The republicans didn't have a super majority like the dems do now. Any bill brought before the Senate could have been filibustered by the dems and there was nothing that the republicans could do about it. The dems were warned many times even by president Bush but Barney Frank and the rest of the dems just played it off even going as far as praising Fanny and Freddie and extolling virtues on the directors of each.
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