In response to the above, it was Jimmy Carter and Bill Clinton who created and bolstered the Community Reinvestment Act to force banks to lend money to unqualified borrowers in an effort to get more home ownership into minorities. A socialist program that created subprime mortgages to people with poor credit or no collateral. Therefore the socialist policies created a plethora of bad loans which caused the financial crisis today. See: Community Reinvestment Act. During his tenure as Senator, Barack Obama did nothing to regulate banks while John McCain authored a bill to increase oversight. Under the leadership of Barney Frank, the Senate finance committed did nothing to protect us from Fannie Mae and Freddie Mac. Frank Raines, the CEO who earned $90 million at Fannie now works for Obama. We need protection from these kinds of people and Obama hires them.