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an excerpt from a 1999 article in the New York Times by Steven Holmes titled Fannie Mae Eases Credit To Aid Mortgage Lending ...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.
… 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.'
Leaders in both parties, as well as private economic chiefs everywhere, said Congress must quickly approve some version of the measure to start loans flowing and stave off a potential national economic catastrophe.
The US Senate votes Wednesday on a revised 700-billion-dollar Wall Street bailout after the House of Representatives rejected the original package, sending shockwaves through global markets
Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times
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 ...
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Fannie Mae Eases Credit To Aid Mortgage Lending. Moderators: danreller, Bobby80, Vicente, N Dr Lo R, HARM, gponto18, OiCu812, Sage, patNETfan, grywlfbg, richard112360 ...
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From *1999*: “Fannie Mae Eases Credit To Aid Mortgage Lending” http://is.gd/36Ux “Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing ...
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Fannie Mae Eases Credit To Aid Mortgage Lending By STEVEN A. HOLMES . In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae ...
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Fannie Mae Mortgage Loans For Bad Credit - Interest Rate Controversy
But tax laws limit deductions when a vacation home also is used personally fannie mae eases credit to aid mortgage lending by expanding the type of loans that it will buy fannie ...
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Three Fundamental Economic Questions for Senator Obama
... of the Federal Reserve to “curb unfair, deceptive and predatory lending.” Ironically, it was the New York Times itself that lauded Fannie Mae’s easing of credit requirements in 1999 (see “Fannie Mae Eases Credit to Aid Mortgage Lending ...
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Source: Town Hall
NewsDateTime: 4 hours ago
Don’t point fingers — find a solution
Interestingly, in a Sept. 30, 1999 article headlined “Fannie Mae Eases Credit to Aid Mortgage Lending,” The New York Times notes, “Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the ...
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Source: Daily Iberian
NewsDateTime: 6 hours ago
New Forum Member
This article, Entitled "Fannie Mae Eases Credit To Aid Mortgage Lending" is a smoking gun and speaks for itself. The second article explains the cause for the current crisis. http://query.nytimes.com/gst/fullpage.html?res ...
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Source: Knox Pages
NewsDateTime: 13 hours ago
Bailout with 'sweeteners' heads toward Senate win
She blames the financial crisis on Bush when in fact there is tape of the democrats in a hearing in 2004 arguing that there is NO problem with Freddie Mac or Fannie Mae. Barney Frank was very blunt about that and his fellow democrat even said that ...
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Source: ksl.com
NewsDateTime: 1 hour ago
P.J. Gladnick's blog
Holmes starting with the title, "Fannie Mae Eases Credit To Aid Mortgage Lending," that you won't find in current editions of the New York Times (emphasis mine): In a move that could help increase home ownership rates among minorities and low ...
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Source: News Busters
NewsDateTime: 9/27/2008
The Senate is considering a revised version of a $700 billion plan that the House of Representatives rejected on Monday. Mr. Bush said another House vote is set for Friday morning. The new plan is said to include provisions to raise the limit on government insurance for bank deposits, and offer tax breaks for individuals and businesses. Senate Democratic leader Harry Reid told journalists he is confident the changed bill will attract votes from both parties. Republican Senate leader Mitch McConnell said Senate approval will make it easier to get the measure through the House. The revised plan is aimed at winning the support of different groups of lawmakers in the House of Representatives who voted against the original plan. Some objected to using taxpayers' money to buy bad investments from investment firms, and disliked government intrusion into business. Others opposed the plan because they saw it as a bailout of wealthy investors at the expense of ordinary people. The House of Representatives vote against the plan Monday triggered a $1 trillion sell-off on U.S. stock markets. Markets recovered most of the loss on Tuesday when investors thought Congress might work out a compromise and eventually pass a rescue plan.
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