Posted on 09/25/2008 1:31:16 PM PDT by PJ-Comix
“will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.”
This article was written in 1999. I’m sure it’s just a coincidence that the housing bubble began in early 2000.
Just fiction? I think NOT!!!
Well, New Jersey maybe but Chicago has a reputation of honesty and transparency. It couldn’t happen there. /s
We can’t post entire NY Times articles here because of terms of service. Why don’t you go there and copy to your computer?
Thanks.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
"From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry".
Peter Wallison, talk about perdicting the future, just WOW.
PREDICTING, Of course.
BOOM
But it does make some people feel better about themselves.
Yeah, that's kinda the liberal ethos in a nutshell.
Infantilize people, strip away their humanity, make them victims of circumstance "beyond their control," and then treat them with the arrogance of a Greek god.
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Oh, yes...Chicago is unsullied by mafioso, slumlords, machine politics, and community organizers! /s
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