http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F9 58260&sec=&spon=&pagewanted=all
"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." "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." -----Original Message----- From: Robert Munn [mailto:[EMAIL PROTECTED] Sent: Tuesday, September 30, 2008 2:23 PM To: cf-community Subject: Re: this is a good read. What Democrats really said was, "Start lending more money to people who can't afford it or pay huge penalties." So what did Fannie and Freddie do? Loosen the purse strings. Gruss' explanation that Fannie and Freddie didn't make the loans is just an excuse. They were specifically directed by Democrats in Congress to make more money available to low-income borrowers, so that's what they did. And now Democrats have the gall to blame Bush for their failed policies. Unbelievable. If there is no bailout before election day, the Republicans are going to get swept away at all levels of government, the economy will go totally into the tank, and the bailout bill the Democrats eventually pass will be far more expensive and intrusive than the current plan on the table. And people might actually be grateful to Democrats for digging a gigantic hole that they could then get people out of. It boggles the mind. On Tue, Sep 30, 2008 at 7:49 AM, G wrote: > That's an awesomely simple explanation of how both parties ideologies > contributed to this mess. > > Republicans: "De-regulate!" > Democrats: "Please start lending to people who can't afford it!" > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:271653 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
