Exactly who’s fault is it again?
by Mortgage Rates on Thursday, November 4th, 2010 | 6 Comments
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If you want to regulate it… it’s racist
If you don’t… it’s your fault when it fails.
Damne if you do
Damned if you don’t.
Well said! But unfortunately some people just don’t wan to hear it and want to continue to vilify Bush (who can be blamed for much but not this)
I’m with you but there are so many people that only hear or read what they want to be the truth.
It started before 2004!
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.
”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 (and current Obama advisor). ”Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.”
That about sums it up. Too bad many of the drones who follow Obama, Dodd, Kerry, Reed, Reid, Clinton, Pelosi and others like them can’t utilize reason and accountability.
Krugman: Housing / Mortgage “Unmitigated Disaster” Caused by…
Dec 21, 2007 … The great bulk of dubious subprime lending took place from 2004 to …. in subprime loans went bust, which did for the subprime mortgage …
daytonos.com/?p=706 – 59k – Similar pages
http://daytonos.com/?p=706
This was last year: an excerpt
“The subprime crisis demands action, and we are working to protect families who have lost their home or are in danger of foreclosure,” the House speaker, Representative Nancy Pelosi of California, said.
While the House has already passed several bills aimed at the mortgage problem, Senate Democrats have been bogged down by disagreements and other difficulties in lining up enough votes to block any Republican filibuster.
White House officials said President Bush put forward a plan in August to expand the Federal Housing Administration’s mortgage insurance program and proposed a way to strengthen the regulation of Fannie Mae and Freddie Mac.
“We don’t see the need for more press conferences,” a spokesman for Mr. Bush, Tony Fratto, said. “We see the need for them to take advantage of the opportunities before them.”
http://www.nytimes.com/2007/10/04/business/04housing.html?_r=1&oref=slogin