Check the date of the Article

**CountryBoy** · 02-25-2009, 01:07 PM

Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
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.

http://query.nytimes.com/gst/fullpag...5AC0A96F958260

This subprime mess has been at least 10 years in the making.

CB

**wv-girl** · 02-25-2009, 03:19 PM

Originally Posted by CountryBoy

Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
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.

http://query.nytimes.com/gst/fullpag...5AC0A96F958260

This subprime mess has been at least 10 years in the making.

CB

And yet the dems want to blame the republicans. If all would look at the facts before jumping on the obamaman band-wagon, we might have a chance. The more he talks, I become more and more worried. He wants .gov to impact every aspect of our lives....(I think I'm going to throw up)

**nnuut** · 02-25-2009, 03:44 PM

Originally Posted by wv-girl

And yet the dems want to blame the republicans. If all would look at the facts before jumping on the obamaman band-wagon, we might have a chance. The more he talks, I become more and more worried. He wants .gov to impact every aspect of our lives....(I think I'm going to throw up)

I already have, on numerous occasions!! Green_tongue.gif