File this under ‘Brass Cojones!’ In what amounts to a huge admission of Democrat Party culpability, Obama administration regulators introduced first-time banking rules on Thursday, to ensure “that borrowers can afford to pay their mortgages”.

Never mind that common-sense would dictate such a concept in money-lending.

Never mind that the private sector had worked out that necessity since 1190 AD, when mortgages were believed to have first been created.

To hear him tell it, it took Obama’s appointed consumer-protection czar Richard Cordray and regulator cronies to impose lender restrictions and obligations… such as reviewing a borrower’s financial situation to make sure they can afford mortgages they apply for.

What he won’t say so publicly is that the financial lending practices were turned upside down by Bill Clinton’s team in the ’90’s. They took a little-known Jimmy Carter-era CRA (Community Reinvestment Act) bill, injected with Janet Reno ‘regulation-steroids’, and FORCED lenders to relax mortgage-lending requirements…or face federal blowback.

Democrats did this in the name of ‘Home Ownership For All’, but their unspoken intent was to get votes under the guise of championing the low-income voter constituency, which primarily consisted of racial minorities normally unqualified for such loans.

Forcing banks to make risky sub-prime loans put those institutions in a shaky situation, so banks did what they could to protect themselves, bundling the loans in designated mortgage-backed securities and reselling them to investors. All perfectly legal.

We repeat – all perfectly legal. For, while you may regularly hear news outlets vilify the ‘predatory lenders’ and ‘fat cat’ bankers, what you won’t hear is that the banking industry is one of the most HEAVILY REGULATED industries in the United States!

Why doesn’t the average American know this? Because the regulations are made into law by Congress, and Democrats have dominated that legislative body for decades.

We apologize for this brief historical excursion, but it was necessary. Policy followed by a private sector free enterprise system, Obama attacks regularly now. Obama’s team isn’t breaking new ground here – it was self-imposed common sense for centuries…

…until Congressional Democrats created the sub-prime mortgage crisis they now try to foist off on others, by forcing the risky lending practices they now purport to solve…