How Bill Clinton forced banks to make loans to poor people - the Hannity 5-Minute Lie part Duex

This is just outrageous. I was watching Sean Hannity tonight, and he and Ann Coulter told me about how Bill Clinton forced banks to make loans to people who might not be able to pay them back. I was so upset, I did a little research. Here is what I found out:

[The Act] requires the Secretary to establish specified housing goals for [Fannie Mae and Freddie Mac], including goals for purchase of mortgages on housing for low- and moderate-income families (adjustable annually to meet unaddressed needs of such families for affordable housing), and on housing located in underserved areas (both urban and rural).

Requires the Secretary to monitor and enforce compliance with such goals, establishing guidelines, filing goal failure notices, and requiring (of noncompliant enterprises) submission of housing plans.

Authorizes the Secretary to issue cease-and-desist orders, subject to administrative hearings. Provides for judicial review of such orders by the U.S. Court of Appeals for the District of Columbia Circuit. Sets forth civil money penalties for noncompliance with housing plan requirements, ranging from $10,000 to $25,000 for each day of failure.

So not only did the government force banks to make mortgage loans to poor people, they also threatened them with FINES if they didn't do it!

One problem: the law I quoted above is the Housing and Community Development Act of 1992. That's right, 1992, when Bill Clinton was the Governor of Arkansas. (google "H.R.5334 ", it's the first listing, then click on "CRS Summary"). Not only that, but it didn't force banks to lend anything to anybody - it simply changed the standards for mortgages that Fannie Mae and Freddy Mac could purchase from banks.

So Sean, I have to hand it to you, you at least made me work for this one (this took a fairly diligent amount of research, which apparently none of the sheep who watch you are willing to do). You also almost made it through 5 minutes - almost.

Another Hannity 5-minute lie. Adieu.