Fannie Mae Eases Credit To Aid Mortgage Lending

[carpro]

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES
Published: September 30, 1999

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.

 

[billwald]

>will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.

Which is EXACTLY how this mess got started.

 

[Dragoon68]

>will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.

Which is EXACTLY how this mess got started.

That's correct! Now take note of the date and take note of who's administration was pushing it. Try to remember this the next time someone - like Obama and friends, for example - try to blame Bush and friends for causing the problem. What suckers some have been!

 

[carpro]

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.

Just a little trip down memory lane for liberals in denial.:wavey:

 

[carpro]

Liberals in denial.

9-11-2003

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.

 

[Dragoon68]

The liberals must be convinced the New York Times article was a fraud!

Clinton sure did help create a big mess, didn't he? Under his watch the government pressured the banks to make loans people couldn't pay back even with extra generous terms. He was so proud of it! Now we're making good on all those bad debts - after we made our payments on normal terms - plus taking big hits on the value of our investments. He can't even step up now and take "credit" for it - it's easier to pass off as more blame on Bush. I wonder if Clinton sleeps well knowing this? Probably!

 

[Bible-boy]

Hey,

If our liberal friends here in the BB don't post a comment on this thread then we will not be able to sat I told you so.

Perhaps that is their new strategy for hear no evil, see no evil...

Just put the blinders on and keep Hoping for Change, Yes we can!:tonofbricks:

 

[carpro]

http://online.wsj.com/article/SB122091796187012529.html?mod=most_emailed_day

SEPTEMBER 9, 2008

Fannie Mae's Patron Saint

Taxpayers are now on the hook for as much as $200 billion to rescue Fannie Mae and Freddie Mac, and if you want to know why, look no further than the rapid response to this bailout from House baron Barney Frank. Asked about Treasury's modest bailout condition that the companies reduce the size of their high-risk mortgage-backed securities (MBS) portfolios starting in 2010, Mr. Frank was quoted on Monday as saying, "Good luck on that," and that it would never happen.

There you have the Fannie Mae problem in profile. Mr. Frank wants you to pick up the tab for its failures, while he still vows to block a reform that might prevent the same disaster from happening again.

At least the Massachusetts Democrat is consistent. His record is close to perfect as a stalwart opponent of reforming the two companies, going back more than a decade. The first concerted push to rein in Fan and Fred in Congress came as far back as 1992, and Mr. Frank was right there, standing athwart. But things really picked up this decade, and Barney was there at every turn.

 

[Dragoon68]

They're just not biting on this one! It's a slam dunk so it's better to avoid it.

 

[Dragoon68]

Zzzz ... zzzz ... zzzz. Have they responded yet? No? Okay! Zzzz ... zzzz ... zzzz!

Note that Obama is rounding up the old Clintonites for his team. Maybe he'll pick some of the Fannie Mae wizards to help with the economy!

 

[carpro]

They're just not biting on this one! It's a slam dunk so it's better to avoid it.

Absolutely a radioactive topic for liberals and democrats. :wavey:

 

[JustChristian]

Absolutely a radioactive topic for liberals and democrats. :wavey:

The real question isn't who originally supported the concept of subprime mortgages. it's when did subprime loan originations occur. The vast majority of these loans have occurred during the last 8 years. Under Clinton this idea originated. Under Bush it became the reason for the worldwide economic crisis we are now experiencing. Regulation should have severely cut back this process years ago. The Republicans had control and they were asleep at the watch.

 

[Revmitchell]

The real question isn't who originally supported the concept of subprime mortgages. it's when did subprime loan originations occur. The vast majority of these loans have occurred during the last 8 years. Under Clinton this idea originated. Under Bush it became the reason for the worldwide economic crisis we are now experiencing. Regulation should have severely cut back this process years ago. The Republicans had control and they were asleep at the watch.

You cannot just divorce anything that happened in the last eight years from congress. At the same time I have posted evidence that it has been the Dems that ignored warnings and cry's from Republicans about the potential problems with these mortgages and the call by conservatives for regulation and the response from lbs that everything was fine. It puzzles me why you and others continue to ignore those facts all the while blaming Bush.

 

[webdog]

The real question isn't who originally supported the concept of subprime mortgages. it's when did subprime loan originations occur. The vast majority of these loans have occurred during the last 8 years. Under Clinton this idea originated. Under Bush it became the reason for the worldwide economic crisis we are now experiencing. Regulation should have severely cut back this process years ago. The Republicans had control and they were asleep at the watch.

So if Bush were to do something as detrimental as what Clinton did in '99, months before he left office, you would be blaming Obama for the mess Bush created since the majority of it happened "under his watch". I highly doubt it. Liberals have double standards.

 

[carpro]

The real question isn't who originally supported the concept of subprime mortgages...

To the contrary , that is exactly the question and there is no doubt as to the answer.

Democrats (and you) can run but they can't hide. There is far too much evidence to hide from.

 

[Dragoon68]

The real question isn't who originally supported the concept of subprime mortgages. it's when did subprime loan originations occur. The vast majority of these loans have occurred during the last 8 years. Under Clinton this idea originated. Under Bush it became the reason for the worldwide economic crisis we are now experiencing. Regulation should have severely cut back this process years ago. The Republicans had control and they were asleep at the watch.

What? Of course the "real question" is who's responsible for the policies that lead to the problem and that responsibility rests with Democrats such as Carter and Clinton. If it had not been orginated it would have never become a problem to fix. Further, all efforts by Republicans, including the Bush administration, to bring any sensible oversight to these polices were strongly resisted by the Democrats mostly still in office today. There was no chance of repeal for the screams of racism and "doing more for the poor" drowned the attempts. That's very much the opposite of what you've suggested. Of course, without change the Republican adminsitrations had no choice but to implement the law. Congress is still in control of the legislation isn't it?

 

[Dragoon68]

So if Bush were to do something as detrimental as what Clinton did in '99, months before he left office, you would be blaming Obama for the mess Bush created since the majority of it happened "under his watch". I highly doubt it. Liberals have double standards.

If any thing positive happens Obama will take the credit. If any thing negative happens Bush will be blamed. This will work for seveal years.

 

[Dragoon68]

You cannot just divorce anything that happened in the last eight years from congress. At the same time I have posted evidence that it has been the Dems that ignored warnings and cry's from Republicans about the potential problems with these mortgages and the call by conservatives for regulation and the response from lbs that everything was fine. It puzzles me why you and others continue to ignore those facts all the while blaming Bush.

Very well stated!

 

[OldRegular]

Zzzz ... zzzz ... zzzz. Have they responded yet? No? Okay! Zzzz ... zzzz ... zzzz!

Note that Obama is rounding up the old Clintonites for his team. Maybe he'll pick some of the Fannie Mae wizards to help with the economy!

Clintonites or Cllintonistas?:laugh: :laugh: