied Freddie and Fannie to extend even more risky loans to credit-poor borrowers in the interest of ending "racial redlining." But they didn't end "racial redlining." What they ended was any credit-checking at all, as subprime mortgage providers simply stopped verifying self-reported claims of income and in fact ended even the most basic prudential element of a mortgage -- the down payment.

"Fannie Mae is proud to work with ACORN Housing, " said Thomas Collins, Director, Single Family Business, and Fannie Mae. By working with ACORN and lenders like Citibank, we can support their efforts to expand homeownership opportunities for underserved communities at affordable price points achieve sustainable homeownership."

In this same speech, Collins referred to, Obama, and other members of the Black Congressional Caucus which had worked so diligently to craft the time bomb that would ultimately destroy two key segments of the American economy (both housing/home construction and the financial sectors), members of "the family."

Obama Economics Adviser Austan Goolsbee continued defending and lobbying on behalf of the mortgage industry's no-money-down-no-credit-check policies at least until September of 2007.