Saturday, September 20, 2008

New York Times is Right!

House PnHead Pelosi: Dems bear no responsibility for economic crisis
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.

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''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.''

Pass the salt, please.

8 comments:

Anonymous said...

Beauty.

You are amazing, your majesty. Keep up the good work. I'm printing that and carrying it around in my book, with other stuff I pull out when I'm arguing with leftist knucklheads.

Anonymous said...

Who wants to sit back and enjoy their hard earned retirement. When it can be used to bail out a crack head whore and her babys daddy. My wife said that was a little harsh.I don't know am I becoming cynical?

Spanky

Anonymous said...

Chickens coming home to roost.
I saw this from inside the banking industry: Bank One was making loans to illegals as fast as they could, bundling the loans and selling the paper on down the line. Disgusting, but hey, it was "fair" right?
RAK

Anonymous said...

er...

"If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

– John McCain, May 25, 2006

Anonymous said...

Here's the complete article... http://tinyurl.com/4clng5

righty gomez

Rodger the Real King of France said...

?
Just click the title (Today's 200 Word Answer )

Anonymous said...

In a word: racism. But we dare not call it that because it's run by the same pimps that gave us the twisted logic of affirmative action and (warning, curseword) diversity.
Lt. Col. Gen. Tailgunner dick

Anonymous said...

Spanky, that's the way I see it too. We're paying the mortgage for the irresponsible.

Mark my words, the day will come when a politician says "All that money in 401k retirement funds... it's just not fair that some people have so much, while others have nothing. What I am proposing is a one-time, 25% tax on 401k funds > $500,000 to set up a program to help those less fortunate..." And how will anyone defend against that? The news will show some "undocumented worker" and her anchor babies living in squalor, then contrast that to a country club luncheon. Next they conduct a poll: "should MILLIONAIRE retirees help with the burden of those less fortunate, or should the poor be forced to die in the gutter by those selfish assholes?" etc. National news picks up the thread and cranks the handle of the propaganda machine. In a few weeks, anyone who has been responsible and saved a % their salary for their own retirement will be in the crosshairs.

And that's how they will steal your retirement.


So if you're working hard, struggling to pay bills and still sock away some money for retirement, you're a fool. But so am I. To the politicans, we're all whores in party dresses.

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