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spinoff: NYTimes article 1999 essentially calls housing crisis, re: Glass-Steagall
Posted on 5/1/17 at 4:12 pm
Posted on 5/1/17 at 4:12 pm
NYTimes article 1999 sheds light on housing crisis
quote:
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
quote:
'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. ''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.''
quote:
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. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.
2
Posted on 5/1/17 at 4:14 pm to mostbesttigerfanever
Sickening.
Posted on 5/1/17 at 4:15 pm to mostbesttigerfanever
Posted on 5/1/17 at 4:29 pm to AggieDub14
This is not bad to hear again since the libs try to slough it off
There is a video out there circa 2006 of some committee where every single lib says "no problem" while all the republicans state the roof is about to fall in
Bet that vid would be easier to find if the roles were reversed
There is a video out there circa 2006 of some committee where every single lib says "no problem" while all the republicans state the roof is about to fall in
Bet that vid would be easier to find if the roles were reversed
Posted on 5/7/17 at 2:41 pm to AggieDub14
I know I'm late replying to this....but how is this article, from BEFORE the housing collapse, hindsight??
I'm merely pointing out that issues obviously existed.
By the way, GWB tried to put more oversight on Fannie and Freddie before the collapse. This was shot down by congress, led by financial services committee chair, Barney frank.
I'm merely pointing out that issues obviously existed.
By the way, GWB tried to put more oversight on Fannie and Freddie before the collapse. This was shot down by congress, led by financial services committee chair, Barney frank.
Posted on 5/7/17 at 2:43 pm to mostbesttigerfanever
quote:
By the way, GWB tried to put more oversight on Fannie and Freddie before the collapse. This was shot down by congress, led by financial services committee chair, Barney frank.
i've got no love for GWB, but i will defend that idiot cowboy to death over getting blamed for 2008
Posted on 5/7/17 at 2:47 pm to mostbesttigerfanever
quote:
By the way, GWB tried to put more oversight on Fannie and Freddie before the collapse. This was shot down by congress, led by financial services committee chair, Barney frank.
That's because Barney's BF was on the Freddie board of directors.
Dodd could have done something on the Senate side, but Countrywide bribed him with a sweetheart mortgage deal.
Posted on 5/7/17 at 2:51 pm to mostbesttigerfanever
quote:
By the way, GWB tried to put more oversight on Fannie and Freddie before the collapse. This was shot down by congress, led by financial services committee chair, Barney frank.
Actually GWB and the repubs tried and failed to prevent what became the housing bubble and collapse as early as 2001.
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