[neodad]

The chickens came home to roost.

[Jim Robinson]

Hat tip to Rodger!

[Cold Heat]

Yep......

"And if you don't like this" said Fanny and the Congressional Black Caucus, "you must be racist".

And so it was................

[wagglebee]

The answer was NEVER to give ANYBODY a mortgage for ANY AMOUNT with NO MONEY DOWN.

[Signalman]

In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers

The smoking gun. The Clinton administration was behind this fiasco.

[stripes1776]

This tells it all.

[nmh]

MAJOR BUMP!!!!!!

[Jim Robinson]

See also:

2005 Video: Fannie Mae CEO addresses Obama & the Democrat Black Caucus, his “Family”

http://www.freerepublic.com/focus/f-news/2085235/posts

[Chet 99]

Sir, don’t you understand that it is a God given right under our evolving and elastic Constitution that every US resident, including illegal aliens, have a right to finance, with no provable income and no money down, two bedroom condos for $650,000?

[xcamel]

"The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants."

Clinton/Cuomo conspired to sue the member banks if they didn't comply, and invented "redlining" - this was the beginning.

Keep in mind, Andrew Cuomo is now New York's Attorney General...

[RXSalesman]

good find!

[downtownconservative]

Reading this was almost eerie, sort of like precognition. The exhuberance of the reportage was clear as if this reduction in standards should have happened years before.

McCain co-sponsored a bill in ‘05 to address problems that he forsaw. Democrats blocked it. Get the word out there.

[McGruff]

President Bush tried to head this off in 2003. New Agency Proposed to Oversee Freddie Mac and Fannie Mae . It's amazing to me how unformed the public (and some FReepers) are.

Also John McCain saw a problem. John McCain 2006 - Warning On Current Housing Crisis.

[Obadiah]

Yeah, baby! Good find. The truth shall set you free!

[nickcarraway]

Bump

[Earthdweller]

Drive it home....woohoo!

[luvie]

Ah-HA!!!

[SkyPilot]

Hey Jim!

[quadrant]

This is the second time that real estate lending practices have led to banking meltdowns. Its time to put an end to this manipulation of the banking system.

[Reagan Man]

>>>>>''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer.

Good old Franklin Delano Raines. The man who took home $90-million from Fannie Mae between 1999-2004. The same Clintonite who is about to pay $24-million in penalites for a stay out of jail card.