According to Hot Air, the New York Times printed this statement on September 30, 1999 relating to the changes in lending policies opening up the subprime mortgage market.

“In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.

“From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. “If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.””

Wow.  Why wasn’t anyone listening?

There is an audio link at the bottom of this article to the Mark Levin Show and his comments on the Fannie Mae and Freddie Mac meltdown.  The audio is a little long, but his insight into the history of this problem amazing.

WARNING:  The language on the audio link is a little rough and very passionate.