Also noteworthy was the community reinvestment act of 1977 which actually was the catalyst for the complete failure of the housing markets and nearly collapse of our banking system. One more mention of note was the Bush hearings questioning the financial solvency of FannyMae and FredyMac. Of course the Democrats, Barney Frank, in particular, scoffed at the hearings as a witch hunt and proclaimed "these institutions are as strong as the rock of Gibraltar". And then shortly after the housing market collapsed. Naturally the left pointed to the greed of mortgage brokers and banks but in reality it was the repeal GlassSteagull Act and the new community reinvestment act