Friday, October 3, 2008

Fannie Mae Eases Credit To Aid Mortgage Lending

This article was published in The New York Times, September 30, 1999. Pay very close attention here as to who was in office then.

Fannie Mae Eases Credit To Aid Mortgage Lending

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. Click Here Full Story.

Now lets watch the 2004 Congressional Hearings on Freddie and Fannie again.

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

So, let me see, if we vote for either McCain or Obama, we will just get more of the same. Isn't it time fore the American People to Wake Up and vote THIRD PARTY?


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