Occupy Wall Street protesters shouldn't blame big banks for the mortgage crisis, New York City Mayor Michael Bloomberg said Tuesday-- they should blame Congress.
"It was not the banks that created the mortgage crisis," Bloomberg told an audience gathered for an Association for a Better New York breakfast, Capital New York first reported. "It was plain and simple Congress who forced everybody to go and give mortgages to people who were on the cusp." Bloomberg argued that Congress forced banks and lending giants Fannie Mae and Freddie Mac to loosen their mortgage standards.
Bloomberg, a multi-billionaire, got his start as a Wall Street investment banker. His $10 million severance at the age of 40 was what catapulted his future profitable business ventures.
You can watch the video of Bloomberg's comments below, via Capital New York: