Posted on 01/30/2009 2:36:56 PM PST by Laissez-faire capitalist
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Coporation 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. [And they did]
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...
... In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers ...
(Excerpt) Read more at query.nytimes.com ...
It was Democrats - desiring to engage in social engineering - that laid the foundation for the economic meltdown. The Community Reinvestment Act, Fannie & Freddie and Democrats forced banks into making bad home loans. Fannie & Freddie bought up hundreds of billions of dollars worth of bad loans and cooked the books, allowing banks to get away with predatory lending.
Is the date on the article supposed to be 9/30/99?
The whole world is suffering but these a-holes go scott-free. I bet that the bottom of hell is lined with politicians and lawyers.
Obama and his fellow Dems still try to blame Wall Street and capitalism. Obama is using the economic meltdown to push his pork-barrel laden “stimulus” plan, which is nothing more than a socialist agenda, and attacks anyone who opposes his policies - like Rush Limbaugh or Sean Hannity.
Obama is using fear-mongering and personal attacks to tary and silence dissent. But, dissent is still the highest form of patriotism. Americans must adhere to the Constitution, not any man or his policies.
My mistake. Yes, the date of the article is 9/30/1999.
click the link its in their archive
Bet this article disappears from the NYT archives pretty quickly...
It’s already on my hard drive.
(Psst...don’t tell anybody.)
Yes, always blame the democrats. It could never be the republicans fault even though they controlled congress and/or the presidency for many years before and after when this article was written.
Guess the poster must have been asleep for the past few years and he/she thinks it's news!!! Maybe he/she just learned how to read, maybe the search function has now been mastered,
“Yet, Obama and fellow Dems are engaging in capitalism-bashing and trying to blame the economic collapse on Wall Street.”
I recently watched a History Channel “documentary” which blamed the Great Depression on Andrew Mellon and our current troubles on, get this, Reagan, Clinton, and Greenspan (whom they present as being a champion of free markets. Ha!). The fix is in. Always has been.
Much in the same way your are trying to use fear-mongering to sell a fairy tail. One time, Ten percent of the tarp funds would have bought down all of the bad loans. That would still leave 550 trillion of toxic derivatives.
Yup, this got posted many times WAY before the election last year, and even in breaking news, despite being from 1999. It deserved breaking news when (Perdogg?) unearthed it 4-5 months ago, IMO.
Even Republicans have made some mistakes. The biggest one I can think of is Reagan's appointment of Greenspan in 1987. It was not apparent at the time just how big a mistake it was.
Dwight Eisenhower said that his greatest regret as president was appointing Earl Warren as chief justice of the Supreme Court.
In more recent times, I think you could say George H.W. Bush’s choice of David Souter was a gigantic mistake. He’s turned out to be arguably the most liberal member of the Court.
(mine, too...)
How prescient. Too bad they didn't make this information available again during this past election, but that would have been an "Inconvenient Truth" wouldn't it?
Having been in the residential mortgage business for over 20 years, I have a four letter word for those who advocated this easing of credit: RENT. Think of all money we would have saved if these unqualified borrowers had simply RENTED a home or an apartment.
And if you opposed them then you are Nazi-Hitler like. Not Stalin like, or Mao like but Hitler like.
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