Posted on 09/30/2008 7:17:34 AM PDT by PureSolace
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
(Excerpt) Read more at query.nytimes.com ...
It’s 1999.
Go to the article and look at the date!
That article is from September 30, 1999 !!!
I'm confused?
George Bush Wasn't President then?
That article is from September 30, 1999 !!!
I'm confused?
George Bush Wasn't President then?
I think someone named Clinton was president then...
Nope, it’s a flashback. The NYT printed this article nine years ago today, and predicted that the government would have to bail out the mortgage industry if there were a downturn in the RE market.
“Bust up these Beasts”: Steve Forbes bailout plan - break up Fannie Freddie monopoly status
http://www.freerepublic.com/focus/f-news/2093778/posts
I go for Newt’s ideas:
“Gingrich’s four-point plan includes:
(1) suspending immediately mark to market provisions (the accounting practice of valuing a financial position in an investment at its current market price) in the hopes of stopping the downward spiral in asset values and eventually replacing it with a three year rolling average;
(2) repealing immediately Sarbanes-Oxley, the 2002 accounting law Gingrich described as “an enormous drag on small business”;
(3) setting the capital gains tax rate at zero “matching the Chinese and Singapore” (to encourage private capital to flood into the market picking up properties without the taxpayers being at risk); and
(4) passing an “extraordinarily powerful” energy bill (”to return $500 billion a year to the American economy that are currently going overseas”).”
http://www.npr.org/templates/story/story.php?storyId=94900671
When I first saw this over a week ago I emailed the link to my contact list. Somehow I missed a cousin, then yesterday she sent me the article anyhow asking me to forward it. Good to see this is making the rounds.
To everyone: If you haven't done so already please email this link to all on your contact list. Needs to get out, the MSM is not going to do it.
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